FOX CROSSING, WI (WTAQ-WLUK) – One realtor says things look different for first time home buyers in the Fox Valley.
“It’s been exciting, fast,” said Alyssa Hopfensperger with husband Eric.
The couple tell FOX 11 they found a new home for their growing family, and their past home sold in no time.
“Twenty-two showings, six offers in three days,” said Eric Hopfensperger.
“I think it is still very hot and very competitive in prices under 300,000,” said Stacey Hennessey, Broker Associate with Century 21 Affiliated.
Hennessey says it’s common for entry level homes like Eric and Alyssa’s to sell fast.
But if you’re buying, it can be a different story.
“If you’re a first-time home buyer, it’s still a tough market,” said Hennessey.
Hennessey says median home prices in the Fox Valley are at least $20,000-$30,000 higher than years past.
Many realtors are trying to work with first-time buyers to make the home buying process more affordable.
“There’s still some strategies we’re putting in place, escalating offers, waiving home inspections appraisals if people are in the position are comfortable with or do that,” said Hennessey.
FOX 11 asked, “are houses available right now that are under that 150,000 range for folks?”
“Not as much, and then the concern is that there is something constructionally wrong with the foundation and things like that,” said Hennessey,
“When people ask me to do a search for them under $99,000, it’s pretty much impossible you’ll looking at at least 130 [thousand dollars].”
Although, Hennessey says most entry level buyers are in a better financial spot.
“I think they seem to be more stable as far as having money down. They’ve got some cash reserves on hand, so they’ve been saving for a little bit longer.”
Alyssa says she and Eric feel lucky that they found their second home in a timely manner and in their price point because they know others aren’t having the same buying experience.
“We know people personally who put offers in on eight or nine homes and didn’t have any success until recently and having to bid quite a bit over the asking price.”
Hennessey says in extreme cases, she writes up to 10 – 13 offers.
She says although prices are high, interest rates are low and first-time buyers will find a home. It might just be a longer process.
Comments