If you’re looking to buy your first home, you’re likely balancing several factors. Because both mortgage rates and home prices have risen this year, it costs more to buy a home than it did even just a few months ago. But that doesn’t mean you have to put your plans on hold.
If you partner with a trusted real estate advisor and hone your strategy, you can navigate today’s market and find the home you’re looking for. Here are two tips to help you get started.
If you’re having trouble finding a home in your budget that checks all the boxes, it may be worth taking another look at your lists of what you want and what you really need. According to the latest First-Time Homebuyer Metro Affordability Report from NerdWallet, your wish list can have as much impact on your search as your finances:
It’s all about prioritization. If you’re serious about purchasing your first home soon, be flexible in what you’re looking for to open up your pool of options. Partner with a local real estate professional to better understand what’s available in today’s market and reprioritize your wish list. Remember, making a concession now doesn’t mean you’ll never have everything on your list. After you’ve moved in, you can always add certain features to make the home your own.
Some areas may have more homes within your target price range than others, but it may require you to be flexible on your location. For example, if you’re a remote worker, you may be able to expand your search radius. As Fannie Mae explains:
The decision to search in places with a lower cost of living could help you find a home that fits your budget and checks the most boxes off your wish list.
If you’re serious about purchasing your first home this year, revisiting your wish list and the desired location can help. Let’s connect to explore all the options in our local market and beyond so you can achieve your homeownership dreams.
Stay up to date on the latest real estate trends.
Buyers: You May Face Less Competition as Bidding Wars Ease
In a recent article, they point out that a luxury home isn’t only defined by its price.
Both mortgage rates and home prices have risen this year, it costs more to buy a home.
If you’re considering homeownership, know that it can give you privacy.
You have likely been shopping around online, and now you are feeling ready to start seeing homes.
You should be obtaining a pre-approval letter from your mortgage planner.
Your credit will be one of the key factors in determining whether or not you are approved.
It’s in your best interest to not be in a hurry and make a list in advance of any questions or concerns.
Keisha Tompkins is the Realtor® who has the ability to strategically create the right marketing solutions to get your home sold. Keisha Tompkins has a strong knowledge of the current market trends and networks with thousands of area real estate professionals.