One of the many things keeping the Spokane Real Estate market alive is the rush of First Time Home Buyers entering our marketplace.
Many first time buyers are taking great advantage of the low interest rates, $8,000 tax credit and many other incentives being offered. A first time home buyer with qualified credit & assests can enter a house with a minimal 3.5% downpayment (assuming seller negotiates to pay closing costs). On a $150,000 a qualified first time home buyer will pay $5250 down + some other misc. fees and can qualify for up to $8000 tax credit. It’s like getting paid to buy a home.
With prices being competitive, interest rates low and the cost to acquire a home being low, first time homebuyers are positioning themselves to be in incredibly advantageous positions 5 to 10 years down the road.
Many first time buyers are purchasing multi-unit properties and occupying one unit. Four units is the maximum for this type of purchase, but imagine. Buying a first home and having 3 other people paying you rent.
For more information on first time home buying or how to get started, shoot me an email or a phone call!