Housing market still a struggle for first-time buyers

Purchasing a home today can appear to be a daunting task but it is possible for those that would like to own property and/or land. Location, economy, schools, ect. are just a few concerns of first-time home buyers. Financing a purchase of home and/or land is usually another important concern.

Market conditions have made things particularly difficult for first-time buyers, who have had to contend with historical highs in both interest rates and asking prices, in addition to low inventory.

According to a recent survey, 73 percent of non-homeowners who hope to own someday cited personal affordability issues as their largest obstacle. Insufficient income was cited by 46 percent, and 40 percent noted an inability to afford a down payment and closing costs. Meanwhile, 53 percent named market conditions, like low inventory and high mortgage rates, as an obstacle.

I will not pretend to be able to provide you a solution but I think that it would be beneficial for first-time homebuyers to schedule an appointment with me so that we can discuss a few of your goals in life and how we can get you closer to some of your goals.

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