This spring may prove challenging for some first-time homebuyers, who typically have fewer assets than current homeowners.
The spring home-buying market “will probably be a continuation of what we've seen,” says Issi Romem, chief economist at housing-data site Trulia. “Prices are still high, and may still keep going up.”
Even though prices are still relatively high, first-time buyers may see some relief, says Sean Black, the co-founder and CEO of Knock, which helps homeowners buy and sell their properties. His company’s research indicates that 75% of current listings will sell below their list prices in the second quarter, which is April through June.
His advice: Search slightly above your price range, and negotiate for concessions, such as asking sellers to pay for home repairs or closing costs. Early 2019 has brought a good news-bad news situation for buyers, as Realtor.com has found that overall inventory levels rose in March. Yet entry-level inventory is shrinking, with the number of for-sale houses below $200,000 declining by 9% in March.
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