What’s it like to be a first-time homebuyer in the Triad? WXII 12 News posed this very question to homebuyer Emma Marsh of Winston-Salem and her real estate agent Jason Bragg, who works with Leonard Ryden Burr Real Estate.  

Marsh had been looking for a home for the past two years and experienced firsthand the intense competition of the current market. 

“You kind of get into this mindset of like you’re already playing against a lot of other people, and that might push you to do something you’re not comfortable with because you’re like I know there are a ton of other people out there looking at this,” said Marsh. 

After months of searching and having four offers outbid by other buyers, Marsh was able to close on her first home in late March. 

Bragg said many factors are driving this competitive market in the area, including: 

• More millennials are buying homes

• Much of the older generation is retiring in their current homes

• More investment firms are buying houses in cash to rent out

• More people are moving during the pandemic

• More people are working from home

• Many developing and construction companies cannot keep up with the current demand

His advice to navigate the current seller’s market? 

• Talk to your lender

• Understand your price range and what you’re comfortable with

• Save enough money for at least your initial deposit

• Be patient and flexible

• Houses can hit the market at any time, so be ready to check them out immediately and/or that same day, if possible

The Sharpe Mortgage Team would love to discuss your financial goals and help you get a leg up on the competition. Numerous homeownership programs are available to first-time homebuyers, offering down payment assistance or requiring little to no down payment. We would be happy to review these options with you to see if you qualify. Call us today!