How to overcome barriers to homeownership
Nearly every homebuyer must compromise on something, whether it’s size, condition or location.
The top priority for 56% of today’s buyers when choosing a home is price, according to the 2024 Consumer Survey by Coldwell Banker Real Estate, followed by location at 50%. Condition — either move-in ready or a fixer-upper — is a distant third priority at 27%, followed by size at 23%.
“To offset the issues of affordability and the lack of selection, buyers either need to shrink the things they want, up their budget or change the location where they’re looking for a home,” said Ron Sitrin, an agent with Long & Foster Real Estate in Washington, D.C.
Agents also suggest first-time buyers start their search by thinking about their lifestyle for the next two to five years, taking some of the pressure off by recognizing they aren’t buying their “forever home.” Buyers also may want to consider townhouses instead of single-family homes and condos, as they would likely be more affordable and come with no condo fees.
Buyers considering fixer-uppers should make sure they have the necessary funds for renovations and understand what will be involved.
First-time buyers may want to talk to a lender first before a real estate agent to understand their budget and the relationship between mortgage rates and their monthly payments. Down payment assistance programs have also become more popular in recent years.
Read more: The Washington Post
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