With some smart strategies and the help of a pro, becoming a homeowner can be your reality.
Tip #1: Start Exploring Down Payment Options
Fear of the down payment is a common hurdle. But did you know there are over 2,000 down payment assistance programs out there to help? Plus, nearly half of Gen Z buyers get a leg up with gifts from family according to LendingTree. Don’t be afraid to explore these options! And remember, you might not need a whopping 20% down depending on your loan type. Talk to a trusted mortgage professional to explore your options and find out the real numbers.
Tip #2: House Hack Your Way to Savings by Living with Loved Ones
Living with loved ones isn’t just for college students anymore! Ditch the rent and move in with family or friends to slash your housing costs and supercharge your savings. According to Bankrate, 30% of Gen Z homebuyers go straight from Mom’s basement to their own place. “. . . many have opted to stop renting and live with family in order to boost their savings. Thirty percent of Gen Z homebuyers move directly from their family member’s home to a home of their own, according to NAR.”
Tip #3: Be Flexible in Your Search
Ready to house hunt? A real estate agent will be your secret weapon. The market may be tight, but a pro can help you find hidden gems that fit your budget. According to a research analyst at BrightMLS, be open to considering areas outside the city center or exploring smaller homes, condos, or townhouses. Remember, your first home is a stepping stone, not the finish line.
Tip #4: Prioritizing Needs Over Wants
Your first home doesn’t need to be your forever home. The key is to get your foot in the door and start building equity. A realtor can help you prioritize your must-haves and find a place that checks those boxes. They’ll also explain how equity helps you down the line when you’re ready to chase that dream mansion. “An open-minded approach to house-hunting may be one way for Gen Z homebuyers to maintain some edge. This could mean buying in areas that are less”
The Takeaway: You’ve Got This!
Realtors aren’t just there to sell houses; they’re there to guide you through the homeownership journey. They’ve seen it all and can offer invaluable insights to help you achieve your goals. So, don’t be afraid to reach out! With the right team and a strategic plan, you can turn your dream of homeownership into a reality.
Ready to take the first step? Contact us today to connect with a local real estate professional who can help you make your homeownership dreams happen!
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