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2019-09-19 10:13:53
How To Cope with Rising Home Prices in Champaign - Urbana

As discussed in a recent blog on our website, in July in the Champaign County area, the median home sale price rose 2.62 percent. Home prices could continue to rise, as is normal in real estate as prices fluctuate over time. If you're considering buying a home in Champaign-Urbana, what are some creative ways you can deal with rising home costs and get into the home of your dreams?

Consider Nearby or Adjacent ZIP Codes

Location, location, location! That old saying still holds true today. And it can make a big difference in how much you pay for a home. When you look for a home for sale in Champaign County in a particular zip code or neighborhood, consider surrounding areas to see if you can find more affordable homes that will still fit your needs.

The good news is that if your house is near a pricier area, home prices are expected to remain strong or even rise as demand for the area increases.

Purchase a Foreclosure or Fixer-Upper

Consider buying a foreclosure or a home that needs some work. This is a good idea if you want to buy a home in a more expensive neighborhood.

According to research, fixer-uppers can save you as much as 40%-50% on the initial purchase price. But make sure you do a complete assessment of what it will take to renovate any fixer-upper. You don't want to end up with an endless money pit.

 

Try a Starter Home Before Thinking of a Forever Home

First time home buyers need to think about what they really need in a home, as opposed to fantasies. 

Starting small will allow you to focus on paying off the equity. And as property values rise, you could be able to upgrade to a home that's more practical for your lifestyle.

Also, just because you qualify for a particular loan amount doesn't mean you have to borrow that much. Let's say you qualify for $250k, why not aim for a home in the $200k range, so that your payments site comfortably in your budget when you factor in insurance, taxes, home maintenance, and discretionary funds.

While these tips may not land a first-time buyer in their ideal neighborhood straight away, equity (the amount of your house that you “own”)  builds over time and works in favor of the buyer. Remember: With time and patience, many may be able to cash in on the equity in their first home and move into their ideal square footage or location.


We can help you find the perfect starter home in Champaign- Urbana. Our powerful home search feature can help you start the process. Make sure to check back on our blog every week for more Champaign - Urbana real estate advice. Follow us on Facebook!
 
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