These are the best markets for first-time buyers
First-time buyers in Indianapolis, Pittsburgh, and Memphis, Tenn. should be finding conditions favorable for their entry into the housing market right now. Zillow says that these are the top 3 markets for mortgage payments being lower than rents, along with factors such as inventory and median home values.
"First-time buyers across the U.S. are up against high prices and low inventory, but these are the places where the availability of affordable, entry-level homes and the presence of cash-buyers are less of an issue,” commented Zillow Chief Economist Dr. Svenja Gudell.
The top ten is completed by: Cleveland, Chicago, Oklahoma City, St. Louis, Houston, Tampa, Fla. and Birmingham, Ala.
“First-time buyers in these markets won't have to deal with as many bidding wars or run-away prices; they'll be able to find a first home that fits their needs with less stress. With record low mortgage rates, it's a good time to buy a home and certainly worth considering,” Gudell said.
Real estate heir sentenced to 7 years 1 month in jail
Robert Durst was sentenced Wednesday on a firearms charge and will serve 7 years and 1 month in prison. A court in New Orleans accepted the plea deal but there will be a final decision next month.
Durst, heir of New York developer and real estate investor Seymour B. Durst, was arrested last year in Louisiana and will be transferred to prison in California later this year. He will be tried for the first-degree murder of Susan Berman and if found guilty, he could face the death penalty.