Buying your first home is a significant and thrilling milestone that can truly enhance your life. It's a dream you can turn into reality, but there are a few obstacles you'll need to tackle in today's housing market – especially the low number of homes for sale and the persistent affordability issues.

If you're all set to dive into buying your first home, here are three helpful tips to make your dream come true!

Save Money with First-Time Homebuyer Programs                                       

Feeling a little overwhelmed by the upfront expenses of owning a home, such as the down payment and closing costs? No worries! There are plenty of programs out there to assist first-time homebuyers like you in getting a loan without having to put down much, if any, money at the start. As per Bankrate:

““. . . you might qualify for a first-time homebuyer loan or assistance. First-time buyer loans typically have more flexible requirements, such as a lower down payment and credit score. Many help buyers with closing costs and the down payment through grants and low-interest loans.”
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— Bankrate

To find out more about resources for down payments, consider reaching out to your state's housing authority. Additionally, websites like Down Payment Resource can provide valuable information and assistance in this area.

Expand Your Options by Looking at Condos and Townhomes

If you're looking to buy a home, you've probably noticed how there just aren't enough houses available for everyone. This is causing home prices to increase, making it tough for buyers to find something affordable. One option to tackle this problem and secure a home in today's market is by checking out condos and townhomes, as advised by Realtor.com.

““For many newbies, it might just be a matter of making a shift toward something they can better afford—like a condo or townhome. These lower-cost homes have historically been a stepping stone for buyers looking for a less expensive alternative to a single-family home.”
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— Quote Source

One possible reason they might cost less is that they're usually smaller in size. However, they still offer you the opportunity to start your homeownership journey and start building equity. That equity can then support you in transitioning to a bigger home down the line if you feel the need for more space. According to Hannah Jones, who is a Senior Economic Analyst at Realtor.com,

““Condos can help prospective homebuyers who perhaps have a smaller budget, but who are really determined to get a foothold in the market and start to accumulate some equity. It can be a really great entry point.”
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— Hannah Jones, Senior Economic Analyst at Realtor.com

Consider Pooling Your Resources To Buy a Multi-Generational Home

Have you thought about teaming up with friends or family to buy a home? It's a smart way to tackle the market together, sharing expenses like the mortgage and bills to make homeownership more affordable. As Money.com suggests: ...

““Buying a home with another person has some obvious advantages in the mortgage department. With two incomes in the mix, buyers can likely qualify for a larger mortgage — a big help in today’s high-cost market.”
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— Money.com

Bottom Line

When you're thinking about buying your first home, looking into first-time homebuyer programs, condos, townhomes, and multi-generational living can make the process smoother. Whenever you're set to take the next step, feel free to reach out, and we can chat more about your options.