Leave a Message

Thank you for your message. We will be in touch with you shortly.

A cozy living room with a light-colored couch, pillow, blanket, coffee table, side table, hardwood flooring, and white walls.

Strategic Tips for Buying Your First Home

First Time Home Buyers Laura Miller Edwards Realty Group February 27, 2024

Buying your first home is a big, exciting step and a major milestone that has the power to improve your life. As a first-time homebuyer, it's a dream you can make come true, but there are some hurdles you'll need to overcome in today’s housing market – specifically the limited supply of homes for sale and ongoing affordability challenges.

So, if you're ready, willing, and able to buy your first home, here are three tips to help you turn your dream into a reality.

Save Money with First-Time Homebuyer Programs                                       

Paying the initial costs of homeownership, like your down payment and closing costs, can feel a bit daunting. But there are many assistance programs for first-time homebuyers that can help you get a loan with little or no money upfront. According to Bankrate:

“. . . you might qualify for a first-time homebuyer loan or assistance. First-time buyer loans typically have more flexible requirements, such as a lower down payment and credit score. Many help buyers with closing costs and the down payment through grants and low-interest loans.

To find out more, talk to your state's housing authority or check out websites like Down Payment Resource.

Expand Your Options by Looking at Condos and Townhomes

Right now, there aren’t enough homes for sale for everyone who wants to buy one. That’s pushing home prices up and making affordability tight for buyers. One way to deal with that issue and find a home right now is to consider condos and townhomes. Realtor.com explains:

For many newbies, it might just be a matter of making a shift toward something they can better afford—like a condo or townhome. These lower-cost homes have historically been a stepping stone for buyers looking for a less expensive alternative to a single-family home.”

One reason why they may be more affordable is because they’re often smaller. But they still give you the chance to get your foot in the door and achieve your goal of owning a home and building equity. And that equity can help fuel your move into a larger home later on if you decide you need something bigger in the future. Hannah Jones, Senior Economic Analyst at Realtor.comsays:

Condos can help prospective homebuyers who perhaps have a smaller budget, but who are really determined to get a foothold in the market and start to accumulate some equity. It can be a really great entry point.”

Consider Pooling Your Resources To Buy a Multi-Generational Home

Another way to break into the market is by purchasing a home with friends or loved ones. That way you can split the cost of things like the mortgage and bills, to make it easier to afford a home. According to Money.com:

“Buying a home with another person has some obvious advantages in the mortgage department. With two incomes in the mix, buyers can likely qualify for a larger mortgage — a big help in today’s high-cost market.

Bottom Line

By exploring first-time homebuyer assistance, condos, townhomes, and multi-generational living, it can be easier to find and buy your first home. When you’re ready, let’s connect.

 

This blog post previously appeared on https://www.simplifyingthemarket.com/en/2024/02/20/strategic-tips-for-buying-your-first-home?a=106260-312309902871c1f0d820820f58bf8fde. The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. and the Laura Miller Edwards Realty Group do not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. and the Laura Miller Edwards Realty Group will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

Recent Blog Posts

Stay up to date on the latest real estate trends.

For Buyers

The 20% Down Payment Myth, Debunked

For many first-time buyers, the idea that you have to put 20% down can feel like a major roadblock. But that’s actually a common misconception. Here’s the truth.

Selling Tips

The #1 Thing Sellers Need To Know About Their Asking Price

When you put your house on the market, you want to sell it quickly and for the best price possible.

A white kitchen with a stove and a sink. The kitchen has stainless steel appliances and granite countertops.

For Buyers

4 Ways To Make an Offer That Stands Out This Spring

Here are some top tips your agent will share with you that are helping buyers stand out (and win) in today’s market.

Economy

Does Your Current Home Fit Your Retirement Plans?

Retirement isn’t just a milestone. It's the beginning of something really special.

For Buyers

Why Pre-Approval Is More Important Than Ever This Spring

If you want to put yourself in the best position to buy, there’s one step you can’t afford to skip, and that’s getting pre-approved for a mortgage.

Home Buying

What You Need To Know About Homeowner’s Insurance

Homeowner’s insurance is a must-have to protect what’s probably your biggest investment – your home.

Agent Value

The Best Week To List Your House Is Almost Here – Are You Ready?

If selling your house is on your to-do list this year, the time to start prepping is now.

For Sellers

Why a Pre-Listing Inspection May Be Worth It in Today’s Market

It pays to anticipate potential issues before buyers ever step through the door. And one way to do that is with a pre-listing inspection.

For Buyers

Is a Newly Built Home Right for You? The Pros and Cons

Right now, there are more newly built homes to choose from than there would normally be in the market.

Work With Us

Get assistance in determining current property value, crafting a competitive offer, writing and negotiating a contract, and much more. Contact us today.