As home values rise nationwide, buyers are getting anxious. Anecdotally, multiple-offer situations are becoming more common and, in some areas such as San Diego and Inland Empire, they’re currently the norm.

There are 19% fewer homes for sale nationwide as compared to one year ago and the homes which are for sale are selling faster. According to the National Association of REALTORS®, homes are now “on the market” for 24% fewer days as compared to one year ago.

Buyers are acting quickly — especially first-timers.

Because of falling mortgage rates, today’s home buyers have up to 10 percent more purchasing power. First-time buyers are using this boost to leave the world of renting, and to become homeowners.

First-time buyers represent 30% of all home buyers nationwide. Many are using low- and no-downpayment mortgage programs.

• The FHA offers a 3.5% downpayment mortgage
• The VA offers 100% mortgages for active military and veterans
• The USDA offers 100% mortgages to buyers “of modest means in modest areas”
• Fannie Mae offers  a 3% downpayment mortgage, which allows downpayment gifts

Even the jumbo mortgage market is making low downpayment programs available. With just 10% down, qualified home buyers can borrow up to $750,000.

Follow