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 DEC. 17, 2006
First Time Buyers Get Back Into the Game
Real estate professionals report that sellers are realizing the need to cut the asking prices of their homes to make a sale. Couple this with the recent decline in interest rates, and first time buyers are returning to the market once again.


Phil Sveum, broker and owner of Coldwell Banker Sveum Realty located in Madison, Wisconsin reports changes in his area market. He states that due in part to current interest rates, first time buyers are not so quick to write offers, but are shopping around once again and most are thinking to move in January or February of next year.

Builders in the Tampa Bay area are offering special incentives with the intention of selling-off inventories of newly-constructed homes. These incentives are creating interest amongst first time buyers.

Daniel Oppenheim, an analyst with Bank of America reports that potential buyers are experiencing increased difficulties affording a home. Affordability has been a concern in 25 of the county's 50 markets. Oppenhein reports that prices on homes would need fall at least another 7% in the coming year to alleviate some of this concern. Incomes have only risen 4% over the past year.

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