June is National Homeownership Month. Are you a homeowner yet?
According to the National Association of Home Builders (NAHB), a majority of seniors (56 percent) and millennials (50 percent) who are planning to buy a home have moved beyond planning to searching.
The NAHB Housing Trends Report reveals that millennials expect house hunting to become easier in the months ahead, and they dispel the misconception that millennials view home buying as a burden. As a result, according to the U.S. Census Bureau, the national homeownership rate is on an upward trend.
The benefits of homeownership are numerous. Owning a home is an important step in Building wealth. Building home equity when the value of your home appreciates is one of the significant long-term financial benefits of homeownership.
Starting Your Home Buying Process
Purchasing a home requires research and planning. The first step is qualifying for a mortgage and saving for a down payment. In today’s tight housing market where demand often exceeds supply, pre-qualifying for a mortgage will give you an advantage when you are ready to make an offer over buyers who have not pre-qualified.
Financing Your New Home
Step one is to choose a mortgage lender. Visit HBAofGreenville.com for a list of lenders who specialize in new homes. In addition, some home builders can help you, but since you know how much money you can borrow, you will know how much house you can buy.
Prioritize Home Features
Before you start, make a list of the home features that matter the most: size, floor plan, finishes, location, and house type (detached, townhome, or condo) are important factors. New construction, newish, or a fixer-upper are also important questions to consider.
Start Your Search with a Realtor
Once you have financing and your priorities lined up, you can start your search online—most buyers do. However, a realtor who knows the market is an invaluable resource. Get help by visiting HBAofGreenville.com to find the professionals you need to help you find you dream home.