First time homebuyers are not flooding to the housing market like they used to as these folks have the lowest share of the market ever. There are numerous reasons as to why this could be. Many of these folks are young adults fresh out of college with tremendous amounts of student loan debt. Many people unfortunately witnessed their family and friends suffer though the housing bust, and are not surprisingly hesitant about entering the market themselves.
We believe the most common hesitation results from not being prepared for what it takes to buy a home in today’s market. Getting a mortgage is nowhere near what it used to be and is a much more rigorous process. Every aspect of your financial life has to be looked at with a fine tooth comb, which uncovers many hoops you have to jump though on quick demand. There is also a shortage of homes for sale, making it very completive between prospective homebuyers.
If you plan to succeed and make buying a home as simple a process as can be, preparation is going to be the key. Take a look at all the possible pitfalls first time homebuyers often fall into. These steps to success are going to help you make smarter decisions and be best prepared for the journey ahead.
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