Statistics state that an average homeowner changes homes approximately every seven years. Young married couples rent their first apartment four two years on average. Saving a down payment and beginning the search for their first home is the American dream. National interest rates are at an all time low. Based on a purchaser’s credit history, rates are available below five percent on a fifteen year fixed mortgage.
Many new homebuyers come right from an apartment, and their goal is to start a family. Whether or not they can fully realize this dream will usually depend on what they can afford and what their credit rating currently is.
There are a few areas of the country that have been hit especially hard in the last few years, and property values have hit an all-time low. First time homebuyers have been able to make a reasonable down payment, and the price is much lower than it was about five years ago.
1980 was an interesting decade, and those who were there undoubtedly remember the interest rates. Those who had money were able to afford their dream homes, and as it turns out the, the market did not decline. The American dream was showing its head once more!
A house that was about one thousand square feet in a planned subdivision would sell for around ten to fifteen dollars per square foot, and while that might sound like a bargain today, the average wage during that time was somewhere around a dollar sixty-five per hour.
Everything is relative to the current financial situation. For one thing, houses were built for ten dollars per square foot, and gasoline was eighteen cents per hour. Prices were low, wages were low, and as always, the wages were increased over the years.
When suburbia became a common term, the baby boom took place as a result of soldiers returning from the war. The government implemented the GI bill and even provided loans for veterans to help with their housing costs through the years.
Those homes of the late forties and fifties, if cared for properly, even though they are over sixty years old now, are now selling for between sixty and ninety dollars a square foot. Inflationary trends have affected every corner of commerce, but the home is a perennial hedge against most financial woes and has provided a shelter for the homeowner and real estate investor. If a purchase is in the picture, a good Realtor is worth far more than the cost.
At Tampa2Enjoy we are specialist in Tampa real estate. If you have any questions or are looking for an honest, hard working Realtor give us a call. For details on Tampa bank owned homes or Tampa REO visit us at http://www.Tampa2Enjoy.com.
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