First Time Homebuyers' Angst Part 2

Several years ago during the "bubble years" working with first time home buyers, my advice to them was to wait until the market calms down.

It was excellent advice (If I do say so myself!) because a few short years later many buyers were finally back.

Back in 06', working with a first time home buying couple, I remember putting an offer in on a home that had multiple offers. The listing agent insisted that we shorten the inspection contingency first to 48 hours, then she called back and said no....make it 24 hours. Then she asked us to shorten the loan contingency time frame. I was at my office until midnight negotiating numbers and time frames.

I finally said no, too scary for first time home buyers to over pay and have no safety net if anything went wrong.

Keep in mind this was time when you qualified for a loan if you had a pulse!

Yes indeed it's never been a better time to sell your home, and I won't put you to sleep with statistics. But imagine a 5 bedroom major fixer selling for over a million (with 10 offers).

Currently the inventory is picking up and prices are staying at a practical level. For first time home buyers: Don't give up, I really do believe there will be many more homes for sale in the coming months.