Some great information from our friends at KCM. If you’re a member of a younger generation, like Gen Z, you may be asking the question: _will I ever be able to buy a home_? And chances are, you’re worried that’s not going to be in the cards with inflation, rising [home prices](https://www.keepingcurrentmatters.com/2024/04/22/what-you-really-need-to-know-about-home-prices-1/), [mortgage rates](https://www.keepingcurrentmatters.com/2024/04/23/the-best-way-to-keep-track-of-mortgage-rate-trends/), and more seemingly stacked against you. While there’s no arguing this housing market is challenging for [first-time homebuyers](https://www.keepingcurrentmatters.com/2024/03/22/3-helpful-tips-for-first-time-homebuyers-infographic/), it is still achievable, especially if you have [professionals](https://www.keepingcurrentmatters.com/2024/04/09/the-top-5-reasons-you-need-a-real-estate-agent-when-buying-a-home/) on your side. Here are some helpful tips you may get from a pro. #### **1. Explore Your Options for a Down Payment** If a down payment is your #1 hurdle, you may have options to give your savings a boost. There are over 2,000 [down payment assistance](https://downpaymentresource.com/homebuyer-resource/navigating-down-payment-assistance-programs-a-homebuyers-guide/) programs designed to make [homeownership](https://www.keepingcurrentmatters.com/2024/04/08/dont-let-your-student-loans-delay-your-homeownership-plans/) more achievable. And, that’s not the only place you may be able to get a helping hand. While it may not be an option for everyone, 49% of Gen Z homebuyers got money from loved ones that they used toward a down payment, according to _LendingTree_. And chances are you won’t need to put [20% down](https://www.keepingcurrentmatters.com/2024/02/26/the-truth-about-down-payments/) (unless specified by your loan type or lender). So be sure to work with a trusted [mortgage professional](https://www.keepingcurrentmatters.com/2024/03/01/the-first-step-getting-pre-approved-for-a-mortgage-infographic/) to explore your options, find out how much you’ll really need, and learn about any guidelines on getting a gift from loved ones. #### **2. Live with Loved Ones To Boost Your Savings** Another thing a number of Gen Z buyers are doing is ditching their [rental](https://www.keepingcurrentmatters.com/2024/04/17/is-it-better-to-rent-than-buy-a-home-right-now-1/) and moving back in with friends or [family](https://www.keepingcurrentmatters.com/2024/04/25/is-a-multi-generational-home-right-for-you/). This can help cut down your housing costs so you can build your [savings](https://www.keepingcurrentmatters.com/2024/03/25/what-every-homebuyer-should-know-about-closing-costs/) a whole lot faster. As _Bankrate_ [explains](https://www.bankrate.com/homeownership/gen-z-and-homebuying/#homebuying-barriers): > _“. . . many have opted to stop renting and live with family in order to boost their savings._ **_Thirty percent of Gen Z homebuyers move directly from their family member’s home to a home of their own, according to NAR_**_.”_ #### **3. Cast a Broad Net for Your Search** When you’ve [saved up](https://www.keepingcurrentmatters.com/2024/04/15/ways-to-use-your-tax-refund-if-you-want-to-buy-a-home/) enough, here’s how a pro will help you approach your search. Since the supply of [homes for sale](https://www.keepingcurrentmatters.com/2024/03/28/is-it-easier-to-find-a-home-to-buy-now/) is still low and affordability is tight, they’ll give you strategies and avenues you may not have considered to open up your pool of options. For example, it’s usually [more affordable](https://www.keepingcurrentmatters.com/2024/04/18/is-it-getting-more-affordable-to-buy-a-home/) if you consider a rural or suburban area versus an urban one. So, while the city may be livelier and more energetic, the cost of living may be reason enough to look at something further out. And if you consider [smaller homes](https://www.keepingcurrentmatters.com/2024/04/11/builders-are-building-smaller-homes/) and [condos or townhouses](https://www.keepingcurrentmatters.com/2024/02/16/achieve-your-dream-of-homeownership-with-condos-and-townhomes-infographic/), you’ll give yourself even more ways to break into the market. As Colby Stout, Research Analyst at _Bright MLS_, [explains](https://brightmls.com/article/unlocking-the-door-to-starter-homes): > _“Being flexible on the types of home (e.g., a condo or townhome versus a single-family home) and exploring more affordable neighborhoods is important for first-time buyers.”_ #### **4. Take a Close Look at Your Wants and Needs** And lastly, an agent can help you really think about your must-have’s and nice-to-have’s. Remember, your [first home](https://www.keepingcurrentmatters.com/2024/03/11/finding-your-perfect-home-in-a-fixer-upper/) doesn’t have to be your forever home. You just need to get your foot in the door to start [building equity](https://www.keepingcurrentmatters.com/2024/03/13/your-home-is-a-powerful-investment/). If you want [to buy](https://www.keepingcurrentmatters.com/2024/03/04/what-to-know-about-credit-scores-before-buying-a-home/), you may find making some compromises is worth it. As _Chase_ says: > _“An open-minded approach to house-hunting may be one way for Gen Z homebuyers to maintain some edge._ **_This could mean buying in areas that are less expensive. Differentiating needs vs. wants may help in this area as well_**_.”_ An agent will help you prioritize your list of home features and find houses that can deliver on the top ones. And they’ll be able to explain how [equity](https://www.keepingcurrentmatters.com/2024/03/20/does-it-make-sense-to-buy-a-home-right-now/) can benefit you in the long run and make it possible to move into that dream home down the line. ### Bottom Line Real estate professionals have expertise on what’s working for other buyers like you. Lean on them for tips and advice on ways you can get ready to buy. Have more questions? Reach out by phone, text or DM, lets have a conversation about how I can help you achieve your real estate goals. Chris Simpson 231-215-7229. Chris Simpson
Nexes Realty Inc.
880 W. Broadway Ave
Muskegon, MI 49441 * * * ### Discover more from Muskegon Real Estate Agent, Chris Simpson,Homes For Sale, Muskegon Homes,Muskegon House For Sale, Muskegon Real Estate, West Michigan Real Estate Agent, Muskegon Realtor Subscribe to get the latest posts sent to your email. Type your email… Subscribe ### Share this: - [X](https://chrissimpsonwestmichiganrealestate.com/2024/05/08/tips-for-younger-homebuyers-how-to-make-your-dream-a-reality/?share=twitter&nb=1)
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