Magazine article Mortgage Banking

Detective Work

Magazine article Mortgage Banking

Detective Work

Article excerpt

WHERE ARE THE HOT SPOTS FOR FIRST-TIME BUYERS? WE UNCOVER 15 MARKETS this month that are buyer friendly to first-timers, and some may come as real surprises.

Thanks to some digging by author Ingo Winzer, president of The Local Market Monitor, a consulting firm, we may be decoding where this generation of first-time homebuyers is moving so it can find both good jobs and a house to buy.

This list is rich in no-brainers like Austin, Texas, San Antonio and Orlando--but Boise? Who would have thought there's both cheap houses and good jobs there? Turns out the business-service sector is growing there, and it sparked a record number of new homes built last year (6,000). Another surprise--Sioux Falls, South Dakota. Financial institutions, such as Citibank, and credit card-processing operations have pumped job growth, and housing prices are still nicely affordable. Sounds like a magnet for first-time homebuyers.

This kind of market research, coupled with aggressive, inventive and very targeted marketing, is needed to wring the potential new home-buying out of today's generation of would-be buyers. …

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