As Housing Market Bottoms Out, First Time Buyers Are Pouncing
Conditions are good for buyers, and many of them know it.
For the first-time home buyer, California
was a much different place two years ago. Now, after a market collapse thanks
mainly to faulty mortgage lending practices, the housing market in Santa
Clarita has settled down to a point reasonable for young residents, new
families and virtually anyone else interested in buying a home.
According to Bob Kellar, realtor with Kellar-Davis, there
are several factors that are making the act of purchasing a home very
"If preliminary indications are accurate, we're probably at the
bottom," Kellar told KHTS. "And I say that because in the last couple of months
activity has been up, and prices have stabilized. With that in mind, and with the
low interest rates, it would appear to be the optimal time to get involved in the
Interest rates are lower than they have been in recent
memory, dipping below 6% for consumers with good credit.
But even despite the good outlook, Kellar warns that the market
can be a little frustrating for buyers, especially when dealing with
foreclosures and short sales.
"People get discouraged, but you need to understand, you've
got to go out, you've got to take some time and look for the right home," he
said. "And be patient, because more often than not you're in a short-pay circumstance
or even a foreclosed property, which means we just have to wait the banks out."
Kellar also recommends getting pre-qualified for a loan
before home search begins. That will avoid wasting time looking at homes out of
your price range.
Kellar-Davis holds frequent informative sessions on home buying.
This week there are two sessions specifically for first-time buyers or those
looking to learn more about the process. To attend either the Saturday, March 28th
meeting or the Sunday March 29th meeting, appointments can be made by calling (661)
299-5570. Both meetings are at 2:00 p.m. and are free of charge.