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Watching Your Wallet: first time home buyers

Published: Mar. 1, 2021 at 5:24 PM EST
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LANSING, Mich. (WILX) - 28-million Americans say they plan to buy a home in the next 12 months.

That’s according to nerdwallet’s new annual homebuyer report.

That same report says an estimated 26 million hope to become first-time homebuyers within the next five years. There’s optimism out there.

Elizabeth Renter, a senior analyst with nerdwallet, says buyers in 2021 are going to have to prepare for a competitive market. There’s a lot of people out there shopping for a limited number of homes.

And she says the survey found that 44-percent of Americans have worked remotely since the last March and that’s giving them the confidence to buy in a different location.

“That really works towards their advantage if you’re going to buy a house and you’re no longer tied to say a 15 mile, 20-mile commute distance — it opens up your possibilities if you’re able to be more flexible,” said Renter.

And more flexible-- not only about your home features but the neighborhood you’re looking in.

She says if you go out there looking for a long list of must-haves, you’re probably going to be disappointed because if you’re lucky enough to find that dream house, you’re likely going to be up against several other bidders.

Again-- the key is to be flexible this home-buying season.

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