Photo courtesy of Clark Edwards
Clark Edwards, a real estate agent with ARC Realty’s Highway 280/Inverness office.
The U.S. 280 corridor continues to be a sought-after area for first-time homebuyers, but affordability and inventory remain major hurdles in the competitive housing market, according to local Realtor Clark Edwards.
Edwards, a real estate agent with ARC Realty’s Highway 280/Inverness office, has seen firsthand how the market presents both opportunities and challenges for new buyers.
“We do in certain areas, once again, driven by price point,” Edwards said. “Highland Lakes, Greystone proper — there’s just a barrier of price. But if you get into the garden home communities, the townhome communities, if you get in some of the more affordable neighborhoods, the 280 corridor has options for first-time homebuyers, who can get in really starting in the mid-threes.”
For some buyers, affordability means expanding their search to areas like Chelsea, where more options exist at lower price points.
“They have a good school system. There’s infrastructure, so it brings its own buyers,” Edwards explained. “But when you’re looking at price point, there are just some options there that you’re not going to get in the Inverness, Brook Highland, Meadow Brook area.”
Even for those able to find homes within their budget, securing a purchase remains a challenge due to intense competition.
“Number one is price point. Number two is availability or inventory, which equals number three, competition,” Edwards said. “The hardest part for the first-time homebuyer is the fact that that lower price point, which typically first-time homebuyers are in, is also the most aggressive when it comes to buyers you’re competing with.”
Edwards said preparation is key for first-time buyers.
“If I could give a first-time homebuyer my best advice, you have to have a trusted team who is looking out for you,” he said. “That would be a professional, experienced Realtor and a local professional lender, because it starts with the lender.”
A factor influencing both home availability and buyer behavior is the current mortgage interest rate environment. Many homeowners are hesitant to sell due to previously low mortgage rates.
“People aren’t selling now because they’ve got a 3% interest rate,” Edwards said. “And if they sell and move, they end up with a 6.5% interest rate.”
Despite uncertainty around interest rates, Edwards encourages first-time buyers to take action rather than wait for drastic rate drops.
“If you’re waiting for the fives, you’re going to be on the sideline all year,” he said. “And that goes for first-time homebuyers.”
Beyond working with a trusted Realtor and lender, Edwards advises first-time buyers to do their homework and understand the market.
“Know the market,” he said. “See houses, ideally with your Realtor, but look online. Know where you qualify and what neighborhoods are best for you.”
Most importantly, Edwards reminds buyers that homeownership comes with responsibilities but is ultimately rewarding.
“No home is perfect,” he said. “Once they get into a house, it’s going to cost money. There are going to be physical and financial responsibilities to maintain the house, but in the end, it’s beneficial. Homeownership is awesome.”
