After finally saving up enough money to use as a down payment, I decided that it was time to hit the market. I met with a lender, got pre-approved for a loan, and then started visiting different properties. However, I quickly realized that I didn't know as much about real estate as I would have hoped. I wanted to find a great neighborhood and know what to ask the professionals, but I could tell that I needed a little help. To point me in the right direction, I started working with a great real estate agent who was familiar with the area. This blog is all about educating the general public on real estate matters.
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The trend for new home construction has been for relatively large sizes. Someone just starting out may want to buy a house but feel frustrated at the lack of affordable options. They wonder what happened to all the houses considered "starter homes." Becoming clients of a real estate agency can help with the search. The agents find suitable properties as soon as the listings appear.
The Starter Home
The starter home concept might seem like an old-fashioned concept in an era when the median size of a new single-family house is about 2,300 sq. ft. Most real estate shoppers in their 20s can't afford a place built relatively recently, but they should be able to find a smaller place in excellent condition. They imagine a house with only two bedrooms, a kitchen that doubles as the main eating area, and a reasonably sized living room.
Avoiding a Large Mortgage
Many young adults are determined to avoid a large mortgage loan. They might prefer a bigger residence but refuse to buy one now with payments they can hardly afford. After living through the housing bubble implosion that started brewing in 2007, they are wary of buying something expensive. They may have known a family who lost a home to foreclosure. Waiting for a real estate agent to find suitable options is a wise choice.
Patience and Quick Action
Depending on where this individual wants to live, patience may be required. In some locales, it's difficult to find an affordable house except for fixer-uppers. The real estate agent takes quick action when finding the combination of a motivated seller and a smaller house. That home might be 1,000 to 1,200 sq. ft., yet it's perfect for what these clients want at the moment.
Real estate agents contact their clients as soon as they find a new listing that could be suitable. That way, the potential buyers have the opportunity to make an offer before anyone else does. The couple can view all the pictures on the agent's website and consider the features. Agents participate in the Multiple Listing System so shoppers don't have to look at separate websites for other agencies.
Concluding Thoughts
Shoppers may feel frustrated when listings appear advertising three-bedroom houses with 1,800 sq. ft. as starter homes. Nevertheless, many smaller, older homes continue to come on the market every day. Real estate agents are diligent about finding those listings rapidly and contacting their clients. Reach out to a real estate agency to get started.
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