| First time home buyers are finding property more and | | | | announced, are at their lowest point in 2 years. And |
| more available and affordable, but this new period of | | | | the frustration of prospective buyers seems almost |
| potential has not been without its hitches. While | | | | palpable; so close to nabbing that dream home, but |
| monthly repayments remain quite reasonable for most | | | | stymied at every turn by those huge deposits, with no |
| buyers, the initial deposit is another matter. Hovering at | | | | assistance, for that, in sight. |
| roughly 20% to 35% of the overall cost of purchase, | | | | Sellers seem to be disappointed as well. Possessing |
| for a typical $100,000 home this still translates to over | | | | what would undeniably, any other time, be considered |
| $25,000 at minimum, which many folks still see as just | | | | a hot property, and knowing there are buyers out |
| too much. | | | | there for it, who love it and do want it, but who just |
| $25,000 is a lot of money, for anyone, and it just drifts | | | | can't get over the hump of that deposit. In addition, |
| further out of reach when rent is factored in. This | | | | sellers looking to upgrade, who have found their own |
| private rent, oftentimes equaling the mortgage | | | | new location, and who need to sell very promptly, also |
| repayments themselves, has been just another | | | | are being boxed in; unable to sell, and thus unable to |
| gigantic hindrance, not to mention that lowering it, by | | | | raise the equity for their potential new property. |
| getting into council property, is usually a prohibitively | | | | So what to do? The search is on for viable |
| long procedure, given the enormous waiting lists for | | | | alternatives in finding buyers. Sellers looking to sell and |
| such things. | | | | sell fast, have been turning to some extent to |
| The recession HAS lowered housing prices; first time | | | | companies offering a simple fast cash sale. Using this |
| buyers on average will pay out around $133,700, but | | | | avenue, the company assumes the property in just |
| nonetheless, when the initial deposit is running you | | | | weeks, and furthermore, applying online for a fast sale |
| roughly $29,400, assistance becomes necessary in | | | | of this type, and actually getting an answer in a day or |
| almost all cases. But whereas it used to be the case | | | | two, has become easier and easier. And as a strategy |
| that parents would aid their kids in purchasing their first | | | | to keep that home from sitting on the market for |
| home, helping them complete that difficult step, today, | | | | months and months, it's also becoming more and more |
| the extra money just doesn't seem to be there, with | | | | common, although as with anything involving such |
| those very same parents struggling with their own | | | | important financial matters, sellers must weigh all the |
| mortgage payments, and concern about their own | | | | facts and examine every opportunity, before finally |
| future. | | | | coming to a conclusion of what's best, and ultimately |
| Regardless of lower overall prices, first time home | | | | what will make the most money, for them, given their |
| purchases, the Council of Mortgage Lenders recently | | | | specific case. |