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3 tips for first-time home
eal estate has garnered consider-
able attention since 2020, and
or good reason. Though specula-
tors and real estate professionals may
point to a number of variables that have
affected the market for homes in re—
cent years, the pandemic certainly was
among those factors. Real estate prices
and mortgage interest rates increased
significantly during the pandemic and
have remained Well above pro—pandemic
levels ever since.
The spike in home prices and inter-
est rates has had a significant impact on
young home buyers, some of whom feel
as though their dream of home owner—
ship may never be realized. Data from
the National Association of Realtors in-
dicates the median age of home buyers
is now significantly higher than it was
two decades ago. In 2023, the median
age of buyers was 49, which marked an
increase of 10 years compared with the
average buyer age 20 years ago.
First—time home buyers may face a
more challenging real estate market
than they would have encountered just a
half decade ago. The following three tips
can help such buyers successfiilly navi-
gate the market as they look to purchase
their first home.
I. Expect to move quickly. Inventory
remains low, which means buyers are
in heated competition for the few homes
that are on the market. In late 2023,
NAR data indicated the rate of home
sales were the lowest they had been in
13 years, so buyers will likely need to
move quickly and make an offer if they
see a home they like, as chances are the
property won’t be on the market too long
before it’s sold. In fact, the NAB noted
that homes spent an average of just 23
1 Open Mond‘ V
‘ [33°
days on the market in October 2023.
2. Apply for mortgage preapproval.
The competitive nature of the market for
buyers means it’s in their best interests
to arrange financing prior to beginning
their home search. A mortgage preap-
proval can be a competitive advantage,
as it indicates to sellers that buyers
won’t be denied a mortgage or lack fi—
nancing after making an offer. The fi-
nancial experts at NerdWallet note that
buyers will be asked to provide details
about their employment, income, debt
6 ~ WINTER 2024 ESTATE 8: HOME IMPROVEMENT
a?
.x
Metro Creative
and financial accounts when apply-
ing for mortgage preapproval. Gather
this information and clear up any is-
sues, such as credit disputes or delin—
quent accounts, prior to applying for
preapproval.
8. Set a realistic budget and expect
to offer over asking price. A financial
planner and/or real estate professional
can help first~time buyers determine
how much they should be spending on
a home. In the current market, buyers
should know that they will likely need to
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pay more than asking price for a home.
For example, the NAB reports that 28%
of homes sold for above list price in Oc—
tober 2023. With that in mind, first-time
buyers may do well to look for homes
that are under budget in anticipation of
offering more than list price after seeing
a property.
The real estate market remains com-
petitive for buyers. First-time buyers
can use three strategies to increase their
chances of realizing their dream of home
ownership.
360-427-3780