As a first-time homebuyer, you can bring your vision to life. However, as the National Association of Realtors (NAR) shares, there are some factors that have made it more challenging in recent years: “Since 2011, the share of first-time home buyers has been below the historical norm of 40% due to tight inventory and rising rents. Saving money with first-time homeowner programs can be a big hurdle for first-time buyers. There are many expenses that can make purchasing your first home difficult. There are many public and private programs for first-time buyers that can help you secure a loan without having to pay much upfront. CNET explains that a first-time homebuyer’s program can make homeownership more accessible and affordable by offering lower mortgage interest rates, downpayment assistance, and tax incentives. In fact, Bankrate states that many of these programs come from state and local government: “Many states and municipalities have programs which offer downpayment or closing cost assistance, either low-interest rate loans, deferred loan, or even forgivable (aka grant) loans to people looking to purchase their first house. . There aren’t nearly enough homes for sale to meet the demand of buyers. It’s a sellers market. How can you ensure that you are doing everything possible to find the right home for you? Consider condos and townhomes to increase your options. U.S. News says that these housing types can be less expensive than single family homes. “Condos are typically less expensive than standalone house. . . “One reason they are often more affordable is that they’re smaller. They still allow you to achieve your dream and build equity. Another major benefit is that they require less maintenance. U.S. News states in the same article that “the strongest reason to purchase a condo is the fact that all external maintenance will be covered by the condo associations, including landscaping, pool maintenance and maintenance, external painting, paving and plowing.” This fee covers some internal maintenance such as gas, electrical, plumbing, HVAC, and other mechanical systems. Townhomes and condominiums are great ways to become a homeowner. Working with a trusted agent is the best way to ensure you are set up for success. They can help you learn about the homebuying experience, understand your local market to find the right options for you, and guide you through the offer process in a competitive marketplace. There are ways to achieve your goal, such as using first-time homebuyer’s programs and considering your housing options. Connect with a local realtor to have a professional on your side.

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