Think you can’t afford a house? Think again

Between rising mortgage rates and an overheated real estate market, aspiring homeowners may feel priced out.

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With fewer new homes being built, it’s more competitive to buy a home. First-time homebuyers have to compete with all homebuyers, including investment companies that can make all-cash, no-contingency offers.

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Consider Shorter Mortgage Terms

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Downsize the Dream Home

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Write an Offer Letter

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Finding a financial advisor doesn’t have to be hard. SmartAsset’s free quiz matches you with fiduciary financial advisors in your area or who serve your area. If you are ready to be matched with financial advisors that can help you achieve your financial goals, take the quiz now.

[{"selector":"#anim-04af0287-1fd6-4a8d-b59d-8125a9992172","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4dfac89b-a0d0-4c06-9d0d-1875279cd2ff","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-67551bf5-bdb6-4c34-b7c6-9d0d9cad29e2","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-dae68803-132b-4c6d-b996-b979ea6f181e","keyframes":{"transform":["translate3d(0px, 99.16371%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Here’s why new home sales are plunging across the US Looking to buy a home? Not so fast

Think you can’t afford a house? Think again

Between rising mortgage rates and an overheated real estate market, aspiring homeowners may feel priced out.

With fewer new homes being built, it’s more competitive to buy a home. First-time homebuyers have to compete with all homebuyers, including investment companies that can make all-cash, no-contingency offers.

Consider Shorter Mortgage Terms

You can look into a shorter-than-30-year home loan when choosing mortgage terms, which can mean a lower interest rate.

Downsize the Dream Home

By downsizing your home ambitions, the smaller amount you need to borrow may mean monthly mortgage payments that are more in line with your budget.

Write an Offer Letter

If you’re ready to make a bid for a home, consider writing a real estate offer letter with a personal touch.

SWIPE UP NOW TO READ MORE

Finding a financial advisor doesn’t have to be hard. SmartAsset’s free quiz matches you with fiduciary financial advisors in your area or who serve your area. If you are ready to be matched with financial advisors that can help you achieve your financial goals, take the quiz now.

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