Buying a home can be overwhelming, even just the thought.
Affordability is typically the hardest thing to consider. This is actually the top concern for 60% of homebuyers according to a recent study by the NAR. There are a variety of costs to worry about and this is the most daunting part. From the down payment to the closing costs, the monthly mortgage amount and the cost of energy, and other utilities. It is most certainly enough to deter someone from buying. However, it isn’t nearly as unaffordable as one would assume when you look at the cost breakdown.
A variety of professionals are ready to assist you as you go through the real estate transaction. You are not alone! That is the best part. So remember, as a homebuyer, you have a real estate agent representing your interests. You will have a lender who will assist you and can actually help you determine what your purchasing power is in advance of your home shopping process. While 20% is the standard down payment for a home, it’s an amount that is rarely met. According to the 2019 report by NAR, most first-time homebuyers only manage a 6% down payment. If this is the amount you plan to pay, then you would want to look into the FHA Loan, the Fannie Mae HomeReady loan, or a conventional loan. Knowing your financial vehicle options and your purchasing power, you will then be able to find a home that aligns with a manageable monthly payment on your mortgage. When you get prequalified for your home, you will be able to determine your affordability, and buying a home becomes more feasible.
Why buy now?
We recommend looking into purchasing a home right now and getting positioned to do so. The rates are at an all-time low and it is a great time to move as we enter the Spring. Give us a call at (307) 635-0303 to schedule an appointment with one of our RE/MAX Capitol Properties Cheyenne realtors.