The challenge of financial sacrifice to save for a home is not daunting to the current generation of first-time buyers wanting to get on the property ladder.
Spurred on by record-low interest rates, first home buyers represent a third of the buyers in theĀ market, according to figures from the National Association of Realtors.
Some 60% of first-time buyers who answered the NAR survey said they’d used their savings to make a deposit. Almost a third said they’d be given or loaned money from family and nearly a quarter (23%) said they’d moved in with friends or family to help save money.
As an experienced real estate agent in your neighborhood, I know that making the right decision when buying your first home is crucial to your future financial prosperity.
So, here’s what can you expect once you’re in the market:
Firstly, the average search time is ten weeks. I warn all my clients to never rush into a decision or make an emotional purchase. Your first home is the one that gives you a solid financial foundation for the rest of your life.
Houses remain the most popular category by a long way (83% according to NAR) for young buyers, ahead of condos and townhouses. There’s no right and wrong here: it’s always best to base your thinking on your desired lifestyle and if you have a young family or are thinking of starting one, a house will give you room to grow.
Most first home buyers go straight to an agent or broker for help (53%) rather than search the internet, and 89% used one of those professionals in the final instance.
I believe using a broker or agent is essential for a first-time buyer. Your agent has the market knowledge, contacts and negotiating skills to ensure you make the best possible decision from the properties available.
I’d be delighted to assist you in finding your first home, however I also understand that hiring someone for this role can feel a little overwhelming.
To help you feel more confident, do your own research on the market so you know the types of property available and their asking prices or recent sales. We can then discuss together why those properties achieved those prices and develop a strategy together to help you find and win the home of your dreams.
You’re also very welcome to talk with some of my recent clients to understand what their experience of working with me was like.
If I can help you with your real estate needs, please do not hesitate to contact me.
