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Owning your very own home has always been part of the American Dream. Believe it or not, this remains true to this day. Around 75% of Americans express that purchasing a home is still a priority for them, according to a survey conducted by Harris Poll. That doesn’t mean there’s not a lot of skepticism on whether buying a home in today’s market can still be done. In a world of wealth inequality and stagnant wages despite increased productivity levels, is the dream of owning a home even still possible?
The Staggering Cost
One of the biggest impediments for aspiring homeowners is the fact that real estate prices are continuing to soar. The median price sale of a home goes for about $253,000 which is about 3% higher than previous years, according to the National Association of Home Builders. They say that the lack of affordability is one of the primary reasons why Americans feel that owning a home is nigh impossible for them.
Strengthen Your Financial Standing
What is one to do, then?
Boost your present and future financial standing.
It’s a good idea to approach a financial advisor who can point you in the right direction if you need to rehabilitate your finances. They may be able to talk to you about options that you can pursue like how to improve your credit score. A good credit score can help you negotiate better loan terms for your future home purchase. You may also consider setting up an account that is specifically for your house savings.
Study the Market
The real estate market can be one of the quickest shifting markets that exists. This is why it is important to familiarize yourself with the signs of a good buyer’s market, terminologies used, and even the average offers made. It also helps if you have a good relationship with your listing agent. They can keep you abreast of any up-and-coming seller’s markets that you can take advantage of. Supplementing your knowledge about the housing market gives you a learned point of view that you can use to correctly identify and score a great deal.
Have a Clear Vision
It helps your odds of buying a home when you have an idea of what sort of property or location of the property you’d like to have. It can be tempting to shift your desires from one style to the next but you must hold fast. A clear vision of the home you want can lend a strong foundation to your journey as a homeowner. Try to build a vision board and get your family’s vision aligned, too. Nothing botches up a good buying opportunity than contrary desires by different family members.
Buying a home can seem like an uphill goal with a lot of pitfalls but you shouldn’t let this dissuade you. Like all challenges, it takes careful planning and careful decision making in order to avoid any mishaps that may derail your dream. At the end of the day, you must never lose sight of your goal to own a home if you want it to ever come true.