Even while the outlook for first-time homebuyers may appear bleak at the beginning of 2023, an analysis by Realtor.com revealed that there are still markets where the desire to settle down without making crippling monthly payments is still a reality.
“A lot of first-time homebuyers who would have had an FHA loan or a VA loan were really left out of the housing market last year because there were so many multiple bids for properties that all cash buyers would essentially just win out on that property, and that was about a quarter of the market,” Jessica Lautz, National Association of Realtors vice president of research and deputy chief economist, told Nexstar.
The study’s authors also looked for towns where young residents could still have a social life on the weekends and a short commute during the week. However, the availability of homes and affordable home prices were the two key criterion. According to the analysis by Realtor.com Senior Economist George Ratiu, the targeted markets “have local employment markets that are strong enough to support young professionals getting a start in their careers.”
Remember that buying a home is a significant financial decision, so it’s essential to do your research and seek advice from professionals when necessary. Each real estate transaction is unique, so adapt these tips to your specific situation and market conditions.
Here are some tips to help you navigate the process successfully: