If you're looking to buy your first home, you're likely balancing several factors, because both mortgage rates are up almost 3% in 2022, and home prices have continued to rise this year. It costs more to buy a house now, than it did even just a few months ago. But that doesn't mean you have to put your plans on hold. We can help you put together a plan to navigate this real estate market and find the home you're looking for. Here are two tips to help you get started.
Number one. Be open to homes that need some updating. Most buyers want turnkey, move in-ready homes, but those are not as common as you might like. Even when you find one, the competition will still likely be higher and you're paying more money for the house. Just because the kitchen isn't your dream kitchen, doesn't mean you can't make it that way over time. Making a concession now, doesn't mean you'll never have everything on your wishlist in the future. You can always do upgrades and improvements over time. Being open to small projects around the house will allow you to get a home for a lower price, and do those upgrades over time and build equity. In the end, the finished product will be exactly your style. Not someone else's.
Tip number two, is to increase your search radius. to consider more locations. There are certain things you shouldn't compromise on, and location is extremely important. Being too far for a job that you have to go to every day, backing up to a busy road, or being in a bad school district when you have, or are planning to have, kids, is something we don't recommend you compromise on. But sometimes being open to which areas or cities you live in, can make all the difference. Some areas may have more homes within your target price range than others, but it may require you to be a little more flexible on your location.
The decision to search in places with a lower cost of living, could help you find a home that fits your budget and checks most of the boxes off your wishlist. If you're serious about purchasing your first home this year, revisiting your wishlist and desired locations, can help. Let's connect, to explore all the options in our local market and beyond, so we can help you achieve your home ownership dreams.Posted by Andy Mandel on