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.

Here are ten tips for first-time home buyers to help navigate the process of buying a home in 2022.

In a hot housing market, you may have to compromise on your wish list to secure a home.

Set Realistic Expectation

Allocating a disproportionate amount of your total income to homeownership is known as being “house poor” and can negatively affect the budget.

Don’t Fall Into the Trap of Being House Poor

Whatever is most important to you, focus on that first. The flooring, paint colors, cabinets, etc., can all be changed over time.

Buy What You Can’t Change

The true cost of homeownership is much higher than just the monthly mortgage payment.

Understand the Hidden Costs of Homeownership

Speaking with a lender or mortgage broker and providing your financial information will also give you a good idea of how much you can afford.

Get Pre-Approved Before Making an Offer

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