Are you a potential First-Time Home Buyer? (Read this)

Boston Real Estate

Are you a potential First-Time Home Buyer? (Read this)

Younger generations are the most likely to second-guess their home purchases, realizing what they want and need has evolved: 94% of Gen Z and 86% of Millennials acknowledge pandemic-era buying mistakes, compared to just 48% of Baby Boomers. Gen Z’s top missteps were buying too soon (35%) and moving without considering long-term lifestyle fit (40%).

For Millennials, financial considerations were top of mind—37% underestimated maintenance costs, and 31% overlooked inflation and interest rates. Both groups were also affected by the fleeting nature of remote work (Gen Z 29%, Millennials 23%). Now, they’re ready to course-correct.

Are you a potential First-Time Home Buyer? (Read this)

Boston Condos

__________________________________________________________________________________________________________________________________________________________________________________________________

Are you a potential First-Time Home Buyer? (Read this)

My Boston Real Estate Tip of the Day.

There may be some new mortgage products that only require a 3% downpayment. If you are a first-time homebuyer ask your lender.

There are almost always special programs available for first-time homebuyers. They are ever-changing and your Boston real estate agent usually isn’t up to date on all of the programs but most of us know mortgage lenders who are. (Like me..hint, hint)

With an FHA loan, a 3.5% down payment is required and with a conventional loan, buyers need to have at least 5% of the loan amount as a down payment. A 5% downpayment means coming up with about $8,500 dollars to buy a median-priced house of about $166K in St. Paul, whereas a 3% down is closer to $5000.

There are some down payment assistance programs but most homebuyers will need some cash to buy a home. People who already own home often use the proceeds from the sale of that home for a down payment.

For those who are planning on buying that first home in 2021 now is a great time to start shopping for a mortgage.