What Makes a Market Good for First-time Homebuyers?
Maybe you can't relocate to the markets in the new "Top 10 Markets for First-time Homebuyers" list from Realtor.com (although you might already be in one of them!), but the metrics used by Realtor.com to compile the list gives great hints of what to think about if you're considering buying a home in your current area.
The report – which listed Pittsburgh, Tampa, Philadelphia and Fort Worth among the top markets – considered these five factors:
- Popularity of the location
- Available inventory of homes for sale
- The typical time it takes for homes to sell there
- What the employment climate is like
All of these factors (among others) help real estate professionals determine whether markets favor buyers or sellers, and whether the real estate climate is considered favorable or challenging. They're also factors you can look into, too, as you start researching your options for buying a home.
But every market is unique. And when you're ready to start the homebuying process, the best way to fully understand the market conditions in your area is to talk to a real estate agent who knows.
Find a local RE/MAX agent who can help you see the big picture.