[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f2kne8b24dvnuz":3,"$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},4030,"three-tips-for-first-time-homebuyers","Three Tips for First-Time Homebuyers","Buying your first home is a major decision and an exciting milestone. Even though it can feel daunting at times, it has the power to change your life for the better. If you're looking to purchase your first home, you may be wondering what's happening in the \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F04\u002F22\u002Fmyths-about-todays-housing-market-infographic\u002F\">housing market\u003C\u002Fa> today, how much you \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F04\u002F05\u002Fwhat-you-need-to-budget-for-when-buying-a-home\u002F\">need to save\u003C\u002Fa>, and \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2021\u002F11\u002F19\u002Fyour-journey-to-homeownership-infographic\u002F\">where to start\u003C\u002Fa>.","","blog","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2022\u002F05\u002F04112804\u002F20220505-KCM-Share.jpg","Buying your first home is a major decision and an exciting milestone. Even though it can feel daunting at times, it has the power to change your life for the better. If you're looking to purchase your first home, you may be wondering what's happening in the \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F04\u002F22\u002Fmyths-about-todays-housing-market-infographic\u002F\">housing market\u003C\u002Fa> today, how much you \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F04\u002F05\u002Fwhat-you-need-to-budget-for-when-buying-a-home\u002F\">need to save\u003C\u002Fa>, and \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2021\u002F11\u002F19\u002Fyour-journey-to-homeownership-infographic\u002F\">where to start\u003C\u002Fa>.\u003C!--more-->\r\n\r\nHere are three things that can help give you the information you need to confidently pursue your dream of \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F04\u002F27\u002Fthe-dream-of-homeownership-is-worth-the-effort\u002F\">homeownership\u003C\u002Fa>.\r\n\u003Ch4>\u003Cstrong>1. Consider All Options When the Number of Homes for Sale Is Low\u003C\u002Fstrong>\u003C\u002Fh4>\r\nToday, there are far \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F03\u002F04\u002Fsupply-and-demand-in-todays-market-infographic\u002F\">more buyers\u003C\u002Fa> in the market than there are homes available for sale. When that happens, it’s a good idea to do what you can to increase your pool of options. That could mean expanding your search to include additional housing types. For first-time buyers, considering \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F03\u002F31\u002Fthere-are-several-great-reasons-to-consider-buying-a-condo-today\u002F\">condominiums\u003C\u002Fa> (condos) and townhomes can be an excellent way to increase your choices. According to \u003Ca href=\"https:\u002F\u002Fwww.bankrate.com\u002Freal-estate\u002Fbuying-a-townhouse\u002F\">\u003Cem>Bankrate\u003C\u002Fem>\u003C\u002Fa>\u003Cem>:\u003C\u002Fem>\r\n\u003Cblockquote>\u003Cem>“Townhomes often cost less than single-family homes of a similar size in the same location.”\u003C\u002Fem>\u003C\u002Fblockquote>\r\nIn another article, \u003Cem>Bankrate\u003C\u002Fem> also \u003Ca href=\"https:\u002F\u002Fwww.bankrate.com\u002Freal-estate\u002Fbuying-a-condo\u002F\">says\u003C\u002Fa>:\r\n\u003Cblockquote>\u003Cem>“Buying a condo can be a great way to dive into homeownership without worrying about the upkeep that comes with single-family homes and townhouses.”\u003C\u002Fem>\u003C\u002Fblockquote>\r\nCondos and townhomes are both great entryways into homeownership. When you buy either one, you can start building \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F04\u002F08\u002Fdo-you-know-how-much-equity-you-have-in-your-home-infographic\u002F\">equity\u003C\u002Fa> which increases your \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F03\u002F28\u002Fa-key-to-building-wealth-is-homeownership\u002F\">net worth\u003C\u002Fa> and can fuel a future move.\r\n\u003Ch4>\u003Cstrong>2. Know Your Down Payment Could Be More Within Reach Than You Think\u003C\u002Fstrong>\u003C\u002Fh4>\r\nSaving for a down payment can feel like one of the biggest obstacles for homebuyers, but that doesn’t have to be the case. As the \u003Cem>National Association of Realtors\u003C\u002Fem> (NAR) \u003Ca href=\"https:\u002F\u002Fwww.nar.realtor\u002Fblogs\u002Feconomists-outlook\u002Ftackling-home-financing-and-down-payment-misconceptions\">says\u003C\u002Fa>:\r\n\u003Cblockquote>\u003Cem>“\u003Cstrong>One of the biggest misconceptions among housing consumers is what the typical down payment is\u003C\u002Fstrong> and what amount is needed to enter homeownership.”