In case you aren't aware, I am a data geek about all things real estate. The National Association of Realtors happened to post a few facts that I found interesting:
* The median rent in the U.S. has risen to $1,435.00 a month.
* National home values rose 6.7% last year.
* 10.7% fewer homes are available for purchase since 2017 in the U.S.
These facts all point to how expensive housing is, and how challenging it can be for young people to purchase their first home.
Luckily, there is often some assistance for qualifying first home buyers. Check with your Realtor for information.
61% of first time buyers made a downpayment of under 6%. Fannie Mae and Freddie Mac accept mortgage applications with as little as 3% downpayment to ease the access to credit for first-time buyers. Again, ask your Realtor for more information.
As always, please let me know if I may be of assistance.
Bob Miller is an Associate Broker with 10 years of real estate experience as well as 15 years of service as a former Lake Placid School Board member, and is currently a 3-time elected Town Councilman in Lake Placid.