In the modern day, home prices have risen faster than ever before. There are a variety of conditions that have contributed to this rise in prices, and now fewer and fewer people can afford to purchase a home. However, by learning the best tips for finding the cheapest, yet best house on the market, you can acquire your dream home.
Average Price of a Home in the United States
To put the average price of homes nowadays into perspective, as of the first quarter of 2023 the median price for sold homes was $516,500. As if this price were not high enough already, the average first-time home buyer puts at least 6% down for their initial payment on the home. This equates to a down payment of $30,990 which, in the modern day, is a challenging sum of money for the average American to come up with.
7 Ways to Find Reasonably Priced Homes
As you begin your journey of looking at homes for sale in Winthrop, MA, the following tips should be considered:
1. Look for homes that have been on the market longer than 30 days
While considering purchasing a home that nobody else wants may not be the first thought on your mind, there is good reason to consider it. Many homes that are still on the market after 30 days will have their price dropped and the reason, they weren’t sold was likely due to an inconsequential reason such as distance to shops or perhaps being on a smaller lot.
2. Consider homes with less desirable features, in your view
All people want to choose their dream home when they are looking at different homes on the market, but you may need to settle as a first-time home buyer. This might mean sacrificing the perfect view you wanted in your backyard, or the walk-in closet that you desired. However, with the trade-off being that you can afford the home, it’s a worthwhile balance.
3. Place an offer on a contingent house
When a sales agent and potential buyer have already come to an agreement, you can still place an offer on that contingent house. While it isn’t likely, it’s possible that the other buyers deal will fall through and you will be next in line for that home. Even though it isn’t the most likely option, there is truly nothing to lose with this strategy so long as you love the home.
4. Get to know agents in the area where you want to live
Sometimes, the difference between finding a good deal on a home or a bad deal is simply knowing where specifically to look. By getting to know sales agents in your area, you can learn the best spots around your county or town to look for homes. These agents may even be able to guide you towards the best option based on your financial standpoint.
5. Consider using government sponsored-loan programs
A government-sponsored loan program can sometimes provide you with a sum of money that you may not have had access to before. However, qualifying for government sponsored-loan programs may be difficult given your financial circumstances.
6. Don’t reject a fixer-upper house right away
There are a number of low-cost homes on the market which are advertised as excellent options for those seeking a fixer-upper home. Most people turn away from these options given the monetary investment required to bring the home to living condition, but those with a nest egg should certainly consider such a home as an option.
7. Think about looking for homes in a new location
Finally, part of the home buying process is knowing when to compromise. Even if you want to purchase a home in a specific location, it simply may not be possible given your current financial circumstance. Start by thinking about purchasing a home in one town over from where you’re looking, especially if it results in a drastic price reduction.
Purchase the home of your dreams
Just because prices have risen to levels not seen before in the housing market doesn’t mean you need to wait to buy. Rather, a person just needs to become more strategic with their purchase decision by using the above tips to find the best priced house on the market. Keep in mind that, in some situations, compromise may be necessary in order to find a home that meets all of your needs.