\u003C\u002Fem>\u003C\u002Fblockquote>\r\n\u003Ca href=\"https:\u002F\u002Fwww.nar.realtor\u002Fresearch-and-statistics\u002Fresearch-reports\u002Fhighlights-from-the-profile-of-home-buyers-and-sellers\">Data\u003C\u002Fa> from NAR shows the median \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F01\u002F03\u002Fhow-much-do-you-need-for-your-down-payment\u002F\">down payment\u003C\u002Fa> hasn’t been over 20% since 2005. The graph below breaks down the median down payment by age group for recent homebuyers according to the \u003Ca href=\"https:\u002F\u002Fcdn.nar.realtor\u002Fsites\u002Fdefault\u002Ffiles\u002Fdocuments\u002F2022-home-buyers-and-sellers-generational-trends-03-23-2022.pdf\">\u003Cem>2022 Home Buyers and Sellers Generational Trends Report\u003C\u002Fem>\u003C\u002Fa> from NAR \u003Cem>(see graph below)\u003C\u002Fem>:\r\n\r\n\u003Ca href=\"https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2022\u002F05\u002F04165209\u002F20220505-MEM-Eng-2.png\">\u003Cimg class=\"aligncenter wp-image-46438\" src=\"https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2022\u002F05\u002F04165209\u002F20220505-MEM-Eng-2.png\" alt=\"Three Tips for First-Time Homebuyers | Simplifying The Market\" width=\"650\" height=\"488\" \u002F>\u003C\u002Fa>\r\n\r\nBased on the data above, the median down payment for all homebuyers is only 13%. That’s well below the common misconception of 20%, and it’s even lower for younger buyers. This could mean you may not need to save as much for a down payment as you initially thought.\r\n\r\nThere are also down payment \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F03\u002F02\u002Fdown-payment-assistance-programs-can-help-you-achieve-homeownership\u002F\">assistance programs\u003C\u002Fa> available for many buyers. Not to mention, some loan options require as little as 3.5% (or \u003Ca href=\"https:\u002F\u002Fdownpaymentresource.com\u002F\">even 0%\u003C\u002Fa>) down for buyers who qualify. While there are advantages to putting \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2021\u002F12\u002F22\u002Fthe-perks-of-putting-20-down-on-a-home\u002F\">20% down\u003C\u002Fa>, especially in today’s competitive market, know that you have options.  To get more information on how much you may need to save and the help that’s available, talk with a professional.\r\n\u003Ch4>\u003Cstrong>3. Work with a Trusted Real Estate Advisor Throughout the Process\u003C\u002Fstrong>\u003C\u002Fh4>\r\nFinally, no matter where you’re at in your homeownership journey, the best way to make sure you’re set up for success is to work with a real estate professional.\r\n\r\nIf you’re just starting out, they can help you with the initial steps, like \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F04\u002F22\u002Fmyths-about-todays-housing-market-infographic\u002F\">educating\u003C\u002Fa> you on the process and connecting you with a trusted lender to get \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F04\u002F19\u002Fwhy-pre-approval-is-an-important-step-for-todays-homebuyers\u002F\">pre-approved\u003C\u002Fa>. Once you’re ready to begin your search, a real estate professional can help you understand your local market and search for available homes. And when it’s time to \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F04\u002F25\u002Fis-it-enough-to-offer-asking-price-in-todays-housing-market\u002F\">make an offer\u003C\u002Fa>, they’ll be an expert advisor and negotiator to help your offer stand out above the rest.\r\n\u003Ch3>\u003Cstrong>Bottom Line\u003C\u002Fstrong>\u003C\u002Fh3>\r\nKnowledge is key to succeeding on your homebuying journey. Knowing market trends, what you need for a down payment, and what options you have as a buyer today can give you the confidence you need to buy a home. Let’s connect so you have an expert on your side who can help you navigate the homebuying process.","\r\nKnowledge is key to succeeding on your homebuying journey. Knowing market trends, what you need for a down payment, and what options you have as a buyer today can give you the confidence you need to buy a home. Let’s connect so you have an expert on your side who can help you navigate the homebuying process.","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2022\u002F05\u002F04165209\u002F20220505-MEM-Eng-2.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","2022-05-05T10:00:57Z","2022-11-16T17:33:16Z",{"id":28,"slug":29,"title":30,"featuredImage":31,"publishedAt":32,"contentType":10,"isVideo":15},4021,"your-house-could-be-closer-to-list-ready-than-you-think","Your House Could Be Closer to List-Ready Than You Think","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2022\u002F05\u002F02122500\u002F20220504-KCM-Share.jpg","2022-05-04T10:00:16Z",{"id":34,"slug":35,"title":36,"featuredImage":37,"publishedAt":38,"contentType":10,"isVideo":15},4037,"2022-housing-market-forecast-infographic","2022 Housing Market Forecast [INFOGRAPHIC]","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2022\u002F05\u002F05130333\u002F20220506-KCM-Share.png","2022-05-06T10:00:21Z",{"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"]