Purchasing a home is an important milestone in anyone’s life, no matter your age – retirees, for example, have to deal with downsizing their forever home to a smaller unit better suited to their current needs.

It’s a similar situation for first-time homebuyers, who will have to face the commitment and responsibilities of homeownership, unlike apartment living.

If you’re a millennial planning to relocate to Park City, Utah, here are some things you should know about the local real estate market, as well as some important tips to help you get started on your journey to purchasing your first home.

Why move to Park City, Utah?

Work-from-home arrangements have continued beyond the pandemic, even as offices reopen. From companies having their employees work remotely on a permanent basis to individuals looking for jobs that will allow them to continue working from home,  this newer “new normal” has been a boon for real estate. People are exploring areas beyond the vicinity of their workplaces and apartments for a chance to live in a place they’ve always dreamed of.

Park City, Utah is one such place. Known as the best small town in America, the city offers plenty of breathtaking views as well as recreational and winter sports activities. Despite the cozy small-town vibe,  Park City isn’t lacking resources, amenities, and communication infrastructure to make office work or remote work convenient. Park City’s public schools are the best in Utah and known across the country.

A millennial’s guide to buying a first home

Millennials, or those born between 1981 and 1996, make up the largest part of homebuyers today. In fact, they constitute about 42% of all homebuyers and 56% of first-time homebuyers. If you’re one of the first-time millennial homebuyers, we have some tips for you so you can navigate Park City’s real estate market and

purchase your dream home.

Look closely at the local real estate market

To make sure you get what you pay for, stay on top of the real estate market in the area you’re planning to move to. Research the neighborhoods, property types, average list prices, average rent prices, and community facilities and amenities.

Secure your down payment

Housing prices are on the rise. In fact, home prices now are almost 40% higher than in the 1980s. To keep your interest rate low and pay off your mortgage faster, it’s ideal to save the 10-20% down payment on your first house. It’s also a good idea to pay off a chunk of your student debt to help you secure a better deal.

Build and maintain your credit score

The average FICO credit score of homebuyers today is 751, but the average credit score of millennials is somewhere in the 650s. If you’re planning on buying a home, raise your credit score. You can do this by paying bills that have gone into collections, settling debts on their due date, making sure there are no inaccuracies in your credit report, and not taking out any other lines of credit.

Get pre-approved for a home loan

Getting pre-approved for a home loan is a power move that lets the seller know that you’re serious about buying. It tells the seller that your finances have been checked and verified by a lending institution and you have the capacity to make payment.

Know your non-negotiables and stick to your budget

When it comes to buying homes, millennials typically know their must-haves and non-negotiables. No home is worth compromising other financial goals. Stick to your budget and stand firm on your non-negotiables so you can save for emergencies, home improvements, and other life goals.

Work with Realtors

First-time homebuyers will find many aspects of the home buying process particularly challenging. It’s important to work with a team of experts to make sure you can purchase your dream home without unnecessary stress.

If you’re a millennial first-time homebuyer, you need to work with an experienced group of real estate experts to be able to navigate Park City, Utah’s real estate market. Fortunately, you can schedule a consultation with Team Schlopy today. Get in touch with us  by calling (435) 640-5660 or sending an email to info@teamschlopy.com.