Photo courtesy of Lee Marlow
Lee Marlow is a real estate agent with RealtySouth.
Trussville has been booming in the last few years. While that may be good for the community, it may not be great for first-time homebuyers looking for a home in Trussville.
The real estate market remains tough for first-time homebuyers, with rising prices and increased competition making homeownership more difficult, said real estate agent Lee Marlow of RealtySouth in Trussville.
"The average first-time homebuyer, if they're younger, they're kind of limited because pricing has gotten so high all over the Birmingham metro area, honestly," Marlow said. "It really just comes down to what they're preapproved for, what they can afford."
In Trussville specifically, Marlow noted that the market has remained strong due to the city's highly rated schools, convenient location and desirable community atmosphere.
"Trussville has been a hotspot for buyers because of its great school system and small-town feel with big-city amenities. That demand has driven prices up, making it harder for first-time buyers to find affordable options," she said.
While affordability is a concern, Marlow said buyers are also facing stiff competition. Many young adults entering the housing market have saved for a solid down payment, but higher interest rates have added another layer of difficulty.
"Usually, there are a lot of first-time homebuyers in the market now, and there are a lot of young adults who have saved up a good down payment," Marlow said. "But pricing, again, is high. Interest rates are higher than they have been in the past couple of years."
For those hoping to buy their first home, Marlow emphasized the importance of being financially prepared and realistic about expectations. She often reminds buyers that their first home is not their forever home but a stepping stone toward building equity.
"I feel like I'm constantly like, this is not your forever home. This is where you can grow some equity, you know, and be able to then make a move up in five to eight years, hopefully," she said.
Despite the challenges, Marlow noted that some lenders are offering programs designed to help first-time buyers. Given the competitive nature of the market, she stressed that buyers should have all their financial preparations in place before making an offer.
"They have to be very strong in their offers. They need to be very strong in their preapprovals, so have done all the legwork ahead of time with a good lender, so that if they make offers to a seller, that seller has the confidence that they can complete the transaction and close," she said.
For those navigating the homebuying process, Marlow recommends working with a knowledgeable real estate agent who can guide them through each step.
"I strongly recommend that buyers have a good real estate agent who is hand-holding them through each step of the process, who has the knowledge to be able to explain it to them and tell them where we are in the transaction,” she said.
