real estate

5 major must-haves for a fab first home

An affordable price tag
Next
2 of 6
Back
text

An affordable price on a first home is one of the biggest priorities for first-time homebuyers, and with good reason, Bishop says.

"Unlike a trade-up buyer, they don't have any equity to roll into the purchase of their next home, so coming up with a down payment and the financial aspects of buying a home is the first concern," he says.

Coming up with a firm price target for a first home and sticking to it is the key for first-time buyers, says Scott MacDonald, president of RE/Max Gateway in Chantilly, Va.

"Make sure the house is within your budget. A lot of people try to push it and go for the maximum dollar amount they qualify for, trying to keep up with the Joneses. Stay within a reasonable budget so that you don't overextend yourself and get yourself into trouble," MacDonald says.

To be sure, Bishop says, high home affordability is making things easier on first-time buyers because so many markets have stagnated or declined in price in recent years. Also helping first-time homebuyers stay within their budget is the wide selection of housing options. The U.S. housing inventory is still larger than normal. As of January 2012, it would take more than six months to work through.


 

 

advertisement

          Connect with us
advertisement
advertisement

Blog

Stephen Pounds

Home sales grow at fastest pace in 9 years

New home sales rose 12.4%, reaching a seasonally adjusted rate of 654,000 units. That beats a revised June figure of 582,000 and is 31.3% higher than the July 2015 rate of 498,000 units.  ... Read more

advertisement
advertisement

Connect with us