It’s no secret that the market is red-hot right now. The demand for homes is way higher than the supply, which creates what we call a “seller’s market”. In a market this competitive, it’s easy to get discouraged if you’re having trouble getting offers accepted or even finding a home that meets your expectations. Patience, creativity, and the right real estate agent can help you get a leg up on the competition. If you’re having trouble finding your first home, here are a few things to consider.
Assess Your Budget
It’s time to crunch some numbers! To thoroughly assess your budget, connect with a lender who can help you determine what’s realistic for you. You might be able to afford more than you think. But, before you meet with a lender get your credit score into shape and do your research. Understand the lending landscape and compare rates before making a final decision. Need help finding a lender? Our team can help, give us a call at 562-896-2456.
Consider a Condo or Duplex
Before you completely disregard this option, keep in mind that most people’s first purchase isn’t their ultimate dream home. A condo or a duplex where the second unit will help cover your mortgage is a great option that could allow you to get your foot in the door and begin building equity now while interest rates are low. In the long run, purchasing a condo or duplex is a great investment.
Expand Your Search
You may have your heart set on finding a home in a specific neighborhood but widening your search radius will present you with more options. Most people also don’t buy their first home on the beach or in their absolute ideal location. Once you’ve solidified your budget, talk to an experienced local real estate agent to see if there are any neighborhoods that you haven’t considered that could work for you.
Examine Your Wants and Needs
Make your list, and check it twice. When you first sit down and think about everything you want in a home, it’s completely natural to come up with a long list of must-haves. If some of those “must-have items” could be switched to “nice to have items” you may find options that will work for you, even if they’re not your dream home.
Remember, real estate agents are here to handle the hard stuff so you can enjoy the home buying process. If you’re interested in buying a home in the Long Beach area or have any real estate questions, we’re happy to help!