SHOULD YOU COMPROMISE – OR WAIT?
You’ve been saving your pennies and finally have a down payment. You’ve been faithfully paying your cards down to improve your credit. It’s taken two years, but you’re finally ready to buy your first home! In the meantime, home prices have increased more than 18%, and now you feel like you might be priced out of your dream home. Should you compromise, or wait?
Many first-time homebuyers in Asheville are struggling to find affordable housing. Unlike in recent years when inventory was normal and finding a great home was fun, today’s buyers are faced with either postponing homeownership or making compromises. It may feel hard to compromise, but it’s important to remember that this is your first home, not your dream home. The thing about real estate is, it’s still one of the best ways to accumulate wealth. You want to get on that train as early as possible! If you are faced with making decisions about what to give up when buying a home, here are 3 compromises that make sense, and 1 thing you don’t want to compromise on!
3 Compromises That Aren’t So Bad
- Yard Size – Outdoor space is wonderful, but if price is an issue, find a home close to a park or other common area. Another option is a condo or town home. You can enjoy the amenities and exterior maintenance while you transition into homeownership!
- Turnkey Design – Paint, fading carpet and other cosmetic issues can be addressed over time. (But beware of functional obsolescence or undesirable features that would be cost prohibitive to change.)
- Extra Living Space – Consider carefully if you need the extra bedroom or great-room living space and compromise where you can.
1 Thing You Shouldn’t Compromise – LOCATION
Real estate is always about the location; a smaller home in a beautiful area will hold, and usually increase, its value.
- Pay special attention to the surroundings – a nearby junkyard or close-by highway noise might make it harder to sell in the future.
- Access to decent schools is a big plus, whether or not you have children. (Your future buyers might!)
- A 30-minute commute in traffic is definitely a bummer, but even a long drive through the mountains can be a little challenging if it snows. While Asheville doesn’t get tons of snow, it is definitely something to think about if you have a job where you can’t work from home.
Go For It!
Eventually the market will shift – but we don’t know when. You’ve already waited. Real estate prices rarely decrease significantly; it’s more likely they will increase. Interest rates are still historically low. NOW is the time to buy. Even in a Sellers’ market, buying your first home can still be fun and exciting! With the help of a great agent with local expertise, consider where you can make compromises so that you are able to start building your financial future with homeownership.
About Asheville Realty Group
Asheville Realty Group is a boutique brokerage firm offering full-service real estate services. We have locally experienced agents who specialize in residential homes, luxury homes, investment properties, country-side acreage and everything in between. We love Asheville and the surrounding western North Carolina mountain communities that we call home! Get in touch with us today by filling out the form below or give us a call at 828-252-1910.
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