First Time Home Buying Tips During Inflationary Times
You’re likely balancing several factors if you’re looking to buy your very first home. With mortgage rates and home prices rising, it costs more to buy a home than it did a few months ago, but that doesn’t mean you have to put your plans on hold!
Partner with a real estate professional that will help you hone your strategy and create an effective game plan throughout your home buying journey. Here are two tips to get you started!
Consider More Locations
There are areas that will have more homes available within your budget than other locations, so when possible you need to be flexible on your location. Let’s say, you’re a remote worker, you may be able to expand your search radius and consider other locations. Fannie Mae, a source for mortgage financing and housing information, mentioned that consumers have been given the ability to live out farther in more affordable areas due to remote working options.
Deciding to find a home in a place with a lower cost of living could help your home search and would check most of the boxes off your property wish list.
Work with a Professional
Partnering with a local real estate professional will help you better understand the market and the availability of homes so you can prioritize the items on your home wish list. It may be worth taking another look at your list if you’re having a hard time ticking all your requirements off.
According to the latest First-Time Homebuyer Metro Affordability Report from NerdWallet, your budget isn’t all that you need to be concerned about, but your wishlist and desired location may carry the same weight.
You may need to concede some things for now but most people buy multiple homes in their lifetime so getting into your first home to help you build wealth and equity that you can use for your next home needs to be a high consideration. Also, you can always add certain features to make you feel even more at home after moving in.
With these two tips, you can search for more homes that would suit your budget and be more confident in buying your very first home. Let’s connect and explore all the options in the local market! Give me a call at (615) 930-0313, schedule a call with me, or send me a message!