Source: Realtor —
First-time homebuyers are getting fed up with losing bidding wars—and many are taking steps to become more competitive in this cutthroat housing market, whatever it takes.
Instead of giving up, more aspiring homeowners, who have been steadily saving money during the COVID-19 pandemic, are willing to spend more on a home and offer more than the asking price in their quest to become homeowners, according to a recent Realtor.com® survey. (The survey of nearly 2,600 adults was taken between Sept. 23 and Oct. 1.)
“First-time homebuyers internalized how competitive the real estate market has been this year and have been willing to adjust their budgets, strategies, and expectations,” says George Ratiu, manager of economic research at Realtor.com. “Low mortgage interest rates have allowed first-time homebuyers to stretch their budgets. And many first-time homebuyers who have been able to work remotely have been able to save a little more for a down payment.”