Posted by Dawn Griffin
Starter Homes Are Making a Comeback
After years of limited inventory and rising prices, there’s good news for first-time homebuyers: entry-level homes, also known as starter homes, are increasingly available. For buyers who’ve been waiting for the right opportunity, this shift in the market could be a game-changer.
Inventory Growth Offers Hope for First-Time Buyers
The supply of homes for sale has been steadily improving. According to Realtor.com, the number of homes on the market in November was 26.2% higher than the same time last year. This marks 13 consecutive months of inventory growth and the largest supply of homes since December 2019.
Notably, this growth has been most pronounced in the starter home category. Data from Redfin shows that entry-level homes have seen the biggest inventory increase, making it easier for first-time buyers to find options within their price range.
If you’ve been waiting on the sidelines, this is an encouraging sign. With more starter homes on the market, you have better odds of finding a home that meets your needs and budget.
How an Experienced Real Estate Agent Can Help You Find a Starter Home
Finding the perfect starter home can still be challenging, but working with a knowledgeable real estate agent can make the process much smoother. Here’s how an experienced agent can help:
- Access to Listings: Local agents are well-connected and stay updated on the latest listings in your area, ensuring you don’t miss out on opportunities. Additionally, as eXp agents, we have access to a large number of office exclusive listings that are only accessible to eXp agents. We see these BEFORE they hit the the open market and typically can provide access to clients.
- Customized Searches: They’ll narrow down homes that fit your budget, preferences, and location, saving you time and reducing stress.
- Expert Negotiation: Your agent will help you craft a competitive offer and negotiate terms to secure the best possible deal.
- Guidance Through the Process: From navigating paperwork to meeting deadlines, your agent will handle the logistics and keep everything on track.
I knew basically nothing about the home buying process coming into this, and Natalie guided me through every step of the way. She was professional, personable, knowledgeable, and transparent. I would recommend Natalie to any first time home buyer!
Abigail P.
Local Resources
Our agents are knowledgeable about several first-time buyer programs and lenders and can help guide you through the process.
- Summary of First-Time Buyer Programs
- St. Louis County First Home Down Payment Loan
- Beyond Housing – HUD-approved Housing Counseling Agency and number-one provider of down payment assistance in the St. Louis metro area.
- Missouri Housing Development Commission (MHDC) – Has information on several home ownership and community programs available.
I worked with Lance to buy my first home! He exceeded all my expectations of what a good realtor looks like. Lance helped me work with a great lender to help me qualify for first time home buyer program. He was very knowledgeable…I was kept in the loop by him and the team every step of the way. I can’t say enough positive things.
Alana C.
Bottom Line
The resurgence of starter homes on the market could be the opportunity you’ve been waiting for. If you’re ready to explore your options, tour listings, or get expert advice, reach out. We’ve helped hundreds of clients with their dreams of homeownership and would love to help you.
