First Time Home Buyer in Florida: Navigating the Current Housing Market!

St. Johns County Real Estate Market

First-Time Homebuyer Real Estate Advice

Are you a first-time homebuyer in St. Johns County, Florida, feeling a bit overwhelmed by the current real estate landscape? You’re not alone. In today’s market, prices are soaring, and interest rates have climbed higher. The big question on your mind might be, “Is this the right time?” Well, fear not! Here are  some valuable insights to make your first-time home buying journey in St. Johns County a breeze.

Mortgage Rates

The first hurdle many first-time buyers face is the higher interest rates. It’s understandable if this has left you feeling frustrated, but there’s good news. I suggests exploring the option of a rate buydown. While lenders might advise you to buy down the rate, I highlighted a clever strategy—negotiating a seller-paid buydown in your contract. It’s a win-win situation, as sellers often prefer this over reducing the home price. So, if you’re interested, I encourage you to delve into the possibilities of this approach.

Hometown Heroes Program

If you’re a first-time, income-qualified homebuyer, there’s another avenue worth exploring—the Hometown Heroes Program. This initiative provides down payment and closing cost assistance. I am ready to connect you with local lenders who can guide you through this program. It could be the helping hand you need to step onto the property ladder.

New Construction Opportunities

As the year draws to a close, builders are eager to sell off their inventory homes, presenting a golden opportunity for buyers. I suggests that now is the ideal time to consider new construction. Builders are not only offering incentives like covering closing costs but also providing attractive interest rate buydowns. Negotiation room exists, and Kim has successfully secured lower prices through skilled negotiation.

Exploring Beyond St. Johns County Florida

With St. Johns County becoming pricier, I encourage prospective buyers to broaden their horizons. Green Cove Springs, though a bit further west, offers new construction options under $400k. Being flexible about the location can open up affordable possibilities. I will provide move-in ready lists from builders in that area, making the exploration process smoother.

Consider Resale Homes

For those open to a bit of DIY and looking to make a home truly their own, considering a well-maintained resale home from around 1980 might be a viable option. Cosmetic needs shouldn’t deter you, especially when the essential systems and roofing are in top shape. I reassure first-time buyers that with a bit of sweat equity and the wealth of tutorials available online, transforming a dated home into a gem is within reach.

In conclusion, being a first-time homebuyer in today’s market may require a different approach, but the opportunities are still abundant. If you’re feeling more hopeful and ready to explore your options, feel free to reach out with any questions. Your dream home in St. Johns County might be closer than you think. Thanks for tuning in, and until next time, happy house hunting!

About the Author
Kim Devlin
Kim Devlin is Your St Augustine Realtor. A Relocation Specialist serving Northeast Florida, St Johns County and Flagler County. She enjoys sharing real estate tips and local insight on communities and living in St Augustine Florida. Tune in weekly and be sure to subscribe to her monthly newsletter.