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Elaine Abercrombie: First-Time Homebuyers Should Resist Second Thoughts

With affordability so high and interest rates so low, now's the time to make your move

First-time buyers — excited to find a good deal, afraid of overextending themselves, confused by all the conflicting reports about real estate. Well, that might describe any or all buyers right now, but those making their very first purchase may feel slightly elevated levels of all these emotions. It helps to have someone offer you some guidance.

Elaine Abercrombie
Elaine Abercrombie (Roe Anne White photo)

Don’t be afraid to make your move now, regardless of what you’ve been hearing about the market. With affordability so high, you’ll find a flurry of activity out there, so you’re not alone in making the right decision to begin your home search.

Just try not to exercise excessive caution, or you may suffer what has been termed “paralysis by analysis.”

Your dedicated Realtor will present you with all the facts and figures you need, and help you interpret the data so that you can make a sound choice.

Now is not the time to vacillate about whether prices or interest rates will still drop. There is nowhere to go now but up. If rates rise to 7.5 percent (still historically low), the home’s price would have to be reduced nearly 20 percent to offset the difference in monthly payments.

Set aside your uncertainties. Chat with a Realtor who can help you determine your financial footing, and show you an inventory of well-suited homes matched to your particular goals.

Elaine Abercrombie, a broker with Abercrombie Fine Homes, is president of the Santa Barbara Association of Realtors. She can be contacted at .(JavaScript must be enabled to view this email address).

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