Mar
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Take the First-Time Home Buyer Plunge

March 12, 2015

young happy couple receiving house key new residence in real state conceptYou are looking around your small two bedroom apartment and realize the time has come to purchase your first home in Chicago. Now is perfect for you, the first-time home buyer, to find your dream home.

Over the past five years, the numbers have shown that first-time buyers have been nearly absent from the housing market. There are multiple reasons: higher lending standards, high home prices and the poor job market. However, there are changes occurring that will make it easier for this demographic to purchase their first home in Chicago.

An important change is that first-time home buyers are finding it easier to qualify for a mortgage because Fannie Mae and Freddie Mac, lending giants that are controlled by the government, have put new guidelines into place. What does this mean? It means that they are offering mortgages with a down payment as low as 3 percent, making it easier for the first-time home buyer to get a mortgage.

Builders are also making changes to help entice the first-time home buyer. Smaller homes are being built, which creates more affordable choices. Plus, with more new homes being built and more resale homes being placed on the market, there are more homes to choose from, which is helping to lower home prices. Home prices in suburban Chicago will not be out of reach now, so first-time buyers don’t have to exclude them from their search.

Now is the time to start looking for your new home in Chicago. Look for open houses and take tours of new developments in areas of interest. With all these changes, it should be easier for you to purchase your dream home.

About The Author

Lauren Pond

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