There are many people sitting on the sidelines trying to decide if they should purchase a home or sign a rental lease. Some might wonder if it makes sense to purchase a house before they are married and have a family, others might think they are too young, and still, others might think their current income would never enable them to qualify for a mortgage.
I want to share what the typical first-time homebuyer actually looks like based on the National Association of REALTORS most recent Profile of Home Buyers & Sellers. Here are some interesting revelations on the first-time buyer:
Also according to the National Association of Realtors results for median price and mortgage cost: 2nd Quarter 2017 results for Kootenai county they estimated a typical home in the area to be $236,197 for a sales price. Assuming a 10% down payment the average mortgage ranged from $995 to $1145 per month. Depending on the Interest rate which they estimated at 3.5 to 5% respectively.
Bonner County came in with a median price of $257,202 and home mortgages running from $1039 to $1243 per month.
And Spokane WA, Came in at $226,444 for the typical home price and mortgage payments running from $915 to $1094. To play with other areas on their fun toy click here.
You may not be much different than many people who have already purchased their first homes. Let’s meet to determine if your dream home is within your grasp. Want more info on home buying? Contact Me.