Purchasing your first home is a thrilling choice and a significant milestone with the potential to enhance your life significantly. As a first-time homebuyer, it’s a vision you can bring to life, but, as the National Association of Realtors (NAR) shares, you’ll have to overcome some factors that have made it more challenging in recent years:
Since 2011, the share of first-time home buyers has been under the historical norm of 40% as buyers face tight inventory, rising home prices, rising rents and high student debt loads.”
However, if you’re seeking to buy your first home in the Triangle area, here are two factors you can take into account to transform your dreams into reality.
Save Money with First-Time Homebuyer Programs
Navigating the initial expenses and fees tied to homeownership can appear as a significant obstacle. From securing a loan and gathering a down payment to covering closing costs, the array of financial obligations involved can make the process of purchasing your first home seem daunting.
Thankfully, numerous public and private programs cater to first-time homebuyers, offering the possibility of securing a loan with minimal or no upfront costs. CNET explains:
A first-time homebuyer program can help make homeownership more affordable and accessible by offering lower mortgage rates, down payment assistance and tax incentives.”
In fact, as Bankrate says, many of these programs are offered by state and local governments:
Many states and local governments have programs that offer down payment or closing cost assistance – either low-interest-rate loans, deferred loans or even forgivable loans (aka grants) – to people looking to buy their first house . . .”
To access these programs, reach out to your state’s housing authority and explore resources like Down Payment Resource for valuable information and assistance.
The Supply of Homes for Sale Is Low, So Explore Every Possibility
In a competitive sellers’ market, expanding your options by exploring condominiums (condos) and townhomes can help ensure you find a suitable home that meets your needs. U.S. News tells us these housing types are often less expensive than single-family homes:
Condos are usually less expensive than standalone houses . . . They are also less expensive to insure.”
Smaller in size but big on opportunity, affordable condos and townhomes offer a chance to enter the Raleigh housing market and build equity. Enjoy the perks of homeownership with lower maintenance requirements, making it an attractive option for those seeking convenience and financial stability. As U.S. News says in the same article:
The strongest reason for purchasing a condo is that all external maintenance is usually covered by the condo association, such as landscaping, pool maintenance, external painting, paving, plowing and more. This fee also covers some internal maintenance, such as gas, electric, plumbing, HVAC and other mechanical systems.”
Unlock the benefits of homeownership with townhomes and condos. Build equity, boost your net worth, and open doors to future possibilities.
Partnering with Linda Craft Team Realtors is the key to ensuring your success, particularly as a first-time buyer. Benefit from our expertise as we guide you through the home-buying process, provide valuable insights on the local Triangle area markets, and empower you to navigate competitive offers with confidence.
Bottom Line
Despite the challenges in today’s housing market, there are opportunities for first-time Raleigh homebuyers to achieve their goals. You can make informed decisions by exploring first-time homebuyer programs and considering various housing options. Contact Linda Craft Team Realtors; we can guide you through the process and ensure a smooth journey toward homeownership.