There are many ways to make your dream come true. We will review tips for first-time homebuyers in Metro Detroit to help you achieve your goal.
Tips for 1st-Time Homebuyers in Metro Detroit
Are you a 1st-time homebuyer in Metro Detroit pondering whether buying a home is within your reach, 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 will explore the options.
1. What Are Homes Selling for Today?
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.
3. Live with Loved Ones To Boost Your Savings
Another thing is that several 1st-time homebuyers in Metro Detroit 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.”
4. 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 MLS, explains:
“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.”
Search for Homes Better Than A Realtor
You have bridge access to my Multiple Listing Service Account. One way to search is by date. If a home has been on the market for a while, maybe the seller will be more negotiable than if the home was newly listed. I do provide instructions on how to use the MLS. 👍
Macomb County Homes for Sale by City
Oakland County Homes for Sale by City
5. Take a Close Look at Your Wants and Needs
Lastly, I 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 investing in yourself. 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.”
I can 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.
Now Move to Step #2
For more homebuying tips and strategies, visit Home Buying Tips. ⤵️
I separate blog posts for first-time home buyers only, and homebuying tips are for everyone, including you.
Schedule a Buyer’s Consultation
Ready to explore the market and find your perfect home? Schedule a Zoom call with me, and we’ll review the sold data, understand your purchasing power and property taxes, and answer your questions and concerns. I’ll share my screen to give you a clear view of the market insights and help you make informed decisions.
Contact me with any Questions
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Conclusion 1st-Time Homebuyer
Leverage real estate experts who understand the challenges and opportunities buyers like you face in Metro Detroit. My 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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The information contained, and the opinions expressed in this article are not intended to be construed as investment advice. Metro Detroit Home Experts ~ Team Tag it Sold does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Metro Detroit Home Experts ~ Team Tag It Sold will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.
