For many looking to move, current market conditions and mortgage rates have them feeling like this goal is unattainable. Home prices continue to rise and mortgage rates are hovering around 6%, with no sign of relief for either. While buying a home right now is more expensive, it is not completely out of your grasp if you have been planning to make a move. The question is what options or assistance are available to help you save when buying a home in today’s market?
A recent Realtor.com blog post quotes Casey Ames, Owner and CEO of Taylor Jene Homes in Boise, ID, who notes, “The key to buying a house on the cheap is knowing how to balance achieving your dreams while staying within your budget.”
The blog goes on to discuss options for down payment assistance to help alleviate some of the cost when buying a home in today’s market. These tactics include:
- Get a low-down payment—or no-down payment—loan
- Look into down payment assistance programs
- Use a family down payment gift
- Consider auctions, short sales, and more
While these options may not work for all of those in the market for a new home, they are worth exploring to see if they can help you. This is definitely a leave no rock unturned real estate market, so make sure you do your research when it comes to financing, buying and/or selling; and be sure to schedule some time with a local mortgage expert and real estate agent. They can help you best understand your options.