What Are the Best Options for Today’s First-Time Homebuyers?

<article class="post-327146 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-327146"><span class="entry-date">June 8, 2022</span><div class="entry-header center-block text-center"><h1 class="entry-title">What Are the Best Options for Today’s First-Time Homebuyers?</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=What+Are+the+Best+Options+for+Today%E2%80%99s+First-Time+Homebuyers%3F&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fwhat-are-the-best-options-for-todays-first-time-homebuyers%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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<p>If you’re looking to buy your first home, you’re likely balancing several factors. Because both <a href="https://www.simplifyingthemarket.com/2022/05/17/why-rising-mortgage-rates-push-buyers-off-the-fence/?a=712984-fa409495d5d70154d03a25e81e9540e2">mortgage rates</a> and <a href="https://www.simplifyingthemarket.com/2022/04/07/the-future-of-home-price-appreciation-and-what-it-means-for-you/?a=712984-fa409495d5d70154d03a25e81e9540e2">home prices</a> have risen this year, it costs more to buy a home than it did even just a few months ago. <strong>But that doesn’t mean you have to put your plans on hold.</strong><span id="more-46624"></span></p>
<p>If you partner with a trusted real estate advisor and hone your strategy, you can navigate today’s market and find the home you’re looking for. Here are two tips to help you get started.</p>
<h4><strong>Work with a Professional To Prioritize Your Wish List</strong></h4>
<p>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 lists of what you want and what you really need. <a href="https://www.nerdwallet.com/article/mortgages/fthb-affordability-q42021">According</a> to the latest <em>First-Time Homebuyer Metro Affordability Report</em> from <em>NerdWallet</em>, your <a href="https://www.simplifyingthemarket.com/2022/04/04/balancing-your-wants-and-needs-as-a-homebuyer-today/?a=712984-fa409495d5d70154d03a25e81e9540e2">wish list</a> can have as much impact on your search as your finances:</p>
<blockquote>
<p><em>“Your budget isn’t all that you need to be concerned about; <strong>your wish list and desired location may carry just as much weight.”</strong></em></p>
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<p>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. Partner with a local <a href="https://www.simplifyingthemarket.com/2022/05/23/work-with-a-real-estate-professional-if-you-want-the-best-advice/?a=712984-fa409495d5d70154d03a25e81e9540e2">real estate professional</a> to better understand what’s available in today’s market and reprioritize your wish list. Remember, making a concession now doesn’t mean you’ll never have everything on your list. After you’ve moved in, you can always add certain features to make the home <a href="https://www.simplifyingthemarket.com/2022/05/18/how-homeownership-can-bring-you-joy/?a=712984-fa409495d5d70154d03a25e81e9540e2">your own</a>.</p>
<h4><strong>Increase Your Search Radius To Consider More Locations </strong></h4>
<p>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 <a href="https://www.simplifyingthemarket.com/2022/04/06/remote-work-trends-mean-flexibility-for-first-time-homebuyers/?a=712984-fa409495d5d70154d03a25e81e9540e2">remote worker</a>, you may be able to expand your search radius. As <em>Fannie Mae</em> <a href="https://www.fanniemae.com/research-and-insights/perspectives/consumers-discuss-affordability-and-impact-remote-work-housing-preferences">explains</a>:</p>
<blockquote>
<p>“. . . <em>continued remote work flexibility is likely giving many <strong>the ability to live farther away in more affordable areas.”</strong></em></p>
</blockquote>
<p>The decision to search in places with a lower cost of living could help you find a home that fits your budget and checks the most boxes off your wish list.</p>
<h3><strong>Bottom Line</strong></h3>
<p>If you’re serious about purchasing your first home this year, revisiting your wish list and desired location can help. Let’s connect to explore all the options in our local market – and beyond – so you can achieve your homeownership dreams.</p>
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