Tips for Today's First-Time Homebuyers

You're probably weighing several things if you're searching to buy your first property. Both mortgage rates and home prices have increased this year, making it more expensive to acquire a house than it was even just a few months ago. However, that does not mean you must put your plans on hold.

If you work together with a reputable real estate professional and develop your strategy, you can navigate today's market and locate the property you want. Here are some helpful tips to get you started.

Work with a Professional To Prioritize Your Wish List

If you can't seem to find a place in your budget that checks all of your requirements, take another look at your wish and need lists. According to the most recent First-Time Homebuyer Metro Affordability Report from NerdWallet, your wish list has just as much weight in your house hunting 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.”

It all comes down to prioritization. If you're ready to buy your first house as soon as possible, be willing to consider anything. Working with a local real estate professional might help you figure out what's available and reprioritize your wish list. Remember, making a concession now does not imply you will never have everything on your list. After you've settled in, you may always customize the house to your own.

Increase Your Search Radius To Consider More Locations

It's possible that certain locations will have a greater number of homes in your target price range than others, but you'll need to be flexible about where you look. If you're a remote worker, for example, it may be feasible to broaden your search radius. As Fannie Mae explains:

“. . . continued remote work flexibility is likely giving many the ability to live farther away in more affordable areas."

Searching in locations with a lower cost of living might help you discover a property that fits your budget while still satisfying the most items on your list.

Bottom Line

If you're looking to buy a house this year, revisiting your wish list and the desired location might be beneficial. Connect with The Perreault Group to learn more about all of our market's possibilities and beyond so you can live out your homeownership aspirations.