Finding the perfect starter home in the Tampa Bay area has become a challenge for first time buyers.
Why?
- Investors have bought up many smaller houses and turned them into rental properties;
- Flippers have seized smaller homes and remodeled them making them out of the reach of first timer buyers; and
- Many current homeowners don’t have enough equity to move or would build an addition rather than lose a low-rate mortgage.
How can first time buyers find a house they can afford? Part of the answer lies in adjusting expectations.
- Rethink location. Buyers who sacrifice location for affordability can find themselves in a neighborhood far from work, resulting in longer daily commutes and expensive transportation costs.
- Older houses. Although older homes typically need more maintenance and repairs, buyers who are able to do repairs and renovations themselves or do them over time make the costs more manageable.
- Loan pre-approval. When a well-priced starter house comes up for sale, the quest to buy it can be very competitive. One way first time buyers can strengthen their offer is to be pre-approved.
If you are interested in buying or selling a home, townhouse or condo,
Call me at: 727-686-2859 or email me at Estelia@kw.com
Remember – I’m only a call, click or text away.
