When you’re looking to buy your first home, you’re likely balancing several factors. Due to both mortgage interest rates and home prices having risen this year, it does costs more to buy a home than it did even just a few months ago. However, that doesn’t mean you have to put your plans on hold.
When you partner with me and my team and develop your home search strategy, we navigate today’s market and find the home you’re looking for. Here are two tips to help you get started followed by the very first thing you need to do.
Let’s Prioritize Your Wish List
Are you having trouble finding a home in your budget that checks all the boxes? If so, we should discuss taking another look at your lists of what you want and what you really need. The latest First-Time Homebuyer Metro Affordability Report from NerdWallet states your wish list can have as much impact on your search 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’s all about prioritization. If you’re serious about purchasing your first home soon, be flexible in what you’re looking for to open up your pool of options as you might be surprised with what you find! Let’s talk about what’s available in today’s market and reprioritize your wish list while we stick to the core needs. Remember, making a concession now doesn’t mean you’ll never have everything on your list. After you’ve moved in, you can always add certain features to give the home your style.
Should We Consider More Options?
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 you work from home, you may be able to expand 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.”
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. We’ll discuss in great detail location options! I always encourage to look at at least one home in an alternative area just to see how it feels.
But do this first!
The very first step is talking with a lender. Your lender will provide you the latest rates and estimated payments based on your credit, debt to income levels, and budget. I have some great lenders who I can refer you to!
Bottom Line
If you’re serious about purchasing your first home this year, revisiting your wish list and desired location can help. Let’s work together to explore all the options in your local market – and beyond – so you can achieve your homeownership dreams.
