There is a huge pent-up desire in the USA to buy a house, with the economy being depressed for the last few years, many people have not been able to afford to move house, either through being upside down with their loans or sadly losing jobs. People who have been trying to sell homes during this period have found they are up against the hard competition, the housing inventory was growing daily, that, together with hard to get mortgage's kept many people from moving house. First time buyers in Naples, who have waited until the market levelled off before they jumped into owning a house, are now finding that the inventory is getting thin, first time buyers represent 32% of purchasers, in a good economy they would represent around 40% of buyers, the extremely tight credit standards together with a low inventory of homes is keeping some of the first time buyers from purchasing their first home. However, with mortgage rates at around 3.53% and continuing to drop, now is one of the best times ever to buy a new home. So if you're considering purchasing a home anytime soon I highly recommend that you get yourself pre-approved, talk to your mortgage broker see what incentives are available for first-time buyers and take advantage of the all-time low prices and interest rates, it will not be long before they start their steady rise uphill.
By Joe Epifanio