A recent National Association of Home Builders (NAHB) survey on housing preferences asked home buyers about which specific compromises they would be willing to make to achieve homeownership.  The study found that:
 

·        For 39% of buyers, accepting a smaller lot is the path to affording a home. Nearly four out of 10 buyers would be willing to give up land in exchange for owning a home.

·        For 36% of buyers, accepting fewer exterior amenities is the way to homeownership — they will simply add that deck or patio at some point in the future.

·        Another 36% were willing to move farther from the urban core.

·        And 35% will accept a smaller house if that’s what it takes to buy it.

What does it take to buy? 

·        You don’t need perfect credit.

·        You don’t need a 20% down payment.

·        You absolutely want to get pre-approved prior to looking for homes.

·        You want to find a Buyer Agent and sign a buyer broker agreement and get ready for the new rules for buyers when looking for and purchasing a home.  

How do I get Ready to purchase?

·        Update your budget, find ways to save by cutting out extras.

·        Access Bill Pay and accelerate paying off credit cards to raise your credit score.

·        Set up regular withdrawals to savings every paycheck.

·        Ask a lender to review your financial situation as they can help you plan for your purchase by telling you what things to do first, second, third, and so on.                 

What can you buy?  Their move, your opportunity.  Buy these SOLD homes. 

·        39% of home sellers are planning to buy a larger home. 

·        33% of home sellers are planning to move to a smaller home   . 

Moral of the story…Get your finances in order, see what you can afford, and how to qualify for a less than 20% down payment purchase (or 20% down if you can).  And remember, “renters you are paying a mortgage, it’s just not yours.” 
 
 Data From NAHB study; NAR Profile of Buyers and Sellers; Listing Reports 2024