Your first home is not your forever home.

For our parents' generation, maybe that was the case. That's when the average salary was $40k/ year and average home was $120k.

It's a different time, we have to adjust our expectations given the difficulty of the housing market for first time home buyers.

You simply need to have a plan and know that your first home will be a 5-7 year home, not a 15-20 year home.

It's not getting any easier for first time home buyers so you have to adjust and know that 20% down payment isn't the only way in. You might need to live in a smaller home to start out with, until you've gained enough equity to have leverage for an upgrade.

I often hear, "I'll keep saving for 20% down". That's great if you have a plan and are confident that your rate of savings can outpace the equity gained from housing appreciation and principle buy down on your mortgage.

I truly feel for folks who are trying to buy their first home in this market dynamic (rates in the 6-7% range) and prices hovering around historic highs. It's not easy. But it's possible if you adjust your expectations for what a first home should look like.

It might be a townhouse with a patio instead of a detached house with a yard.

Or, it might be a 3 bed/ 1 bath house with no garage, instead of a 4 bed/ 2 bath house w/ a garage. Start to think of what your "needs" are and prioritize those over the "wants". Your ideal home is more likely to come along once you have some home equity to play with in 5 years.

#firsthome #firsthomebuyer #homebuyingtips #shouldibuyorrent #denverhousing #whentobuyahome

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