[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f6bd2j6624x9j":3,"$ffeh0925h8cuz":39,"$fbwk2pqjjqsc7":43},{"item":4,"previous":27,"next":33},{"id":5,"slug":6,"title":7,"description":8,"excerpt":9,"contentType":10,"featuredImage":11,"bannerImage":9,"body":12,"agentsBottomLine":13,"bodyImage":14,"isInfographic":15,"categories":16,"isVideo":15,"videoThumbnail":9,"videoSource":9,"publishedAt":25,"updatedAt":26},3767,"advice-for-first-generation-homebuyers","Advice for First-Generation Homebuyers","The sense of pride you’ll feel when you purchase a home can’t be overstated. For first-generation homebuyers, that feeling of accomplishment is even greater. That’s because the pride of homeownership for first-generation buyers extends far beyond the homebuyer. AJ Barkley, Head of Neighborhood and Community Lending for \u003Cem>Bank of America\u003C\u002Fem>, \u003Ca href=\"https:\u002F\u002Fthemreport.com\u002Fdaily-dose\u002F10-22-2021\u002Ffamily-is-an-important-factor-for-first-time-homebuyers\">says\u003C\u002Fa>:\r\n\r\n","","blog","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2021\u002F12\u002F13112607\u002F20211214-KCM-Share.jpg","The sense of pride you’ll feel when you purchase a home can’t be overstated. For first-generation homebuyers, that feeling of accomplishment is even greater. That’s because the pride of homeownership for first-generation buyers extends far beyond the homebuyer. AJ Barkley, Head of Neighborhood and Community Lending for \u003Cem>Bank of America\u003C\u002Fem>, \u003Ca href=\"https:\u002F\u002Fthemreport.com\u002Fdaily-dose\u002F10-22-2021\u002Ffamily-is-an-important-factor-for-first-time-homebuyers\">says\u003C\u002Fa>:\r\n\r\n\u003C!--more-->\r\n\u003Cblockquote>\u003Cem>“Achieving this goal can \u003Cstrong>create a sense of pride and accomplishment\u003C\u002Fstrong> that resonates both for the buyer and those closest to them, including their parents and future generations.”\u003C\u002Fem>\u003C\u002Fblockquote>\r\nIn other words, your dream of homeownership has far-reaching impacts. If you’re about to be the first person in your family to buy a home, let that motivate you throughout the \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2021\u002F11\u002F19\u002Fyour-journey-to-homeownership-infographic\u002F\">process\u003C\u002Fa>. As you begin your journey, here are three helpful tips to make that dream come true.\r\n\u003Ch4>\u003Cstrong>1. Reach Out to a Real Estate Professional \u003C\u002Fstrong>\u003C\u002Fh4>\r\nIt’s important to reach out to a trusted advisor early in your homebuying process. Not only can an agent help you find the right home, but they’ll serve as your expert advisor and answer any questions you might have along the way.\r\n\r\nThe latest \u003Ca href=\"https:\u002F\u002Fwww.nar.realtor\u002Fresearch-and-statistics\u002Fresearch-reports\u002Fhighlights-from-the-profile-of-home-buyers-and-sellers\">\u003Cem>Profile of Home Buyers and Sellers\u003C\u002Fem>\u003C\u002Fa> from the \u003Cem>National Association of Realtors\u003C\u002Fem> (NAR) surveyed first-time homebuyers to see how their agent helped them with their home purchase (\u003Cem>see chart below\u003C\u002Fem>):\u003Ca href=\"https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2021\u002F12\u002F14133830\u002F20211214-MEM-Eng-1-C.png\">\u003Cimg class=\"aligncenter wp-image-45675\" src=\"https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2021\u002F12\u002F14133830\u002F20211214-MEM-Eng-1-C.png\" alt=\"Advice for First-Generation Homebuyers | Simplifying The Market\" width=\"650\" height=\"488\" \u002F>\u003C\u002Fa>\r\n\r\nAs the graph shows, your agent is a great source of information throughout the process. They’ll help you understand what’s happening, assess a home’s condition, and negotiate a contract that has the best possible terms for you. These are just some of the reasons having an expert in your corner is critical as you navigate one of the most significant purchases of your life.