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First-Time Home Buyer

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Robert Reynolds
Pro Member
  • Real Estate Agent
  • Los Angeles, CA
160
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293
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First Time Home Buying with High Rates and slow

Robert Reynolds
Pro Member
  • Real Estate Agent
  • Los Angeles, CA
Posted May 25 2022, 07:51

Title Should have read: 

First Time Home Buying with High Rates and Low Supply

Unfortunately it’s beginning to look more and more that higher interest rates aren’t going to push prices down. Being part of a high volume real estate team, we’ve seen first hand that the demand in Los Angeles and other major cities is just too high right now. Even with some buyers backing out of the buying process because of affordability, there’s just no new homes being built, so that supply is still way lower than the demand for new housing. 

My advice to first time home buyers is to look into low down payment programs like the FHA loan, buy a little outside your major city (where it's more affordable) and house-hack your first home. When I was younger, and bought my first home, I had two friends move in, pay under market rent to rent by the room and they paid most my mortgage for me. It allowed me to save up, and by my next house; which was in the area my wife and I wanted to live. A little sacrifice early on really paid off.

If you have any questions about the home buying process or today’s market please reach out and I’d love to provide value to you. 

The David Greene Team Logo

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