It’s not easy being a first-time homebuyer right now.
It’s a tough market with housing affordability at an all-time low, rising mortgage rates, and limited inventory, especially for starter homes. Recently, only 26% of buyers were first-timers, the lowest on record, as many are priced out or pushed into renting longer than planned.
Creative Solutions for First-Time Homebuyers
- House Hacking: Generate income from your property by renting out a space, offering paid parking, or listing on platforms like Airbnb.
- Team Up: Consider co-purchasing with friends or family to pool resources and afford a home.
- Tap Your Network: Get help with your down payment or loan by asking family or friends for financial assistance or co-signing.
- Explore Special Programs: Look into grants, down payment assistance, and special loan programs to cut upfront costs.
- Broaden Your Search: Expand your home search area, reconsider must-haves, or look for homes that need minor updates.
Ready to Buy? We Can Help!
Buying your first home is challenging, but not impossible. With the right strategy and a real estate expert, you can find a home that fits your budget and lifestyle. Contact us today to start your home-buying journey!
Sources:
- Housing Wire –
https://www.housingwire.com/articles/housing-affordability-ends-2022-at-record-low/ - Realtor.com –
https://www.realtor.com/news/trends/death-of-the-starter-home-where-have-all-the-small-houses-gone/ - National Association of Realtors –
https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers - ValuePenguin –
https://www.valuepenguin.com/mortgages/claiming-rental-income-for-mortgage - Pew –
https://www.pewresearch.org/fact-tank/2022/07/20/young-adults-in-u-s-are-much-more-likely-than-50-years-ago-to-be-living-in-a-multigenerational-household/ - YouGov –
https://today.yougov.com/topics/economy/articles-reports/2022/05/25/american-homebuyers-finanancial-help-parents - Bankrate –
https://www.bankrate.com/mortgages/first-time-homebuyer-grants/#types - Investopedia –
https://www.investopedia.com/terms/f/fhaloan.asp - National Association of Realtors –
https://www.nar.realtor/sites/default/files/documents/2022-snapshot-of-race-and-home-buying-in-the-us-04-26-2022.pdf
