Posts from December 22nd, 2023

Years ago, people expected to buy a "starter home" and live in it for a while, build up some equity, and then sell it and move up to a bigger house a time or two until they reached their final forever home.

But two things have made it difficult for first-time buyers to take that approach:

• Even so-called starter homes have price tags that seem more fit for a mansion.
• Many buyers want to skip buying a "starter home" and feel they should be able to afford a mansion. A smaller house, a fixer-upper, or one not that isn't in a person's dream neighborhood is often seen as not enough.

In other words, first-time buyers often feel they have to spend more money than they should for a house that isn't even close to as nice as they aspire to live in. Champagne taste on a beer...

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