Buying your first home is a major decision and an exciting milestone. It can feel daunting at times. But, it has the power to change your life for the better. If you’re looking to purchase your first home, you may be wondering what’s happening in the housing market today. Moon Township Realtors – the Diane McConaghy Team at REMAX Select Realty – can help you understand where to start and how much you need to save.
Here are three things that can help give you the information you need to confidently pursue your dream of homeownership.
1. Consider All Options When the Number of Homes for Sale Is Low
Today, there are far more buyers in the market than there are homes available for sale. When that happens, it’s a good idea to do what you can to increase your pool of options. That could mean expanding your search to include additional housing types.
Considering condominiums (condos) and townhomes can be an excellent way to increase your choices. They are both great entryways into homeownership. Townhomes often cost less than single-family homes of a similar size. Depending on the location of the condo, you may not have to worry about the external upkeep that comes with a single family home. When you buy either one, you can start building equity which increases your net worth and can fuel a future move.
2. Know Your Down Payment Could Be More Within Reach Than You Think
Saving for a down payment can feel like one of the biggest obstacles for homebuyers. But, that doesn’t have to be the case. The median down payment hasn’t been over 20% since 2005.
The median down payment for all homebuyers is only 13%. That’s well below the common misconception of 20%, and it’s even lower for younger buyers. This could mean you may not need to save as much for a down payment as you initially thought.
There are also down payment assistance programs available for many buyers. Not to mention, some loan options require as little as 3.5% (or even 0%) down for buyers who qualify. While there are advantages to putting 20% down, know that you have options. To get more information on how much you may need to save and the help that’s available, talk with a Lender or Moon Township Realtors – the Diane McConaghy Team at REMAX Select Realty.
3. Work with Trusted Moon Township Realtors – the Diane McConaghy Team at REMAX Select Realty – Throughout the Process
No matter where you’re at in your homeownership journey, the best way to make sure you’re set up for success is to work with Moon Township Realtors – the Diane McConaghy Team at REMAX Select Realty.
If you’re just starting out, a real estate agent can help you with the initial steps. This includes educating you on the process and connecting you with a trusted lender to get pre-approved for a mortgage. Once you’re ready to begin your search, Moon Township Realtors can help you understand your local market and search for available homes. And when it’s time to make an offer, a Moon Township Real Estate Agent will be an expert advisor and negotiator to help your offer stand out above the rest.
Bottom Line
Knowledge is key to succeeding on your homebuying journey. Knowing market trends, what you need for a down payment, and what options you have as a buyer today can give you the confidence you need to buy a home. If you’re thinking of moving to Pittsburgh or surrounding neighborhoods in western Pennsylvania, connect with Moon Township Realtors – the Diane McConaghy Team at REMAX Select Realty so you have an expert on your side who can help you navigate the homebuying process.
The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. and the Diane McConaghy Team 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. Keeping Current Matters, Inc. and the Diane McConaghy Team will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.
We believe every family should feel confident when buying and selling a home.