If you’re looking to buy your first home, you may have to expand your horizon to find a home that’s more affordable. When I bought my first home many years ago, I wound up with a small rambler in Northeast Tacoma. We used an FHA mortgage with a 3.5% down payment (you do NOT need 20% down to buy a home). At the time, I was working in downtown Seattle at the Columbia Center and it was a heck of a commute…but I was so proud to own a home. We only owned it for a couple of years before we were able to sell it and use the appreciation to buy our next “move up” home.
Here are a couple of listings that are currently available in Pierce County, including some new construction from Sager Family Homes with a $15,000 credit towards buying down the interest rate when you use one of their preferred lenders.
This home located at 709 153rd St Ct E in Tacoma is offered at $499,980. The home is listed by DeAnna Franklin of Realty One Group Turn Key. For more info, including possible financing options, click here.
This home is located at 11259 C St S in Tacoma and is offered at $400,000. The listing agent is Dayton Mackay with John L. Scott/Renton. Click here for more details about this listing, including possible financing options.
Both of these homes are great examples of what could be a “starter home”. I lived in my “starter home” for just under 2 years before we had enough appreciation to be able to buy our next home. With the lack of inventory, especially in this price range, I would expect homes in this price range to continue to appreciate. Plus, while you’re making your mortgage payments, you are paying down your principal and essentially “paying yourself” by creating additional equity.
If you’ve been searching for an affordable home, I hope you’ll consider expanding your search to other neighborhoods.
Please reach out to me if you’re interested in reviewing your personal scenario so we can create a plan for you to buy your first home.
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