Begin Your Homebuying Journey in Raleigh-Wake Forest, NC: Essential Tips for First-Time Buyers in a Competitive Real Estate Market When Affordable Housing is Scarce

by Alicia Rivera

Becoming a homeowner in the Raleigh or Greater Raleigh area when affordable housing is scarce can be challenging, but it's not impossible. Here are some steps you can take to help increase your chances of realizing your goal:

Improve your credit score: A good credit score will increase your chances of being approved for a loan and also help you secure a better interest rate.
Save as much as you can: Try to save as much money as possible for a down payment. A larger down payment can lower your monthly mortgage payment, making it more affordable.
Consider government-sponsored programs: There are various government-sponsored programs, such as the Federal Housing Administration (FHA) loan program, that can help make homeownership more affordable for those with low or moderate incomes. Talk to an experienced loan officer for more details.
Look for homes in less expensive areas within the Greater Raleigh area: If you're willing to move to a less expensive area within the Greater Raleigh region, you may be able to find a home that fits your budget.
Work with a real estate agent who specializes in affordable housing in the Raleigh area: An experienced agent can help you navigate the process of finding and purchasing an affordable home in the Greater Raleigh area, and may have access to properties or programs that you're not aware of.
Look for fixer-upper homes in the Raleigh area: If you're handy, you might consider purchasing a fixer-upper home in the Raleigh or Greater Raleigh area and making the necessary repairs yourself. This can help you save money on the purchase price and increase your equity in the long run.
Consider a roommate in the Raleigh area: If you can't afford a home on your own, you might consider getting a roommate to split the costs.

It's important to remember that homeownership is a long-term commitment and it's important to make sure you're financially prepared before making the leap, especially in the competitive real estate market of the Raleigh area.