October 2021 RMA – First Time Homebuyers – Where Do I Begin?

1) Our monthly reminder – have you changed filters recently? If not, please do so right away. Clean filters improve the performance of your furnace and keeps your air quality free of allergens and dust. If you don’t know where to find your filters, or how to change them, call your property manager.

2) Irrigation will be shut off early (September 15^th) in the Meridian and Nampa areas. Some Boise neighborhoods will also be shutting their irrigation off early. If yours is turned off, you will need to hand water the yard to prevent the lawn from dying.

3) Important information regarding sprinkler blow outs will be available in your TWA. You will also receive a letter from us explaining what to expect for that process.

Last month, the median sales price for homes across Ada County’s was $530,500. For many potential first-time homebuyers, that number is not only intimidating but flat-out defeating. And that sentiment isn’t unique to homebuyers across Treasure Valley – but is being felt across the nation.

If you consider that (according to the National Association of Realtors®) the average first-time homebuyer (across the nation) is 31 to 40 years old (an all-time high), has an household income of $105k, carries approximately $25k in student debt – and that the median home purchase price for this group is $300,000 –  Ada County’s current market (with the aforementioned median sales price of $530,500 and a lower household income in comparison) can seem almost impossible.

What’s more is that in today’s fast-paced, highly competitive market, it’s increasingly all too common for first-time buyers to rush into a purchase that doesn’t fit their budget or suit their needs. According to a recent study by Bankrate, millennials (who obviously fall in the age range noted above) experience the most regrets after buying a home.

So what’s one to do!? Let’s focus on the good news! The good news is that mortgage rates continue to be historically low (thus increasing buying power) AND there have never been more resources available to help ensure you don’t end up in the “homebuyer with regrets” category. Check out this article to explore a number of different first-time homebuyer assistance programs available in Idaho and then keep reading for a high-level first-time homebuyer checklist.

First-Time Home Buyer Checklist:

1. Check your credit (and if needed, start improving it – the better your credit the better your rate, which will increase your buying power)
2. Work with a professional, experienced lender you like & trust to fully dial in on a budget
3. Get your goals & assets in place
4. Find a knowledgeable real estate agent who isn’t in it for the “fast buy” – and that you like & trust! Sounds so simple, but honestly this crucial step is one that unfortunately many skip or just don’t take seriously enough. Home purchases are often the largest purchases we make in our lives – you owe it to yourself to slow down and choose wisely (it will pay off)!

While our current real estate market is undeniably perplexing and sometimes flat-out bewildering – it (just like any market) comes down largely to simple supply and demand. With that in mind, it’s interesting to note that last month marked the FIFTH consecutive month of inventory growth – i.e. more homes are being listed for sale), and while this increase in supply continues to pale in comparison to demand, it is causing a shift. And that shift is increasingly helping buyers achieve purchases that several months ago seemed almost impossible.

While the last couple of years has undeniably been a roller coaster for us all, our team has helped (and continues to help) first-time homebuyers across the valley achieve their housing goals. Whether you choose to work with us or another agent – just be sure you don’t choose an agent who wants you to make decisions quicker than you feel comfortable doing or gives you the impression that it isn’t okay for you to ask any questions you may have.

The very best thing you could possibly do to ensure you are dialed for a successful homebuying experience would to be to follow the steps noted above and then contact us, so we can understand your unique goals and situation and form a plan for success.

Jonna Weber and her team has been a trusted referral partner with RMA over the years. If you would like more information about the home buying process, you can reach Jonna Weber with eXp Realty at 208-608-4884 or visit her website at www.jonnaweber.com Jonna and her team would be happy to be of assistance!