Home sales in the Twin Cities and statewide have seen a 5% decrease year over year, indicating a challenge in the housing market’s affordability. First-time homebuyer Devin Bliayang shared his journey into homeownership, emphasizing the effort it took to qualify for a larger home for his family. A Bankrate survey revealed that down payments and closing costs are significant barriers for aspiring homeowners. Real estate broker Zachary Adams noted that obtaining financing has become more challenging due to higher rates and changing affordability. The median-priced home in the metro now requires an all-in payment of $2,800, a $1,000 increase in just four years.
Many buyers are opting for narrower, single-family starter homes under 2,000 square feet, with builder incentives making them more attractive than existing homes. The “sweet spot” for home prices is between the mid-$300,000 to $400,000 range. Experts recommend having a substantial down payment to manage monthly mortgage payments and suggest exploring assistance programs for first-time buyers. Despite the challenges, Bliayang and his family are excited to start their American dream as they prepare to move into their new home.
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