'Buying Your First Home' getting harder

By
Real Estate Broker/Owner with CastNet Realty TREC#263257

Buying Your First Home is getting harder every day.  The price of homes is steadily increasing as inflation sets in.  Lumber prices are out of sight right now.  Labor costs are spiraling.  There is a shortage of materials, a shortage of workers, and most definitely a shortage of homes.

Realtors have known for decades there was a shortage of median priced homes, and first time home buyers have a real challenge.  Home builders that were forced out the business during the great recession have not come back, making new construction more scarce than it was before.  Many independent builders only build expensive custom homes, leaving the average family out in the cold.

                                                                                     

Now, with inflation rearing its ugly head, things are even worse.  There is currently a seller's market like nothing we've ever seen before.  Millenials are buying instead of renting.  More people are moving to new locations, and many people are buying larger homes to accommodate remote learning and work.  These are the things driving sales and prices up.

What can you do to compete?  Educate yourself first, be prepared when you go home shopping.  My newest book, 'Buying Your First Home, A Step-by-Step Guide from Dreams to Reality' can help.  Check it out on Amazon.com.  It's available in print, e-book, or Kindle Unlimited.  Good luck finding and buying your first home!

Ricki McCallum                                        CastNet Realty                                    CastNet Press

                                                www.amazon.com/author/rickimccallum 

                                                              www.castnetpress.com 

Comments (2)

Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Ricki, in Denver if you don't have a pretty good bundle of cash, in the lower price points, it could be a while before buyers secure a home.

Jun 18, 2021 06:18 AM
Ricki Eichler McCallum
CastNet Realty - Corpus Christi, TX
Broker,GRI,ABR, e-Pro, TAHS

Hi Joan Cox, That is true in almost every market now.  Have the cash, have your loan ready to go, and be quick to make decisions if you want a chance of making your home purchase a reality.

Jun 24, 2021 06:16 PM