It’s still tough out there for first-time homebuyers, and it’s expected to stay that way for a few more years. The frenzied residential real estate market, with its soaring home values and low inventory, probably won’t cool off anytime soon.
Prospective homebuyers are now having to factor in higher monthly mortgage payments, leaving less room for other expenses, while at the same time higher inflation eats away at how much these discretionary dollars can buy. In addition, particularly for first-time homebuyers, home price appreciation over the past few years has far outpaced wage growth, making it even more difficult to build up sufficient savings for down payments.
Even though the 3.5% down payment required by FHA mortgages is relatively low when compared to the typical down payment, The current economic environment has caused a record share of homebuyers using FHA mortgages to turn to family for help with down payments. Barring a meaningful decline in interest rates or broad-based change in lenders’ underwriting practices, FHA borrowers’ dependence on relatives appears unlikely to significantly decline in the near-term.
Looking for a Realtor in Lynchburg or Roanoke VA?
Buying or selling a home is often the largest transaction you will make in your life. There is no shortage of Realtors available to work with, but your choice can make all the difference. Whether you are a first-time homebuyer or are relocating, the importance of working with a great real estate agent cannot be overstated.
Working with a real estate agent in the Lynchburg or Roanoke area to buy or sell a home is about more than simply viewing properties or handling the sale. I believe in building relationships with my clients and work closely with them to meet their goals and reduce the stress of a real estate transaction.
I have been, buying, fixing, and flipping properties in Lynchburg, Roanoke and surrounding areas since 2005. I know multiple ways to work with you to sell your home on your schedule and for the highest price. My years of experience are one reason clients trust me to complete the sale of their property quickly, with honesty and integrity. I am willing to work with homeowners, investors, and landlords to find solutions for the problem properties you need to sell, letting you choose whether you want to maximize the price of your sale or whether selling fast and simply is more important to you. Sell your home using on-market or off-market strategies designed to make selling your home as easy, stress-free, and enjoyable as possible. I list homes others don’t because I am interested in helping you sell your home and solve your problems.