Overcoming Homeownership Challenges: How Burson Home Advisors’ Lease to Own Programs Empower Buyers
The path to homeownership has become increasingly challenging, especially for first time homebuyers. Recent data from the National Association of Realtors (NAR) indicates that first-time homebuyers now represent just 24% of all buyers—a historic low since NAR began collecting data in 1981.
Several factors contribute to this decline, including rising down payment requirements, limited housing inventory, and the complexities of the home-buying process.
Elevated Down Payment Requirements
In today’s competitive market, first time homebuyers often need to make substantial offers to compete with all-cash buyers. Consequently, the typical down payment for first time homebuyers has increased to 9%, the highest since 1997. This significant financial barrier makes it challenging for many to take the initial step toward homeownership.
Navigating a Tight Housing Market
Limited inventory adds another layer of difficulty, with 55% of buyers reporting that finding the right property is the most challenging aspect of the home-buying process. For first-time homebuyers, this scarcity means increased competition and often settling for homes that may not meet their needs or expectations.
The Complexity of the Home-Buying Process
Understanding the home-buying process is a significant hurdle, especially for newcomers. According to NAR, 36% of first time homebuyers find comprehending the steps involved to be a major challenge. This complexity can lead to frustration and, in some cases, discourage potential buyers from pursuing their homeownership goals.
Burson Home Advisors: Paving a New Path to Homeownership
At Burson Home Advisors, we recognize these challenges and have developed innovative solutions to make homeownership more accessible, particularly for first time homebuyers.
Lease to Own: A Viable Alternative
Our lease to own program offers a flexible and financially attainable pathway to owning a home. Here’s how it works:
- Immediate Move-In: Clients can move into their chosen home right away, eliminating the waiting period often associated with traditional purchases.
- Equity Building from Day One: Unlike traditional renting, a portion of the monthly payment in our lease to own program contributes toward building equity, allowing clients to invest in their future from the start.
- Affordable Down Payments: Our programs offer down payments as low as 2%, making it easier for buyers to take the first step toward homeownership.
- Time to Secure Financing: This approach provides clients with the necessary time to strengthen their financial profiles, improve credit scores, and secure favorable mortgage terms when they’re ready to purchase the home.
- Immediate Move-In: Clients can move into their chosen home right away, eliminating the waiting period often associated with traditional purchases.
- Equity Building from Day One: Unlike traditional renting, a portion of the monthly payment in our lease to own program contributes toward building equity, allowing clients to invest in their future from the start.
- Affordable Down Payments: Our programs offer down payments as low as 2%, making it easier for buyers to take the first step toward homeownership.
- Time to Secure Financing: This approach provides clients with the necessary time to strengthen their financial profiles, improve credit scores, and secure favorable mortgage terms when they’re ready to purchase the home.
Success Stories: Turning Aspirations into Reality
Consider Kelly’s journey. Facing uncertainty in the traditional housing market, Kelly partnered with Burson Home Advisors and transitioned from renter to homeowner in just 30 days through our lease to own program. Her story exemplifies how alternative pathways can lead to successful homeownership, even amidst market challenges.
Educational Support: Guiding You Every Step of the Way
We understand that the home-buying process can be overwhelming. That’s why we offer comprehensive guidance to help clients navigate each step with confidence. From understanding lease agreements to preparing for eventual mortgage approval, our team is dedicated to providing the support and information needed to make informed decisions.
Is Lease-to-Own Right for You?
Our lease to own program is particularly beneficial for:
- First Time Homebuyers: Those looking to enter the housing market without the immediate burden of a large down payment.
- Self-Employed Professionals: Individuals who need time to season their tax returns to qualify for traditional financing.
- Current and Prior Homeowners: Those seeking flexibility while transitioning between properties.
- Relocators: Individuals moving to new areas who wish to settle into a home quickly while finalizing their long-term housing plans.
Take the First Step Toward Homeownership
If you’re feeling discouraged by the traditional home-buying process, exploring alternative pathways like lease-to-own could be the key to achieving your homeownership goals. At Burson Home Advisors, we live for victories like those our families are looking to achieve. We’re committed to helping you overcome obstacles and find a solution tailored to your unique situation.
Contact us today to learn more about our lease to own program and take the first step toward turning your homeownership aspirations into reality.
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