In this video I discuss why a first-time home buyer in 2022 should not wait for a “market crash” to buy their first home. Although a housing market crash could coma at any time, first-time home buyers should not wait for more buyers to come back on the market.
If you’re a first-time home buyer, you should start now. Here are some reasons why:
1. Competition due to the pandemic. Having to compete with cash buyers and investors helped to cause home prices to go up during the pandemic, therefore home buyers should take advantage of this void of competition.
2. Paying rent. If you’re paying rent on your home, you’re likely paying your landlords mortgage. You would do much better paying for your own, because you’re spending the money anyway. Shouldn’t it benefit you?
3. Home prices are coming down. Since early 2022 the Fed has raised mortgage rates, which has caused home prices to go down. Eventually home prices will come back up again, allowing new home owners to take advantage of inflation with their equity.
4. Rents continue to rise. In 10 to 20 years, landlords are going to continue to raise rents. Do not get caught up paying for their wealth, because your money needs to be working for you! That gives first-time home buyers all the more reason to purchase their their own homes.
What does it take to purchase a home?: You need an income, a middle credit score and cash for down payment and closing costs.
There are down payment assistance programs for first-time home buyers.
Don’t be afraid to purchase a home as a first-time home buyer. It’s a very simple process.
1. Hire a real estate professional
2. Hire a mortgage lender
3. Start saving money in the bank
* Do not put your cash in the mattress or safe, but put it in the bank
🏡 If you’re looking to live in Temecula and would like to know more about the Temecula real estate market, please feel free to contact me personally for any questions:
Toma Johnson, Realtor
Drive Real Estate
CA DRE 02056291
📱 Call/Text: (951) 356-9586
📧 Email: [email protected]
Search for Inland Valley Homes For Sale:
Here is my other video about Temecula, California Homes:
📹 Live In Temecula | Harveston Home Tour: https://tomajohnsonrealtor.com/harveston-home-tour/
Here are some other videos for the First-time Home Buyer:
📹 Biden First-Time Home Buyer Programs: https://www.youtube.com/watch?v=RrPbH7yX67g
📹 17% Down Payment Assistance – New for 2022!: https://www.youtube.com/watch?v=woGIof-yRfM
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