 Buying your first home is a balancing act of several factors. And because mortgage rates and home prices have both risen this year, it's costing potential homebuyers more now than it did just a few months ago. But that doesn't mean you need to place your dreams of buying your first home on hold!
If you partner with a trusted real estate advisor like Carolyn Jackson and hone your home buying strategy, you can navigate today’s complicated and ever-shifting market to find the perfect home you’re looking for. To get started, here are two tips: Prioritize Your Wish List by Working with a Professional If you’re having trouble finding a listing in your budget that fits your vision of the perfect first home, it is absolutely worth working with someone who can take an experienced look at what you want versus what you really need. In fact, your wish list can have just as much impact on your home search as your finances, according to the latest First-Time Homebuyer Metro Affordability Report from NerdWallet: “Your budget isn’t all that you need to be concerned about; your wish list and desired location may carry just as much weight.” You'll find that prioritization is key. Be flexible in what you’re looking for when it comes to finding your first home in order to open up your list of opportunities. Partnering with a local real estate professional will help you better understand what’s available in today’s fast-paced market, and they can help you reprioritize your wish list for the home you dream of. And if something from your "Must Have" list doesn't make the cut, you can always add features to make the home your own after you've purchased and moved in. Consider More Locations and Increase Your Search Radius In order to find more homes within your target price range, you may be required to be flexible on your dream home's location. Especially if you’re a remote worker, expanding your search radius just might give you the dream home opportunities you need. As Fannie Mae explains: “. . . continued remote work flexibility is likely giving many the ability to live farther away in more affordable areas.” Deciding to search in more places that have a lower cost of living could be the key in finding a home that fits both your budget and your wish list. Bottom Line If you're serious about purchasing your first home this year, revising your dream home wish list and expanding your location searches can help. Work with a trusted real estate advisor like Carolyn Jackson to explore all the opportunities in your area, so you can achieve your homeownership dreams. |
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