Their First Time: First Time home buyers, ya gotta love ’em…
– from one of our favorite mortgage voices, David Reed, CD Reed Mortgage Bankers, Austin
What I Think This Week
March 12, 2009
I looked at this years’ closings so far and while I knew we had our fair share of first time home buyers I was certainly surprised to see that nearly 3 out of 4 closings were for first time home buyers as far south as Texas City up to Round Rock.
And while first-timers don’t make up that share nationally they are starting to buy in greater numbers, and that’s a good sign.
We all know first timers fire up the housing markets. When first timers buy their “starter” home after a few short years and maybe a growing family, realized equity or both, it’s time for them to move up to a larger home. They then go shopping for their newer home, selling their old one and “buy up.”
Home prices are falling, drastically in certain areas, and when you consider interest rates are at record lows then you have to realize affordability is beginning to take hold.
First timers are able to afford homes that they weren’t able to afford just a few short years ago. Heck, even one year ago. But now they’re creeping into the market which can only mean that the economic recovery is slowly taking shape. Honest. That’s how it happens.
They buy their first home then they buy their first real furniture then they take more trips to Home Depot…well, you know the drill.
I can see the light at the end of the tunnel.
You won’t read that anywhere in the media right now, but it’s true.
FIRST TIMERS, PART DIEUX
Honestly, it was a couple of first time home buyers that helped to solidify my commitment to the mortgage business. I can recall their faces but I can’t recall their names. But I do remember as a mortgage broker back in San Diego many moons ago the pure joy and excitement in the couple’s faces when they went to the closing table for their very first time.
I was at a closing just yesterday with a couple referred to .
Audrey and Matt had just bought their first home and they were all smiles. They were planning the move out of their apartment, deciding what to do with their $8,000 tax credit (buy stuff for the house!) and were simply just having fun!
When I think of that moment yesterday it reminds me of why I’m in this business. Yeah, I know the economy has seen better days and the financial industry is taking it on the chin. But for me it’s the first time home buyer that makes what I do all worthwhile.
CD REED Mortgage Bankers is a conventional and government mortgage company dedicated to providing superior service at honest, competitive rates. With 20 years in the mortgage industry, our clients enjoy the talent and expertise few businesses can offer.
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