What we have noticed is that the new home inventory for fi rst time buyers and for fi rst time move-up buyers (currently own their fi rst home but want to move to a bigger home) in desirable school districts is rapidly being absorbed and prices have stabilized. Builders that still remain had to cut prices to move in- ventory in order to pay back banks and there are very few new developments coming down the line as banks are reluctant to lend to resi- dential homebuilders. Prices have already be- gun to stabilize and within two years, prices for new homes in desirable school districts should be higher than they are today.
There are other challenges facing the fi rst- time home buyer and fi rst-time move-up buyer today.
Mortgage lenders have tight-
ened their standards and are requiring higher down payments. Having a higher credit score is becoming increasingly important. How- ever, this is not as bad as it sounds. FHA and USDA programs still allow for very little or no money down with excellent rates. In some cases, home buyers have been able to obtain down payment money from their par- ents or relatives and most builders will pay for some or all of the closing costs. For those who may not be fortunate enough to obtain a gift or loan from relatives, at times we’ve known buyers to take second jobs to save the necessary funds. In fact, one of our buyers re- cently told us how she took on a second job as a waitress and in one year had saved enough down money to purchase her fi rst home.
Continued on Pg 58
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