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Housing Boom Leaves No Opportunity for FirstTime Homebuyers

The housing market has moved from a sellers market to a buyers market. This is giving buyers more of an opportunity to shop around. Sellers are offering concessions, such as closing cost assistance, home warranties and even price reductions.The problem that many first-time homebuyers with low and moderate incomes are facing is finding affordable homes. There are many families attempting to grab a piece of the 's8220;American Dream's8221; and the dream is out of reach. The days of purchasing your first home in the $100,000 to $150,000 range, in a desirable neighborhood has disappeared. According to the National Association of Realtors the national median existing home price for all housing types is forecast to rise 5.3% this year to $231,300.



Robin Ferebee, real estate professional in Virginia Beach tells her clients to use this time to prepare. Remain productive and focused on your future plans to purchase your home. Use this opportunity to prepare a budget and start conducting mock home ownership drills. For example, write monthly bills for your utilities; water and sewage, telephone, gas, electricity. You will be forced to build your emergency fund and to begin preparation for your new responsibilities.



Ms. Ferebee believes as the interest rates rise and the market normalizes the price of homes will decline and become more affordable. Her philosophy is to 's8220;Prepare, position, purchase and plan your transition.'s8221; Patience will allow you to position yourself to reap the benefits of home ownership. Remember it's8217;s only a matter of time. Home ownership is the opportunity of a lifetime get ready.



For more information, contact:

Robin S. Ferebee

Hunt Homes of VA Realty

329 Office Square Lane, Suite 100

Virginia Beach, VA 23462

Phone: 757-287-3915

Fax: 757-456-5677

website: www.robinferebee.com

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