If you’re looking to buy your first home, you’re likely balancing several factors. Because both mortgage rates and home prices have risen this year, it costs more to buy a house than it did even just a few months ago. But that doesn’t mean you have to put your plans on hold.
Here are two tips to help you get started.
Prioritize Your Wish List
If you’re having trouble finding a home in your budget that checks all the boxes, it may be worth taking another look at your list of what you want and what you really need.
According to the latest First-Time Homebuyer Metro Affordability Report from NerdWallet, your wish list can have as much impact on your search as your finances: “Your budget isn’t all that you need to be concerned about. Your wish list and desired location may carry just as much weight.”
It’s all about prioritization. If you’re serious about purchasing your first home soon, be flexible in what you’re looking for to open up your pool of options. Work with a local professional — not your Uncle’s cousin’s son from 50 miles away. Most properties come and go quickly. Local realtors have the best access to information about when homes become available. We also know what the current successful strategies are to have an offer an accepted.
Remember, making a concession on your wish list now doesn’t mean you’ll never have everything you want. After you’ve moved in, you can always add certain features to make the home your own. Countertops can be changed. Cabinets added. Basements finished. In many cases, there’s really no rush.
Increase Your Search Radius To Consider More Locations
Some areas may have more homes within your target price range than others, but it may require you to be flexible on your location.
For example, if you’re a remote worker, you may be able to expand your search radius. As Fannie Mae explains: “…continued remote work flexibility is likely giving many the ability to live farther away.”
The median selling price in the Boston area for a single family home in April was $845,000. On Cape, it was $675,000.
So, if you’ve vacationed on Cape for years and always wanted to live here full time, now could be your chance. Buying on Cape is less expensive and there’s a big difference between driving to Boston twice a week, as opposed to daily.
The Cape also offers more open space and lifestyle options.
If you’re serious about purchasing your first home this year, revisiting your wish list and desired location can help. Let’s connect at 508-360-5664 or firstname.lastname@example.org to explore all the options here on Cape – and beyond, if you’re interested – so you can achieve your homeownership dreams.
The move to our new home was very successful. (Getting our new furniture delivered is another story!) We chronicled the day for you on our YouTube series Mari Makes the Move. You can see it here.
Selling and buying was a new experience for us as we lived in our previous home for 28 years. We learned a lot that we’ll be sharing with you in the weeks ahead.
Have a great week…
Mari and Hank