Getting Into the Market

If you’re like a lot of aspiring homebuyers, there’s a major hurdle standing in your way — the cost of living. From groceries to gas, eggs, and just about everything else, prices have gone up. And that rings true for home prices, too.

But even when everything feels expensive, there are still ways to make homeownership more than an item on your wish list. You just may need to think a bit differently about where you want to buy.

Think of Your First Home as a Stepping Stone 

One of the biggest misconceptions among buyers is that their first home has to be their forever home – or that it has to check all the boxes for what they want right out of the gate. In reality, it’s just a starting point.

Once you own a home, you start to build equity, which grows over time as home prices rise. Down the road, if you want to move — whether to a larger space, a better location, or both — the equity you’ve gained can help you do just that.

So rather than waiting until you can afford your dream home in your ideal neighborhood, consider starting with something that works for now.

Expand Your Search To Find More Affordable Options 

If prices in the areas that you have been focusing on are holding you back, it’s time to cast a wider net. By keeping an open mind and being flexible with location, you may be surprised at what’s possible within your budget. Many buyers find success by looking in surrounding areas – and some even choose to move out of state.

According to a report from Realtor.com, these are some of the best markets for first-time homebuyers this year (see chart below):

Of course, moving to a different state isn’t for everyone – and isn’t a necessity. But if you are interested in these communities or others, we have connections across the country with great realtors who can help you get where you want to be.

If you want to stay essentially where you are, looking just outside your preferred neighborhood could help you find something you can afford that’s still pretty close to favorite restaurants, shops, and activities. Sometimes, moving as little as 10 minutes away makes a big difference.

And the best way to see what’s available is to work with us. We understands the Cape Cod market and can help you identify opportunities you may not have thought about. We can point you to areas that have lower price tags now but are steadily gaining value and appeal. That way you can buy your first home and be set up to gain equity through the years.

Bottom Line

Today’s cost of living is a challenge for many homebuyers. But by exploring different areas and working with us, you can take that first step toward owning a home — and building equity for your future. 

Let’s connect to review some options. 

Talk soon…

Mari and Hank

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision.