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Good News for First-Time Buyers

Buyers, especially first time buyers, should have more options in the near future, according to according to RealEstate.com's Entry-Level Market Report. Entry level home prices are growing at their slowest pace since mid-2016, and inventory is showing consistent positive growth, as this spring turns into a homebuyer’s market.

"Buying a home for the first time is an incredibly exciting yet extremely stressful time," said RealEstate.com General Manager Justin LaJoie. "Potential buyers who tested the waters in recent years should have an easier time now, which should be especially good news for anyone who made an offer but lost their bid for a home. First-time buyers can give themselves an extra boost by being well-informed, prepared buyers. And the work they do – contacting more agents, doing more research and visiting open houses – should pay off this year."

According to RealEstate.com, entry-level inventory rose 4.1 percent over the past year, marking the seventh straight month of growing inventory, while the average entry-level home is worth $130,200, up 9.2 percent from a year ago. This is down from February 2018’s 12.5 percent annual pace. Recent data from RE/MA indicated that February marked a transition from a seller’s market to a buyer’s market. According to the RE/MAX National Housing Report, declining sales and growing inventory have pushed the market forward for buyers.

"Buying a home for the first time is an incredibly exciting yet extremely stressful time," said RealEstate.com General Manager Justin LaJoie. "Potential buyers who tested the waters in recent years should have an easier time now, which should be especially good news for anyone who made an offer but lost their bid for a home. First-time buyers can give themselves an extra boost by being well-informed, prepared buyers. And the work they do – contacting more agents, doing more research and visiting open houses – should pay off this year."

About Author: Seth Welborn

Seth Welborn is a Harding University graduate with a degree in English and a minor in writing. He is a contributing writer for MReport. An East Texas Native, he has studied abroad in Athens, Greece and works part-time as a photographer.
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