First-time homebuyers entering the spring market are encountering fierce competition for a limited supply of starter homes. Listings priced below $350,000 are receiving multiple offers within days of hitting the market, with many selling above asking price.
Real estate agents advise first-time buyers to get fully pre-approved rather than merely pre-qualified, as sellers increasingly favor offers with strong financing commitments. Down payment assistance programs at the state and local level remain underutilized resources.
Builders are responding by increasing production of smaller, more affordable homes, though supply chain constraints continue to slow delivery timelines.
