NORTHAMPTON, Mass. (WWLP) – In 2015, first-time homebuyers made up 41 percent of all buyers, up from 39 percent in 2014.
There’s a big interest in first time homebuyer seminars and workshops. Some even give you stipends to attend.
Mortgage interest rates remain historically low at about 3.72% for a 30 year fixed rate. There was some initial concern that the Federal Reserve would raise interest rates. That fear, realtor Shelly Hardy told 22News, is motivating people to get into the buyers market.
“The scare has put a little fire under people’s feet. Interest rates only fluctuated about 0.25 percent,” she explained. “They are still severely low. It’s still a great time for people to get in right now.”
The median age of the first-time homebuyers in Massachusetts is 32 and their median income is $77,400. There are mortgage programs that require only a small down payment–possibly none at all–and buyers can often ask the seller to pay some of the closing costs.