Guidance for first-time home buyers

2017-03-02_11-47-28The economy is improving, interest rates are low and many consumers now find themselves in a great position financially to become a first-time homeowner. But the booming real estate market is resulting in rising home prices and increased competition for the most desirable properties.

The S& P/Case-Shiller national home-price index recently estimated that 2016 prices are within four percent of the peak in 2006. In some areas, low inventories around the country are making the situation even more challenging.

“Don’t get discouraged,” says Travis Peace, executive director of mortgage at USAA Bank. “Buying a home requires some fortitude.” Peace says it’s easy to concentrate too much on home buying “can’ts” rather than “can-dos,” and he offers this advice on how to overcome some common barriers. Continue reading