First-time home shoppers seek advice

After five years living in the Richmond area, Jessica Fulbright has decided the time is right to become a homeowner.

"I don't plan on leaving Richmond anytime soon," said Fulbright, a 28-year-old restaurant general manager who has been renting for years but started house-hunting just a few weeks ago, motivated by what seems to be a good market for first-time buyers.

"For those of us that are fiscally responsible, but are younger and maybe don't have all that cash on hand, this seems to be the best time for us," she said.

The message Fulbright and some other local young professionals got last night was that this is indeed a good time for the first-time homebuyer who takes the time to shop around.

In the local market for homes less than $250,000, the typical segment for first-time buyers, "properties are still moving," real estate broker Carter Snipes, co-owner of Snipes Properties in Richmond. Snipes and his wife and business partner, Annie Snipes, spoke at a seminar last evening on home-buying for young professionals.

The event was organized by HYPE, or Helping Young Professionals Engage, a program of the Greater Richmond Chamber. About 20 attended the class at the Ukrop's Super Markets Inc. headquarters in Richmond.

One of the primary reasons that now is a good time to shop for a house is the $8,000 tax credit available for first-time buyers through Nov. 30, which is part of the federal government's economic-stimulus plan.

That tax credit is what has motivated her to start house-hunting, Fulbright said.

Buyers also have plenty of inventory to choose from, as well as favorable interest rates, said home mortgage consultant Alicia O'Brien of Prosperity Homes.

But speakers also urged first-time buyers to shop around, seek information and consult professionals.

The class was part of an ongoing series of social and educational programs sponsored by HYPE, which seeks to attract and keep young professionals in the Richmond area.

"If they invest in a home here, they are more likely to stay and put down roots," said Corey Humphrey, small-business program manager for the Greater Richmond Chamber and manager of the HYPE program.

Contact John Reid Blackwell at (804) 775-8123 or .