Tips for First-Time Homebuyers: The Keys to Success

The decision to buy your first home is truly an exciting one that has the power to change your life for the better. Whether you’ve been dreaming of buying a home for 6 months or 6 years, we are thrilled that you are able to make your vision into reality. However, as the National Association of Realtors (NAR) shares, there are some factors you’ll need to overcome that has made buying a home more challenging in recent years.

“Since 2011, the share of first-time home buyers has been under the historical norm of 40% as buyers face tight inventory, rising home prices, rising rents and high student debt loads.”

If you are serious about purchasing your first home, there are two things that you can take into consideration that can help you get the home you’ve been dreaming about.

Save money with First-Time Homebuyer Programs

It can be a major hurdle to be able to pay for all of the initial costs and fees associated with homeownership. Whether it’s being able to put together a down payment, getting a loan, or having money for closing costs, there are many different expenses that you’ll need to be prepared for.

Fortunately, there are a number of public and private first time homebuyer programs that can help you get a loan with little-to-no money upfront. An article from CNET helps to explain this.

“A first-time homebuyer program can help make homeownership more affordable and accessible by offering lower mortgage rates, down payment assistance and tax incentives.”

To add onto that, Bankrate says that many of these programs are offered by state and local governments.

“Many states and local governments have programs that offer down payment or closing cost assistance – either low-interest-rate loans, deferred loans or even forgivable loans (aka grants) – to people looking to buy their first house...”

Take advantage of these programs by contacting the housing authority in your state and browse websites such as Down Payment Resource.

Explore Every Possibility when The Supply for Homes for Sale is Low

At the time this article was written, the US was in a sellers’ market. This means that there aren’t enough homes on the market to meet buyer demand. How can you be sure that you’re doing everything possible to find a home that meets your criteria? First of all, increase your options by including condominiums and townhomes in your search. U.S. News tells us that these housing times are often more affordable than single-family homes.

“Condos are usually less expensive than standalone houses... They are also less expensive to insure.”

One reason why they can be more affordable is that they are often smaller than a single-family home. But don’t let their size stop you: they can give you the chance to get your foot in the door and achieve your dream of owning a home and building up equity. In addition, a smaller home often means less maintenance. As U.S. News says in the same article:

“The strongest reason for purchasing a condo is that all external maintenance is usually covered by the condo association, such as landscaping, pool maintenance, external painting, paving, plowing and more. This fee also covers some internal maintenance, such as gas, electric, plumbing, HVAC and other mechanical systems.”

Townhomes and condos really are great ways to dive into homeownership. Owning your home allows you to increase your net worth, build equity, and can fuel a future move.

To ensure that you are set up for success, especially if you are new to all of this, is to work with a trusted real estate agent like Dianne Anderson. Dianne can educate you on the home buying process, help you understand your local area, and guide you through making an offer in the competitive market.

Connect with Dianne Anderson

While today’s housing market does provide challenges for first time homeowners, there are still ways for you to achieve your goals. There are many options available to you, including first-time homebuyer programs and keeping all housing types in consideration. Connect with award winning realtor Dianne Anderson today and start navigating through the Southwest Florida market today!

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