3 tips for first-time home buyers

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Since 2020, real estate has become a focal point, particularly due to the pandemic's impact on home prices and mortgage rates. This surge has made it difficult for young home buyers to achieve their dream of owning a home, leading to an increase in the median age of buyers to 49 in 2023, a ten-year jump compared to two decades ago.

For first-time buyers navigating this challenging market, here are three key tips:

  1. Act swiftly: With low inventory and high competition, buyers must move quickly when they find a home they like, as properties are selling fast, spending an average of just 23 days on the market in October 2023.

  2. Secure mortgage preapproval: Getting preapproved for a mortgage before house hunting can give buyers a competitive edge and assure sellers of their financial readiness.

  3. Set a realistic budget and expect to offer over asking price: In the current market, buyers should anticipate paying more than the listed price for a home, with 28 percent of homes selling above list price in October 2023. It's advisable to look for homes under budget to accommodate potential over-asking offers.

 

Source: Citrus County Chronicles

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