From Valleynewslive · · 50s
First-time homebuyers' market guide
First-time homebuyers face affordability challenges in today's market.
In brief
First-time homebuyers face affordability challenges in today's market. First-time homebuyers should prepare financially before house hunting to afford homes in today's market. Originally reported by Valleynewslive.
Affordability concerns
First-time homebuyers face higher prices and interest rates making home buying more challenging.
WalletHub analysis
WalletHub compared 300 cities on 22 factors including affordability and market conditions.
First-time buyer share
First-time buyers made up 21% of the market last year, below historical average of 40%.
Financial preparation
Start bank relationships and pre-approval before house hunting to determine affordability.
“It can be extremely stressful. For most people, it’s the biggest purchase they’ve ever made, and they really don’t have a whole lot of knowledge about how to do it.”
Down payment options
First-time buyers may qualify for 0% or 3.5% down payment programs.
“A lot of times people assume you always hear that you need 20% for a down payment. That’s not necessarily the case for a first-time homebuyer.”
Home inspection advice
Do not waive home inspection before making an offer and budget for more than mortgage payments.
The main idea
First-time homebuyers should prepare financially before house hunting to afford homes in today's market.