\r\n\u003Ch4>\u003Cstrong>2. Do Your Research and Know What You Can Afford\u003C\u002Fstrong>\u003C\u002Fh4>\r\nThe second piece of advice for first-generation homebuyers is practical: do your research so you know what you can afford. That means getting your finances in order, reviewing your budget, and getting \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2021\u002F12\u002F01\u002Fhow-to-think-strategically-as-a-buyer-in-todays-market\u002F\">pre-approved\u003C\u002Fa> through a lender. It also means learning the ins and outs of what it takes to pay for your home, \u003Cstrong>including what you’ll need for a down payment.\u003C\u002Fstrong>\r\n\r\nMany homebuyers believe the common misconception that you can’t purchase a home without coming up with a 20% for a down payment. As \u003Cem>Freddie Mac\u003C\u002Fem> \u003Ca href=\"https:\u002F\u002Fsf.freddiemac.com\u002Farticles\u002Finsights\u002Fdown-payments-helping-future-borrowers-bridge-the-awareness-gap\">says\u003C\u002Fa>:\r\n\u003Cblockquote>\u003Cem>“The most damaging down payment myth—since it stops the homebuying process before it can start—is the belief that 20% is necessary.”\u003C\u002Fem>\u003C\u002Fblockquote>\r\nThe chart below shows what recent homebuyers have actually put down on their purchases:\u003Ca href=\"https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2021\u002F12\u002F13111935\u002F20211214-MEM-Eng-2.png\">\u003Cimg class=\"aligncenter wp-image-45658\" src=\"https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2021\u002F12\u002F13111935\u002F20211214-MEM-Eng-2.png\" alt=\"Advice for First-Generation Homebuyers | Simplifying The Market\" width=\"650\" height=\"488\" \u002F>\u003C\u002Fa>\r\n\r\nOn average, first-time buyers only put 7% down on their home purchase. That’s far less than the 20% many people believe is necessary. That means your down payment, and your home purchase, may be in closer reach than you realize. Keep that in mind as you work with a real estate professional to better understand what you’ll need for your \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2021\u002F09\u002F27\u002Fif-youre-a-buyer-is-offering-asking-price-enough\u002F\">purchase\u003C\u002Fa>.\r\n\u003Ch4>\u003Cstrong>3. Don’t Lose Sight of What Home Means to You\u003C\u002Fstrong>\u003C\u002Fh4>\r\nFinally, it’s important keep in mind why you’re searching for a home to begin with. Overwhelmingly, first-generation homeowners recognize the \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2021\u002F06\u002F18\u002Fowning-a-home-has-distinct-financial-benefits-over-renting-infographic\u002F\">financial\u003C\u002Fa> and \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2021\u002F02\u002F08\u002F6-foundational-benefits-of-homeownership-today\u002F\">non-financial\u003C\u002Fa> benefits of owning a home. In fact, in a recent \u003Ca href=\"https:\u002F\u002Fabout.bankofamerica.com\u002Fcontent\u002Fdam\u002Fabout\u002Fpdfs\u002Fbofa-2021-hbir-first-generation-homeowner-spotlight.pdf\">survey\u003C\u002Fa>:\r\n\u003Cul>\r\n \t\u003Cli>73% of first-generation homeowners say the safety and security homeownership provides is increasing in importance.\u003C\u002Fli>\r\n \t\u003Cli>Nearly two-thirds of first-generation homeowners say the importance of building \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2021\u002F11\u002F01\u002Frenters-missed-out-on-51500-this-past-year\u002F\">equity\u003C\u002Fa> in a home is growing more important as well.