Barriers For First Time Home Buyers
Are you about to be a first-time homebuyer? What kind of challenges do you need to prepare for and how can you overcome them?
What kind of hurdles do first time homebuyers face in the current market? What can you do to overcome these challenges? Or are they not that bad of an obstacle after all?
For starters, do high prices and therefore high down payments trip up first time homebuyers? Angie says it’s more about what a first time homebuyer can qualify for. What do you do then? Do you have high debt or poor credit? It’s important to connect with a lender to see what you qualify for or what you need to do to improve your score.
Between COVID and the economy, some barriers may be unemployment issues. So far, most of Angie’s clients have been okay when it comes to jobs. She shares one story of a client whose business was temporarily shut down but was still able to continue the homebuying process.
Does fear keep some first time homebuyers from transitioning from renting? Owning a home and maintaining it can be a big responsibility for a first time homebuyer. By the time you begin working with a realtor you might feel ready, so it’s unlikely that the realtor will push you to buy a home. Instead, a realtor can help guide you through as you make a decision on the right starter home. Will you enjoy having more land? Or will you prefer owning a townhome to limit the maintenance? What do you like about where you live now?
Are you being too picky or too indecisive? Remember that your first home might not be your absolute dream home. How do you narrow down your priorities? How can working with a realtor help?
Listen to the entire episode or click on the timestamps below to find out more!
0:38 - What are barriers for first time homebuyers?
0:55 - Do higher home prices prohibit first time homebuyers?
4:13 - Are low credit scores or employment concerns a problem?
6:03 - Are you scared of transitioning from renting?
11:09 - Are you being too picky or not decisive enough?
14:02 - Did you pick the right realtor?
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