What Are the Best Options for Today’s First-Time Homebuyers?

June 8, 2022
If you’re looking to buy your first home, you’re likely balancing several factors. Because both mortgage rates and home prices have risen this year, it costs more to buy a home than just a few months ago. But that doesn’t mean you have to put your plans on hold.
If you partner with a trusted real estate advisor and hone your strategy, you can navigate today’s market and find the home you’re looking for. Here are two tips to help you get started.

Work with a Professional To Prioritize Your Wish List

If you’re having trouble finding a home in your budget that checks all the boxes, it may be worth looking at your lists of what you want and need. According to the latest First-Time Homebuyer Metro Affordability Report from NerdWallet, your wish list can have as much impact on your search as your finances:
“Your budget isn’t all that you need to be concerned about; your wish list and desired location may carry just as much weight.”
It’s all about prioritization. If you’re serious about purchasing your first home soon, be flexible in what you’re looking for to open up your pool of options. Partner with a local real estate professional to better understand what’s available in today’s market and reprioritize your wish list. Remember, making a concession now doesn’t mean you’ll never have everything on your list. After you’ve moved in, you can always add certain features to make the home your own.

Increase Your Search Radius To Consider More Locations

Some areas may have more homes within your target price range, but it may require you to be flexible on your location. For example, if you’re a remote worker, you may be able to expand your search radius. As Fannie Mae explains:
“. . . continued remote work flexibility is likely giving many the ability to live farther away in more affordable areas.”
The decision to search for places with a lower cost of living could help you find a home that fits your budget and check the most boxes off your wish list.

Bottom Line

If you’re serious about purchasing your first home this year, revisiting your wish list and the desired location can help. Let’s connect to explore all the options in our local market – and beyond – so you can achieve your homeownership dreams.
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Residential For Sale

20 Shirley Drive, Cumberland, Rhode Island 02864

Re/Max Bell Park
3Bedroom(s)
2Bathroom(s)
Garage Door OpenerParking(s)
17Picture(s)
2,336Sqft
Welcome home to this well-maintained Ranch on a corner lot.
$425,000

Land For Sale

12 Brush Hill Road, Providence, Rhode Island 02909

RE/MAX Innovations
0.09Acre
A Vacant Lot located in the lower Mount Pleasant area of Providence. Lot is zoned R2. Seller has survey, Providence Water, Narragansett Bay, and DPW approvals in hand. Buyer must do all due diligences.
$75,000

Residential For Sale

81 Narragansett Avenue, Narragansett, Rhode Island 02882

HomeSmart Professionals
5Bedroom(s)
2Bathroom(s)
No GarageParking(s)
44Picture(s)
1,740Sqft
Investors take notice! This turn-key 5/6 bedroom, 2 bathroom property is located in the heart of the Pier, only 0.4 miles to Narragansett Town Beach. Wake up to the smell of salty sea air and enjoy a short 5-minute walk or 1-minute drive to the beach. The large fenced-in backyard and screened-in porch are perfect for family gatherings.
$1,250,000

Residential For Sale

132 Winifred Avenue, Warwick, Rhode Island 02889

Century 21 The Seyboth Team
3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
14Picture(s)
1,580Sqft
Immaculate 3 (potential for 4) bed, 2 full bath raised ranch set in a quiet neighborhood of Shawomet. The first floor features 2 bedrooms, full bath, an updated kitchen with stainless steel appliances and glass sliding doors leading to your large deck. Head downstairs to an additional bedroom, bonus room, common area, updated full bath, and walkout.
$339,900

Residential For Sale

805 Forest Avenue Avenue, Middletown, Rhode Island 02842

Coldwell Banker Realty
2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
23Picture(s)
840Sqft
This lovely 2 bed mobile home may suit your needs as a starter home, vacation home or a retirement home. It is equipped with all the basics and a few bells and whistles too. This home has been recently renovated with special loving care and it is in very good condition. There are 2 parking spaces in the driveway.
$160,000

Residential For Sale

58 COUNTRYSIDE Drive, Scituate, Rhode Island 02857

HomeSmart Professionals
3Bedroom(s)
3Bathroom(s)
GarageParking(s)
20Picture(s)
2,582Sqft
COME ENJOY THIS 3 BED 3 BATH BILEVEL SET ON A HALF ACRE LOT ON A QUIET COUNTRY CULDESAC WITH LOADS OF PRIVACY YET CLOSE TO ALL AMMENITIES. RECENTLY REMODELED KITCHEN, 2 NEW BATHS, NEW CENTRAL AC ON MAIN FLOOR WITH HEAT PUMP, NEWER WINDOWS, SIDING, GUTTERS AND ROOF.
$549,900
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