2021 was a tough year to be a first-time homebuyer. According to a recent survey from realtor.com, more than a quarter of first-time homebuyers were unable to successfully buy a home in 2021.
But first-time buyers are looking to change that in 2022—and they are willing to spend more in order to make that happen. According to the survey, more than 75 percent of first-time homebuyers are willing to go over budget in order to successfully buy a home—and some are willing to go way over budget. (21 percent of first-time buyers surveyed said they would be willing to go 11 to 20 percent over their budget.)
First-time homebuyers are also taking steps to get ahead of the competition. 91 percent of buyers surveyed said they planned to leverage different strategies to get ahead of the competition in their home search, including putting more than 20 percent towards their down payment (25 percent), making an offer within 48 hours of seeing a home (22 percent), and offering more than the asking price (19 percent).
So, what does this mean for you?
If you are a first time-home buyer, it is important to know what it takes to compete in the market; that way, you can set yourself up for success in 2022—and make your dream of homeownership a reality.