\u003C\u002Fli>\r\n\u003C\u002Ful>\r\nAs AJ Barkley explains:\r\n\u003Cblockquote>\u003Cem>“For many first-generation homeowners and their families, \u003Cstrong>homeownership has a unique importance, given the collective efforts to overcome financial challenges that can often span generations…”\u003C\u002Fstrong>\u003C\u002Fem>\u003C\u002Fblockquote>\r\n\u003Ch3>\u003Cstrong>Bottom Line\u003C\u002Fstrong>\u003C\u002Fh3>\r\nIf you’re a first-generation homebuyer, being prepared and working with a trusted expert is key to achieving your dream. Let’s connect today so you can get started on your path to homeownership.","\r\nIf you’re a first-generation homebuyer, being prepared and working with a trusted expert is key to achieving your dream. Let’s connect today so you can get started on your path to homeownership.","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2021\u002F12\u002F14133830\u002F20211214-MEM-Eng-1-C.png",false,[17,21],{"id":18,"name":19,"slug":20},5,"For Buyers","buyers",{"id":22,"name":23,"slug":24},11,"First-Time Buyers","first-time-buyers","2021-12-14T11:00:30Z","2022-11-16T16:59:17Z",{"id":28,"slug":29,"title":30,"featuredImage":31,"publishedAt":32,"contentType":10,"isVideo":15},3766,"if-you-think-the-housing-market-will-slow-this-winter-think-again","If You Think the Housing Market Will Slow This Winter, Think Again.","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2021\u002F12\u002F10134843\u002F20211213-KCM-Share.jpg","2021-12-13T11:00:47Z",{"id":34,"slug":35,"title":36,"featuredImage":37,"publishedAt":38,"contentType":10,"isVideo":15},3769,"what-everyone-wants-to-know-will-home-prices-decline-in-2022","What Everyone Wants To Know: Will Home Prices Decline in 2022?","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2021\u002F12\u002F13164814\u002F20211215-KCM-Share-2.jpg","2021-12-15T11:00:33Z",{"cover":40,"open":41,"shareSpread":42},"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Cover-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Spread-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Magazine-original.png",[44,48,49,53,57,61,65,66,70,74,78,82,86,90,94,98,102,106,110,114,118,122,126,130,134,138,142,146,150,154],{"id":45,"name":46,"slug":47},1,"Uncategorized","uncategorized",{"id":18,"name":19,"slug":20},{"id":50,"name":51,"slug":52},6,"For Sellers","sellers",{"id":54,"name":55,"slug":56},7,"Foreclosures","foreclosures",{"id":58,"name":59,"slug":60},8,"Infographics","infographics",{"id":62,"name":63,"slug":64},9,"Home Prices","home-prices",{"id":22,"name":23,"slug":24},{"id":67,"name":68,"slug":69},34,"Senior Market","senior-market",{"id":71,"name":72,"slug":73},35,"Mortgage Rates","mortgage-rates",{"id":75,"name":76,"slug":77},38,"Move-Up","move-up",{"id":79,"name":80,"slug":81},41,"For Sale by Owner","for-sale-by-owner",{"id":83,"name":84,"slug":85},42,"Featured","featured",{"id":87,"name":88,"slug":89},45,"New Construction","new-construction",{"id":91,"name":92,"slug":93},52,"Luxury \u002F Vacation","luxury--vacation",{"id":95,"name":96,"slug":97},53,"Rent vs. Buy","rent-vs-buy",{"id":99,"name":100,"slug":101},80,"Time-sensitive","time-sensitive",{"id":103,"name":104,"slug":105},81,"Outdated","outdated",{"id":107,"name":108,"slug":109},147,"Internal","internal",{"id":111,"name":112,"slug":113},148,"Do Not Autopost","do-not-autopost",{"id":115,"name":116,"slug":117},320,"Inventory","inventory",{"id":119,"name":120,"slug":121},321,"Agent Value","agent-value",{"id":123,"name":124,"slug":125},322,"Affordability","affordability",{"id":127,"name":128,"slug":129},323,"Buying Tips","buying-tips",{"id":131,"name":132,"slug":133},324,"Downsize","downsize",{"id":135,"name":136,"slug":137},325,"Economy","economy",{"id":139,"name":140,"slug":141},326,"Equity","equity",{"id":143,"name":144,"slug":145},327,"Forecasts","forecasts",{"id":147,"name":148,"slug":149},328,"Selling Tips","selling-tips",{"id":151,"name":152,"slug":153},339,"Expired\u002FWithdrawn\u002FCanceled","expiredwithdrawncanceled",{"id":155,"name":156,"slug":157},340,"Price It Right\u002FOverpricing","price-it-rightoverpricing"]