First Home Buyers

Buying Your First Home in Today’s Market

It’s happening. You’re ready to take the leap into first-time homeownership, but you may be wary of the competition in today’s hot real estate market. While it’s true the inventory of available houses is tight, you have to stay positive. Construction of new homes is up, which increases availability for first-time homebuyers.

Where To Start

When doing your market research, you’ll find the recommended first step is to meet with your mortgage lender. This ensures you know how much you can afford to spend. There’s nothing more discouraging than finding a home you fall in love with, only to discover you’re priced out of it. AllenTate Realtors has excellent information on how to navigate the waters of home-buying in 2022.

Move-In-Ready Homes

Buying move-in-ready homes is an excellent option for first-time homebuyers. The need for critical repairs and renovations is limited if not non-existent. The resale value steadily increases, building equity as you go. You also have the opportunity to make exterior improvements that add to your ROI.

Consider Fixer-Uppers

Many first-time homebuyers opt for this choice because the price you pay for your home is lower and allows for more financial leeway to perform renovations. Remember the renovations you make increase your ROI exponentially along with improving your living space. If you’re handy and have the resources, this is an excellent choice for first-time homebuyers.

Consider Building

If you haven’t thought about this option, you may want to look closer. It doesn’t matter if you’ve never built a home before because there are resources available to you. For instance, look at this checklist published by Direct From the Designers. There are additional recommendations from Old World Custom Homes.

So you see, there are opportunities for you to purchase, fix, or build your first home. No matter which way you decide to go, don’t forget to start with us, your mortgage lender, who will help you get the money you need to realize your dream.