What Are the Best First-Time Homebuyer Options Today?
When it comes to buying your first house, you're probably weighing several variables. Because mortgage rates and property prices have both increased this year, buying a home now costs more than it did merely a few months ago. But that doesn't imply you should cancel your plans.
You can navigate today's market and find the property you want if you work with a competent real estate advisor and refine your plan. Here are two pointers to get you started.
Prioritize your wish list with the help of a professional.
If you're having problems finding a property that meets all of your criteria within your budget, go over your lists of what you want and what you absolutely need again. According to NerdWallet's latest First-Time Homebuyer Metro Affordability Report, your wish list can influence your search as much as your finances:
“Your budget isn’t all that you need to be concerned about; your wish list and desired location may carry just as much weight.”
Prioritization is the key. If you're serious about buying your first house soon, be flexible in your criteria to expand your pool of possibilities. Work with a local real estate agent to have a better understanding of what's available in today's market and reorganize your wish list. Remember, just because you make a compromise now doesn't imply you'll never get everything on your list checked off. You can always add things after you've moved in to make the house your own.
To consider more locations, expand your search radius.
Some places may have more properties in your goal price range than others, so you may need to be flexible about where you live. If you're a remote worker, for example, you might be allowed to broaden your search radius. As explained by Fannie Mae:
“. . . continued remote work flexibility is likely giving many the ability to live farther away in more affordable areas.”
Searching in areas with a reduced cost of living may help you find a property that meets your budget and fulfills the majority of your wishes.
Revisiting your wish list and target location if you're serious about buying your first house this year will assist. Let's meet to discuss all of your possibilities in our local market – and beyond – so you can realize your dream of becoming a homeowner.