Blog posted On September 21, 2023
Roughly half of the American population worries they’ll never own a home. Fewer homes are for sale and more homes are selling over asking price, meaning you’re more likely to be involved in a bidding war and might not be able to afford the homes you like. Many buyers, especially first-time buyers are understandably losing hope. If you feel like you’re one of these people, we’ll tell you a secret hack that most American buyers AREN’T doing that can uncover more options at lower prices. Don’t lose hope just yet!
Challenges in the current market
One of the biggest issues right now is the extremely limited number of homes for sale. In June, home inventory was at a 3.1 months’ supply and down 13.6% from a year ago. For context, a healthy market has around 6 months’ supply. By healthy, we mean a market that has enough supply to meet buyer demand. With not enough supply to meet the demand for homes, prices inevitably go up. This is one way many buyers, especially first-time buyers, are being priced out of the market.
This low level of supply is fueling what experts are calling home buyers greatest challenge – each other. Competition is the number one hurdle buyers are facing right now. Because there are so few homes on the market, everyone is looking at the same gorgeous, move-in ready home. But at the end of the day, only one buyer will win the war to buy these homes.
How to become a homeowner faster than you thought possible
Just because your greatest challenge is your competition doesn’t mean you should give up hope. Let’s say really wanted to get a dog. Before you even started looking, you had a specific breed and temperament in mind. While you know you could go to a breeder and get exactly what you wanted, these dogs are often more expensive and have long wait list most times. So you start looking to adopt, but turns out everyone else wants to adopt the same types and temperament that you do. You could give up hope and put off your dream of dog ownership for some far-off day in the future. Or you could explore your options (fall in love with the furry friend you never knew you needed)!
So look at the overlooked, explore the unwanted (or less desirable) homes – whether they’re fixer uppers or long term projects. The sound of a fixer-upper sounds daunting but there are so many perks. It basically can be like constructing your own dream home without the higher cost of completely new construction.
Other perks:
There are loads of renovation options that can be financed:
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We offer tons of different financing options for buyers and owners including:
Reach out and we’ll help find the best renovation fit for you!
Sources: ABC News, SF Gate, USA Today, Yahoo Finance
