The
concept of “starter homes” cropped up after the end of the Second World War,
when millions of young families took advantage of low-cost new developments to
gain a foothold in homeownership: the emblematic first step in fulfilling the
American Dream.
Today’s
first-timehome buyers are a lot less predictable—just
as the market itself is altogether different. As we recover from the previous
years’ economic declines, which temporarily suppressed the number of Evansville
home buyers, the combination of low interest rates and historically affordable
home prices allows many to aim for bigger and more accommodating housing—
skipping the starter home altogether.
For
sure, the market hasn’t completely abandoned the starter home idea—especially if
you include REO and foreclosure fixer-uppers as financially rewarding targets
for handy young householders. The FHA 203(k) loan, which includes a built-in
“limited repair” budget, can enable that route. But new home buyers also find
other prospects can be newly within reach— among them, larger older homes and
newer condominium and townhome choices.
If the
combination of bargain prices and low mortgage rates isn’t enough to call
prospects to action, the clear trend toward rising prices may do the trick. As
inventories of the best bargains begin to shrink and mortgage rate rises look
more and more inevitable, home buyers could well imagine a ‘tick-tock’ sound
growing louder. For area sellers waiting to make a move upward on the housing
ladder, the same conditions could well make this spring’s real estate market
the one they’ve been waiting for.
It all
means that prospective home buyers in Evansville stand to be
rewarded by keeping an open mind about the variety of properties they may now
find within reach. By seeking the help of an experienced agent, the widest
choice of possibilities will be open for consideration. If you are looking for
the area’s most up-to-date market advice, I’m here to make sure you have access
to the tools you need to make the right decision—the first time around, and
every time after! You can reach me on my cell phone at 812-499-9234 or email:
Rolando@RolandoTrentini.com
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