First-Time Homebuyers | Homes Sold by Jessica Harless NextHome Realty Center

What Are the Best Options for Todayโ€™s First-Time Homebuyers?

If youโ€™re looking to buy your first home, youโ€™re likely balancing several factors. Because bothย mortgage ratesย andย home pricesย have risen this year, it costs more to buy a home than it did even just a few months ago.ย But that doesnโ€™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 todayโ€™s market and find the home youโ€™re looking for. Here are two tips to help you get started.

Work with a Professional To Prioritize Your Wish List

If youโ€™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.ย Accordingย to the latestย First-Time Homebuyer Metro Affordability Reportย fromย NerdWallet, yourย wish listย can have as much impact on your search as your finances:

โ€œYour budget isnโ€™t all that you need to be concerned about;ย your wish list and desired location may carry just as much weight.โ€

Itโ€™s all about prioritization. If youโ€™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 localย real estate professionalย to better understand whatโ€™s available in todayโ€™s market and reprioritize your wish list. Remember, making a concession now doesnโ€™t mean youโ€™ll never have everything on your list. After youโ€™ve moved in, you can always add certain features to make the homeย your own.

Increase Your Search Radius To Consider More Locations

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 youโ€™re aย remote worker, you may be able to expand your search radius. Asย Fannie Maeย explains:

โ€œ. . .ย continued remote work flexibility is likely giving manyย the ability to live farther away in more affordable areas.”

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.

Bottom Line

If youโ€™re serious about purchasing your first home this year, revisiting your wish list and desired location can help. Letโ€™s connect to explore all the options in our local market โ€“ and beyond โ€“ so you can achieve your homeownership dreams.

courtesy of Simplifying The Market (KCM)