Photo courtesy of Mandy Williams
Mandy Williams, a real estate agent with Keller Williams Homewood.
For first-time homebuyers, finding an affordable home in Homewood can be a significant challenge. The combination of high demand, limited inventory and rising prices makes buying a home increasingly competitive.
Homewood, which is surrounded by other developed municipalities, has limited space for new development, making its real estate market particularly tight.
“There’s just not, you know, a whole lot of houses for sale at any given time in Homewood. The houses that are for sale are usually pretty pricey,” said Mandy Williams, a real estate agent with Keller Williams Homewood. “If you see something hit the market that’s in livable condition, and it is under the $500,000 price point, you can rest assured it’s going to fly off the market in just a matter of a few days.”
The appeal of Homewood lies in its strong school system, which consistently ranks among the best in the state, Williams said.
“People love Homewood schools, and they are consistently ranked among the top schools in the state. There are a lot of people who have children who are fighting to get in,” Williams said.
This desirability contributes to the increase in home prices, making it more difficult for first-time buyers to enter the market. Despite these challenges, some pockets of Homewood remain more accessible to first-time homebuyers.
“The West Homewood community has become a lot more popular over the last few years. There are some houses in that area that can be better priced for first-time homebuyers. But you know, those prices have continued to go up too, and we are now seeing, I bet, the median price over there is between $400,000 and $450,000,” Williams explained.
To navigate the competitive market, Williams advises buyers to be well-prepared.
“First of all, they need to have extra funds set aside for things like inspections and appraisals, which are usually going to be required by the bank. But sometimes, you know, these items need to be paid out of pocket. An inspection almost always needs to be paid out of pocket during that process,” she said.
Additionally, understanding contingencies and how they work is crucial for buyers who may need to back out of a deal or negotiate repairs.
“I highly recommend working with a local lender, and not just whoever you find on the internet. Local lenders do typically have more access to some clients, things that are government-funded, especially for first-time homebuyers. And that is something I have seen pop up more over the last couple of years,” Williams said.
Williams also emphasized the importance of working with a knowledgeable real estate agent.
“You don’t want to have an agent who’s never sold a house in whatever area you’re looking at specifically. Having someone who’s knowledgeable can really give you a competitive edge as well,” she said.
For those set on Homewood, Williams’ key advice is simple: “Know what you can afford. I think you need to get a preapproval from a known lender who is well known for getting deals to closing.”
