10 First-Time Home Buyer Tips to Compete in a Seller’s Market
According to the National Association of Realtors, the median U.S. home price increased 16% to just over $350,000 over the past year.
There’s no denying the housing market has been on fire.
While home price appreciation is great news for current homeowners,
it puts first-time home buyers in a difficult position.
With many houses selling for over asking price with multiple offers, how can first-time buyers compete?
Here are ten tips for first-time home buyers to help navigate the process of buying a home in 2022.
1. Set Realistic Expectations
In a hot housing market, you may have to compromise on your wish list to secure a home.
According to Victoria Cornell, you don’t have to find your forever home right off the bat.
She goes on to say that in a strong seller’s market, “it’s okay to focus on getting your foot in the door and not purchase your dream house."
2. Don’t Fall Into the Trap of Being House Poor
It can be tempting to stretch your budget in an attempt to score your dream home.
Jeff Cooper cautions first-time home buyers not to take what the mortgage lender tells you at face value.
Banks and other mortgage lenders base your limits on gross pay before taxes and don’t factor in that you’ll have others expenses besides your mortgage.
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