Advice for First-time Homebuyers

Real Estate Agent with Berkshire Hathaway HomeServices Preferred Real Estate, Inc.;

Advice for First-time Homebuyers

The lure of first-time homeownership is powerful. Like any big project, a successful homebuying experience is all about getting the details right from start to finish. This #GTK article is a great place to start your journey and of course, I am always here to assist you through every step – – from your first home to your forever home.

First-time homebuyers are discouraged by high home prices, higher interest rates and continuing inflation. According to the National Association of REALTORS, by mid-2022, first-timers made up only 26% of all homebuyers, the lowest number in 41 years. The age of first-timers rose from 33 to 36, an all-time high, while their median household income slipped to $71,000 from $86,000 year-over-year. 

To help you get into a home of your own and start building equity, Berkshire Hathaway HomeServices network professionals provide the following advice to first-timers:   

1.     Get educated. Freddie Mac and Fannie Mae offer no-cost learning modules that help first-timers qualify for some loans, pay lower down payments, qualify to buy with lower income or lower credit, get help with closing costs or down payment assistance, and more.

2.     Get into the market. You can’t build equity if you don’t own a home, so it’s better to purchase something now even if it isn’t your forever home. There will always be a market for starter homes, so you would do well to buy a smaller, older home in a less expensive location. The most first-timers ever recorded purchased homes in small towns (29%) and rural areas (19%).

3.   Get comfortable with compromises. Your first home doesn’t need to be your dream home, so choose the one you can live with for the next five years or so, suggests, to make up closing costs, transaction fees, etc.  You can always improve the features and condition of your home later on.

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Posted by


Laura Sellers

Associate Broker, Realtor, GRI

Berkshire Hathaway HomeServices 

Preferred Real Estate, Inc.

1810 E. Glenn Avenue, Suite 130

Auburn, AL 36830

Phone: 334-332-7263

Fax: 1-888-217-3682w 





If you are buying or selling  property in the Auburn - Opelika, AL  area, my team and I will provide you with the service that you need.  We're the #1 real estate company in Auburn's #1 office.  

Please call me today at (334) 332-7263.


To view homes for sale in the Auburn - Opelika area please click here. 


Referrals are always welcomed and appreciated, Thank-you!



Comments (4)

Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

This is why we always attempt to conduct a Home Buyers Session to explain the process and all be on the same page

Feb 02, 2023 08:08 AM
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

these are great points - it makes sense to get into the market now as long as you're willing to compromise a little (which seems fine to me if you are only in the home for a few years!) 

Feb 02, 2023 08:12 AM
Trish Cole
Veterans United Home Loans of Puget Sound - Puyallup, WA

Good points!  I do a cost analysis for clients to show the costs of not investing in home ownership now.  It is pretty powerful for those who are renting, and trying decide to take the plunge!

Feb 02, 2023 08:32 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Laura Sellers that is very good advice for all Buyers.

Feb 02, 2023 04:20 PM