Homewood’s first-time homebuyers face challenges

Finding an affordable home in Homewood as a first time home buyer can be a daunting task. Buying a home is becoming increasingly competitive, driven by high demand, limited inventory and rising prices.

The real estate market is particularly tight because Homewood is surrounded by other developed municipalities that don’t have much land for new development.

“It’s just not, you know, got a whole lotta houses for sale at any given moment in Homewood.” “Usually the houses that are for sale are pretty pricey,” Mandy Williams, a real estate agent with Keller Williams Homewood, said. ‘If you see something hit the market that’s in livable condition and it’s at under the $500,000 price point, you know it’s gonna fly off the market in just a couple days.’

Williams noted that Homewood’s appealing quality is that its school system is strong, with high rankings year in and year out, among the best in the state.

But generally, the Homewood schools are some that people love, and they are always listed among some of the top schools in the state. Williams said there are a lot of people fighting to get in with children.

The more desirable the design, the higher the scores of the home prices, which makes it increasingly difficult for first time buyers to enter the market. However, in spite of these challenges, a few slivers of Homewood continue to be more accessible to the first-time home buyer.

Over the past few years, the West Homewood community has become a lot more popular.” That area actually does have some houses that can be priced more to first time homebuyers. You know, but those prices have gone up too, and we are now seeing I bet the median price over there is probably even $400,000 to $450,00″ — Williams.

Williams advises buyers to be well prepared when navigating the competitive market.

“First, if we are dealing with a securitization, they need to set aside extra funds to deal with inspections and appraisals, which are things that are going to be required by the bank.” Sometimes though, these items need to be paid out of pocket. During that process, an inspection almost always has to be paid out of pocket, she said.

Finally, having an understanding of contingencies and how they work comes into play for buyers who may need to get out of a deal or negotiate repairs.

I highly advise you to work with a local lender rather than just the first name you find online. Local lenders typically do have some access to some clients, for instance to first time homebuyers when its government funded. That is something I have seen pop up more over the last few years, Williams said.

Work with an experienced real estate agent Williams added.

“You want an agent who honestly hasn’t sold a house in the particular neighborhood you’re looking in. Even that also gives you a competitive edge if you’ve got someone who knows,” she said.

And if you’re adamant Homewood, Williams’ offer to those set on it is the same thing, ‘Know what you can afford.’ I think the best thing is to get a preapproval from a known lender that gets deals to closing.”