Not everyone can resist a great deal when they see it. However, when one is put right in front of our face, we have a tendency to not believe it. It’s out of human instinct that something inside of us needs reassurance. It’s those of us who recognize and take advantage of the bargain that are the real winners. So as home prices have fallen in the Northern Virginia real estate market, those people on the fence who are thinking of owning a home are beginning to notice.

The stars are aligning and different factors are making this a good time for first-time buyers to consider owning a home because they don’t have the issue of selling their home to buy another one. With that said, home prices are low and there is a plethora of inventory to choose from. Some people even say it’s been too difficult because of all the choices they have. People are often finding three or four homes they like and are stuck on making a decision. Another factor that comes into play right now is the relatively low interest rates surrounding us. Not to mention the increasing number of foreclosures and bank-owned properties out there. Now you can afford more home for your money with these types of property.

Even with everything pointing in buyers favor, there still is that fear issue. You have people concerned that prices will keep falling. That little thing inside make them uncertain. Something has them scared about 1% depreciation in the next year. You have to look at the long-term appreciation for this kind of an investment.

The best advice for those first-time home buyers looking to own a home is go talk to a lender about financing and then contact a HomeZill agent for any questions you may have. If your credit score is low then you’ll end up paying a higher interest rate and if you plan on living in the home for 2-3 years then maybe you should postpone buying a home. But first look into an FHA insured loan which does not have a credit score requirement.

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