“First-time homeownership is challenging and requires tenacity, but it is possible.”
Home prices are high on the Central Coast, we know. The lack of inventory plus the desire to live here means the prices will remain higher than the national average. So what does that mean for first-time home buyers? According to Joe Johnston’s letter to The Tribune, first time homeowners should “buy entry-level homes” and accept they “will not have their dream home as their first purchase, then homeownership can become a reality.” So what is an entry-level home on the Central Coast? Low $300,000s. Click here to read the entire letter from Joe Johnston to The Tribune.
Some tips to be able to make your first home purchase:
Know your first home will not be your dream home.
You’ll create equity in your home and gradually upgrade throughout the years.
Keep your debt-to-income ratio as low as possible.
That means avoid taking out loans on cars or accumulating credit card debt.
Talk to a lender to see how much you qualify for and any steps you can take to increase your pre qual amount.
Call a realtor “who watches the market daily and is prepared to submit an offer on [your] behalf expediently.” That would be Teri McKay, our Senior Sales Partner.
Teri specializes in first-time homeownership and can guide you step-by-step through the home buying process. She understands the stress and nerves that come with purchasing your first home so she’s there every step of the way. If you have any questions on how to get started or you want her to send/show you all the homes in your price range, contact her directly at email@example.com or call her at 805-773-7711.
Below are just a few of the homes in San Luis Obispo County under $400,000. You can search through our website here for more homes.