1. Be flexible in your home search
In today's market, we still have more buyers than we do sellers. Because of the limited amount of homes and the high demand for them, being strategic about your home search is critical. If your dream of owning a home is a priority (which it should) take into consideration the factors that can make or break a deal for you. Whenever you think about your dream home you think about the location you want to be in and the way you want it to look like. An important piece of advice is to be as flexible with your search as you want to be. Look into other nearby areas, look at other school districts, look into buying a condo rather than a house, think of things you'd be willing to sacrifice or could change/alter later on that are not dealbreakers. Being open minded when looking for a new home is always important no matter what market we are in.
2. Know that your down payment could be easier to obtain than you may think
Saving for your down payment is one of the most important and hardest parts of the home purchasing process. Many people believe they need to save a lot of money for a very long time in order to be able to put money down on their new house. I'm here to tell you that is not the truth.
The National Association of Realtors data shows us that the median down payment has not been over 20% since 2005. The current median down payment is 13%, even lower for younger home buyers. There are many loan options and down payment assistance programs available to buyers where they can put 3.5% even 0% down (if they qualify). While there are many benefits to putting 20% down, it is certainly not the required force of entry into home ownership. Always talk with your lender to make sure you get the best option possible.
3. Always work with a real estate professional
The best way to set yourself up to success, especially in this market, is working with a trusted real estate agent. They will be able to guide and advice you on how to set the best foot forward when putting offers on homes you are interested in. They will be able to educate you on the important aspects to worry about while making sure you are doing everything correctly in order to be successful.
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