Prices are up, inventory is down – where are buyers going to find the home they really want?
Most first-time buyers have a vision of their ideal home. Besides fitting their aesthetic ideals, it has to have the right amenities: size, school district, commute and proximity to urban areas, for example.
In today’s housing market, where inventory is constrained, and prices are high and climbing higher still, buyers are often forced to compromise to buy any home at all, much less their ideal home.
This lack of choice is dragging down the market. According to the National Association of Realtors, although homes sales increased modestly in February, there is still stagnation in many areas where inventory is scarce.
Low inventory means that buyers find it hard to find a home that fits their needs. Rising prices may prevent consideration of those few homes on the market. When faced with these challenges, buyers either have to lower their sights and settle on something far less than ideal, or wait until more homes become available.
REX HomeBuyer can help. Through this innovative new program, FirstREX will typically provide up to half the down payment needed to buy a home. By essentially doubling the down payment cash available for a purchase, home shoppers can increase their buying power by up to 60%. That increased buying power means access to more homes in more locations. Having more homes to choose from makes it more likely that they will find the one that fits their vision of ideal.
All buyers who are feeling stymied by tight inventories and rising prices owe it to themselves to take a look at the REX HomeBuyer program.