Things Young Homebuyers Need to Hear
July 30, 2021
Sometimes buying your first home can be very intimidating. Many first time buyers from ages 24 - 40 say that the process of buying a home has intimidated them because they are unsure of the homebuying process and what they can truly afford. Are you one of those people who might have given up on your home search because of reasons like this? Don’t let the fears of the unknown of this process scare you away or keep you from this big step in life. First of all I will encourage you to trust me, let me walk you through the entire process and help make things a lot less intimidating and stressful. Let me be your realtor!
Here are a few key things to understand before we get you started:
1 - Let's talk about down payments -
Saving or knowing how much to save for a downpayment may be one of the things that is “holding you back” from buying a home. But that doesn’t have to be the case necessarily. According to Freddie Mac, “one of the biggest myths that often stops the home buying process before it even begins is that you have to have 20% down payment.” In the last year down payments have averaged somewhere around 12% and some even lower depending on the age of the client.
2- How much can you afford -
Right now you actually might be able to afford more than you actually realize. Working from home, or remotely, exercising, and doing more from home rather than out and about has changed the value and meaning of peoples homes. People are looking for different things in their homes nowadays. Don’t let the fear that you might not be able to afford the larger or better space to suit these needs scare you off from finding your perfect home. Continuing to rent is not the answer. Let me set you up with a lender that can help you determine exactly how much you can truly afford, then you won’t be throwing money out the window renting… You will be investing in yourself and your future!
3- Don’t wait… It may not be as affordable later -
These interest rates will not last forever. The economy is back on the rise and due to many people being vaccinated most are getting back to “normal” pre-covid activities. This will cause these interest rates to rise over time so as we get into the later part of the year or next year they may be higher than they are now. Simply put, if you put off buying a home it can cost you more in the long run just because the interest rate is higher than it could be right now.
Here is the bottom line friends, call me today and let me get started working for you. I want to be your realtor and I want to help you buy a home. First time home buyer or not I can walk you through every step of the process and get the deal sealed for you!