Prospective home buyers face numerous challenges when it comes to achieving the American Dream of home ownership, but obstacles remain and often vary among ethnic groups.
The #1 hurdle that people face when buying a home is saving for that down payment. It is always difficult to plan for the future when there are so many things weighing us down in the present. The second most hurdle faced by today’s buyers is the lack of inventory. So many people today are searching for that perfect home, but there is almost always competition and not enough homes to choose from. Access to credit and financing is also a battle. Today, so many factors play into credit and financing available to the average person. Do you have the perfect credit score? How much have you stacked in your bank account? How long have you resided in your residence? How long have you worked at your job? These all play a factor into your chances of getting that loan. And, finally, that personal debt that you have worked so hard to stay away from.
No matter what you think your challenges might be, with a strategic plan, strong determination, and a rockstar team, any barriers can be overcome. There are a gazillion resources out there to help save, consolidate, and improve your financing future. No matter the obstacle, give me a call and we can talk it through to set you up for success.
In this infographic, we can see the challenges broken down by race and ethnicity.
If you’d like more information on the San Fernando Valley or Los Angeles, or to have help looking for your next home, please feel free to reach out! I’m happy to help, no obligation.