family moving into new house

As well as being an important decision, buying your first home is a milestone in anyone's life. Although for many it's a daunting step, it also has the power to bring about major improvements in life. So, if you're close to taking this step, you may have some questions about the real estate market: "Is this a good time to invest?"; "How much do you need to save?"; "Where should I start?".

Here are three tips that will help you get the information you need to pursue your dream of owning a home in the USA with confidence.

1. Consider all options when the number of houses for sale is low

These days, there are many more buyers on the market than there are houses available for sale. When this happens, it's best practice to do what you can to increase your pool of options. This may mean expanding your search to include other types of housing. For first-time buyers, considering condos and townhomes can be an excellent way to increase your possibilities. According to Bankrate:

"'Townhomes' generally cost less than 'single-family' houses of a similar size in the same location."

In another article, Bankrate also says:

"Buying a condo can be a great way to immerse yourself in the property without worrying about the maintenance that comes with single-family and townhouses."

Both condos and townhouses are great gateways to home ownership. Buying one of these two is a gateway to this type of investment, increasing your net worth and potentially fueling a future move.

2. Know your way in may be more within your reach than you think

Saving for a down payment may seem like one of the biggest obstacles for home buyers, but it doesn't have to be. As National Association of Realtors (NAR) says:

"One of the biggest misconceptions among real estate consumers is: what is the typical payment? and how much money is needed to buy a house".

The data from NAR show that down payment has not been higher than 20% since 2005. The graph below breaks down the average down payment by age group for recent home buyers according to the 2022 Home Buyers and Sellers Generational Trends Report from NAR (see graph below):

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Based on the data above, the average down payment for all home buyers is just 13%. This is well below the common misconception of 20% and is even lower for younger buyers. This could mean that you may not need to save as much for a down payment as you initially thought.

There are also assistance programs available to many buyers. Not to mention, some loan options require as little as 3.5% (or as much as 0%) for qualifying buyers. While there are advantages to reducing 20%, especially in today's competitive market, know that you do have options. For more information on how much you may need to save and the help available, talk to a professional.

3. Work with a reliable real estate consultant throughout the process

Finally, no matter where you are in your ownership journey, the best way to ensure success is to work with a real estate professional.

If you're just starting out, they can help you with the initial steps, such as guiding you through the process and connecting you with a reliable lender to get pre-approved. When you're ready to start your search, a real estate professional can help you understand the local market and search for available homes. And when it comes time to make an offer, they will be an expert advisor and negotiator to help your proposal stand out from the rest.

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[mpc_alert font_color="#ffffff" background_color="#2eabbf" padding_divider="true"] See an article with more arguments:  3 charts that show we're not in a real estate bubble[/mpc_alert][mpc_icon_column title_font_color="#e4246c" title_font_size="30" title_font_align="left" title="Summary" title_margin_css="margin:5px;" mpc_icon__mpc_tooltip__border_divider="true" mpc_icon__mpc_tooltip__border_css="border-color:undefined;border-style:undefined;" mpc_icon__mpc_tooltip__padding_divider="true"]Knowledge is the key to success in your home-buying journey. Knowing market trends, what you need for a down payment and what options you have as a buyer today can give you the confidence you need to buy a home. Let's connect so you have an expert by your side who can help you navigate the home-buying process.[/mpc_icon_column]

Any doubts?

With these tips you now know a little more about buying your first property in the United States. You can now consider investing in vacation homes in Orlando. To make the most of all the tips we've given you and go even deeper, you can talk directly to our relationship agents. They are always happy to talk to you to answer any questions you may have about investing in Florida.

In this article, we've covered the topic of the behavior of the real estate market during recessions because it's interesting for those looking to invest in Florida. If you would like to read more content like the one in this article, just stay tuned to our blog.

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Did you like the article? Keep an eye on our blog! Looking to live or invest in real estate in Florida? Check out the list of houses for sale in Florida that we've selected for you!