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Are First-Time Home Buyers Too Hesitant in Whittier?

by The Domis Team

A recent article by Bloomberg claims that adults 20 to 34 years old are reluctant to buy a home, due to the lingering effects of the Great Recession. Stagnant wages, high student loan debt, and slow economic recovery daunt the financial mettle of "Generation Y."  Per Bloomberg, this generation is reluctant to commit to home ownership, due to the previous decline in home values and shaken confidence in their own earning power.

At the same time, an article by USA Today points out once again that home ownership is the better long-term solution to rising housing costs. Here are some reasons to buy a home now:

1. Homes are very affordable. The national median home prices today are near 2003 levels. Note, prices have risen about 8% as a national average, from June 2011 to June 2012. Those waiting for prices to fall further may find themselves disappointed!

2. Diminishing home inventory. Yes, we will continue to see foreclosures on the market, but it is predicted that surplus inventory will be cleared by the end of 2013 - which in turn will cause increases in home prices. Here in Whittier, we have seen the effects of reduced inventory in our market, and home prices have firmed up.

3. Low mortgage interest rates. With 30-year mortgage rates running just under 4%, a fixed-rate mortgage protects you from inflation much better than a landlord will! Our prior blog illustrated the compounding effect of annual rent increases, and how home ownership allows you to get ahead after just a few years.

This doesn't mean you should throw all caution to the wind and buy whatever you can get. Instead, plan your home purchase based on long-term needs, using practical budgeting and a sensible mortgage as your guide.

That said, you shouldn't let media-driven fears prevent you from home ownership. First-time homebuyers in Whittier who are prepared for a mortgage can do very well in today's market! And if you're not quite ready to buy a home yet, that's ok! You can still gather information about the Whittier real estate market and learn about the home buying process.

For full-service home buying help, turn to the Domis Team, your Whittier real estate professionals! Whether you're just starting to look, or you're ready to buy, we can help you! Take advantage of our free, automated alerts and enjoy the benefits of our local expertise! For friendly, professional assistance, contact us today!

The Domis Team
Prudential California Realty
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Photo of Linda & Ryan Domis - The Domis Team Real Estate
Linda & Ryan Domis - The Domis Team
Keller Williams Realty
16310 E. Whittier Blvd. Suite F
Whittier CA 90603
Cell: 562-884-5373
Fax: 562.902.5158
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