First-time homebuyers face variety of challenges

By Brent Ruffner | YourValley

Buying a home can be a daunting task these days. Higher interest rates and a lack of supply aren’t the most ideal conditions for first-time homebuyers.

Those needing to prove increased creditworthiness in a Phoenix market come as a slump in supply is occurring, according to local experts.

The Valley has the lowest number of new listings in “at least” 23 years, said Tina Tamboer, a housing analyst with the Cromford Report.

Both price points and interest rates are high, which will have the biggest impact on first-time buyers.

“I know it’s tough out there right now,” said Realtor Jan Leighton.

First-time homebuyers can apply for help such as down payment assistance programs and Veterans Affairs loans for those who have served in the military, Leighton said. Or, those homebuyers might have to set their sights lower — going from trying to buy a single-family home to a smaller option of a condominium.

READ ON:

Share this!

Additional Articles

Top master-planned communities for 2024

By AZ Big Media Here are the Top 10 master-planned communities in Arizona, based on public voting for the 2024 edition of Ranking Arizona, the state’s biggest and most comprehensive business opinion poll. Ranking Arizona

Read More »
News Categories

Get Our Twice Weekly Newsletter!

* indicates required

Rose Law Group pc values “outrageous client service.” We pride ourselves on hyper-responsiveness to our clients’ needs and an extraordinary record of success in achieving our clients’ goals. We know we get results and our list of outstanding clients speaks to the quality of our work.

May 2023
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
293031