These 4 Strategies Can Save You on Your Home Purchase
As a potential buyer in today’s crazy and unpredictable housing market, what are four strategies you can do to save money on your purchase? For many shoppers, buying a home in today’s market may seem like a very pricey pipe dream. The market is still seeing higher mortgage rates and home prices, once again, increasing due to low inventory. Combining these factors and buying a home right now is an expensive endeavor. But that doesn’t mean it is not attainable and your homeownership goal is out of reach. It just means as a buyer you need to strategize a bit more to make your homeownership dream a reality. So, let’s take a look at what strategies you can use.
Get a low-down payment or No Down payment loan. Most homebuyers do not have a 20% down payment required to purchase, however, there are many loan programs out there where you may qualify for a loan that allows you to put very little or no down payment at all.
Look into Down Payment Assistance Programs. This is different from No Down Payment loans as these are usually programs that help cover some upfront cost of purchasing a home, sometimes with grant assistance depending on what you qualify for.
Family Down Payment Gift. Some buyers have generous family members who are willing to assist with a down payment in the form of a gift. Most lenders can inform you of the rules regarding gift down payment assistance.
Consider auctions, short sales, and more. Although a lot more work is involved in the search and purchase, of these properties, as a buyer, keep your mind open about the property you seek out such as REOs, short sales, and fixer uppers as there may be some cost-saving advantages to these types of properties.
Bottomline is it’s always best to work with an experienced real estate agent and a lender who can show you the different strategies to help make your dream a reality. Reach out to my team and I so we can help strategize your next move.
Whether you want to sell your existing home, buy your first home, upsize, downsize, purchase a vacation home, or just talk about options, a real estate professional is your best source for information based on current trends in our area. If you're interested in learning more about the 2023 real estate forecast, don't hesitate to reach out - we're happy to help!