surveyed 1,007 Americans planning to buy their first home in 2023 to learn more about their path to purchasing a home, as well as their thoughts on preparedness for the process as housing costs fluctuate nationwide.Amid cooling inflation and rising housing costs, many first-time homebuyers feel more certain about their financial situations, according to a recent study.
Despite interest rate levels, homeownership continues to be seen as a sustainable way to build intergenerational wealth, while providing the added benefit of shoring up a buyer's financial position over the long term.While inflation and rising rates are two factors first-time homebuyers can't control, some are rethinking their approach to provide some flexibility in the homebuying process.
Depending on a buyer's personal financial situation, how long they expect to be in the home, and other risk-based considerations, there may be alternate mortgage options to consider in the near- and long-term when it comes to financing a home. However, only 22% of first-time homebuyers start the process of speaking with a mortgage lender in order to determine whether they qualify.