Are you worried about the Skyrocketing Home Prices? A lot has happened since the pandemic in 2019—inflation, lockdown, policy change. A lot has changed. Higher prices are literally everywhere, and the real estate market is not exempted. The rising housing costs seem to be a drawback for house buyers looking to get a home. After all, the general rise in price without a proportionate increase in income has left us with less to spend and more to spend on. Conversely, the rising demand for homes seems to drive the prices even higher. 

On average, rent costs rose by about 0.4 percent in December; the consumer price index was also driven up by about 7 percent through the year. The effect of this inflation on homeowners spreads across virtually all areas. Skyrocketing home prices and rents coupled with general inflation has brought about economic unease and strain to many households spelling trouble for the home’s budget.

Become an Alabama Home Owner with Ease 

With the rising house rents and costs of house rents, purchasing a home now seems to be a luxury. Here are five innovative tips to help you find a home you can actually afford in Alabama.

Consider more rural areas

No doubt, home prices vary with location. If the houses you’ve seen are higher than your budget, having your home in a more rural location could be the right step to cut costs.

Consider bringing in a co-buyer

Buying a home with someone else is another great option. The home price is too high for you? It’ll definitely drop by a great deal if split in half. Co-buying allows you to combine resources mortgages together and often comes with better terms. 

Seek better mortgage rates

The lower your mortgage interest rates are, the better. Finding a mortgage plan with reasonable interest rates is one of the best decisions anyone can make now, given the skyrocketing home prices and rents. 

Consider a mortgage assistance program

Want to get home but can’t afford to do so right away? Then, find out if you qualify for a mortgage assistance program. Based on your income, job, and the location of your potential home, you may qualify for a down payment assistance or mortgage assistance that’ll ease the payment burden. As Homes get more expensive and difficult to get, more governmental organizations and NGOs are rising to offer financial assistance. Check out the housing finance programs in your state and see if you qualify for any.

Buy as-is

If purchasing a home now is too much of a luxury for your budget, you could consider buying a less fancy home as-is. Buying a house that still needs some work may be a good option to stay on budget. You could get an older home, a house in need of repairs, or a foreclosed property to help cut costs on a purchase. 

Conclusion

Yes, we’ve spoken about how to easily buy a house in Alabama. But, what if you want to sell? If you’re an Alabama homeowner looking to sell your house for a profitable price without much hassle, contact Rhedkey today. We buy houses, Alabama as-is, quickly and at highly competitive prices.