1st-Time Homebuyer: Tips to Make Your Dream Come True🏡🥳

There are many ways for you to make your dream come true. We are going to review tips for 1st-Time Homebuyer in Metro Detroit to help you achieve your goal. 

Tips for 1st-Time Hombuyers Making their Dream Come | Team Tag I Sold

Tips for 1st-Time Homebuyer in Metro Detroit

Are you a 1st-time homebuyer pondering whether buying a home is within your reach in Metro Detroit, especially with the challenges we face with inflation 📈, escalating home prices, and climbing mortgage rates % It might seem daunting, but achieving homeownership is still possible with the proper guidance. I will walk you through a journey through links to help guide you. The more time you spend on real estate education 🎓, the closer you are to your dream home. 🤗There are perks of buying a home over renting a home in Metro Detroit and we are going to explore the options. 

1. What Are Homes Selling for Today?

Are you curious about what homes are selling for today in Metro Detroit? If you’re a 1st-time homebuyer, you no longer have to rely on rough estimates. I’ve created a direct bridge to my Multiple Listing Service account, giving you accurate and up-to-date information on home prices. Plus, I’ve included a straightforward how-to video to help you navigate this service easily. With this powerful resource, you can confidently and clearly step into the housing market.
 
Macomb County Sold Homes by City

Oakland County  Sold Homes by City

2. Explore Your Options for a Down Payment

If a down payment is your #1 hurdle, you may have options to boost your savings. Over 2,000 down payment assistance programs are designed to make homeownership more achievable even with student loan debt. And that’s not the only place you can get a helping hand. While it may not be an option for everyone, 49% of 1st-time homebuyers got money from loved ones that they used toward a down payment, according to LendingTree. Start a house downpayment account for Christmas and birthday gifts instead of traditional gifts.  

And chances are you won’t need to put 20% down (unless specified by your loan type or lender). So be sure to work with a trusted mortgage professional to explore your options, find out how much you’ll need, and learn about any guidelines for getting a gift from loved ones.

2. Live with Loved Ones To Boost Your Savings

Another thing is that several 1st-time homebuyers are also ditching their rentals in Metro Detroit and moving back in with friends or family. This can help reduce your housing costs and build your savings much faster. As Bankrate explains:

“. . . many have opted to stop renting and live with family in order to boost their savings. Thirty percent of 1st-time homebuyers move directly from their family member’s home to a home of their own, according to NAR.”

3. Cast a Broad Net for Your Search

When you’ve saved up enough, here’s how a pro will help you approach your search. Since the supply of homes for sale is still low in Metro Detroit and affordability is tight, they’ll give you strategies and avenues you may not have considered to open up your pool of options.

For example, it’s usually more affordable (your link to how to use the MLS if you consider a rural or suburban area versus an urban one. So, while the city may be livelier and more energetic, the cost of living may be reason enough to look at something further out. And if you consider smaller homes and condos or townhouses, you’ll give yourself more ways to break into the market. As Colby Stout, Research Analyst at Bright MLSexplains:

“Being flexible on the types of home (e.g., a condo or townhome versus a single-family home) and exploring more affordable neighborhoods is important for 1st-Time Homebuyer.”

4. Take a Close Look at Your Wants and Needs

Lastly, an agent can help you think about your must-haves and nice-to-haves. Remember, as a 1st-time homebuyer, it doesn’t mean this is your forever home.   Getting your foot in the door to start building equity would be best. If you want to buy, you may find making some compromises is worth it. As Chase says:

“An open-minded approach to house-hunting may be one way for 1st-time homebuyer to maintain some edge. This could mean buying in areas that are less expensive. Differentiating needs vs. wants may help in this area as well.”

An agent will help you prioritize your list of home features and find houses that meet those criteria. They’ll also be able to explain how equity can benefit you in the long run and make it possible to move into that dream home down the line.

Conclusion 1st-Time Homebuyer

Leverage real estate experts who understand the challenges and opportunities faced by buyers like you. Their insights and support can significantly ease your path to homeownership.

Remember, the journey to buying your first home in Metro Detroit may have twists and turns, but with determination and the right strategies, your homeownership dream is attainable. Let’s connect and set the stage for your long-term success in the real estate market.

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