It’s no secret that the housing market is hitting on all cylinders at the moment. New neighborhoods are springing up in the region and sellers can often choose from multiple potential buyers. Whether you refer to the term as “Days On Market” or “Time On Market,” the average for many properties is likely to be low.
What if you’re an aspiring first-time homeowner? What are the hurdles you’ll need to overcome, to get yourself in position to enjoy home ownership? This week, with help from the OVM Financial Blog, we reveal the 5 biggest challenges newbies face, and in the weeks ahead, we’ll share some insights on steps to take to overcome them. Here they are.
- No credit/Bad credit
- No money in reserves
- No budget or documented ability to afford monthly home payments
- Limited rental history – this can be an issue for young adults who live at home or pay cash for their rent
- Lack of knowledge about the home buying process, available mortgage programs and likely funds needed for closing costs or move-in expenses
As we mentioned last week, good mortgage credit scores don’t happen overnight, but for those folks who are eager to get out of the rental merry-go-round, there’s no better time than now, to start building for the future. Our goal over the next month or so will be to help future first-time home buyers get on a path to purchase a property in a year or less. Some of these tips also apply to families and individuals who have purchased homes in the past. We hope you’ll make plans to follow the series. Please also consider sharing these guidelines with others you know who are the verge of becoming home buyers. It will make a big difference.
Sanford’s Team Move/OVM Financial office can also help potential home buyers made inroads in the process. Please feel free to call 919-774-0114 to schedule an appointment.