Why Is It So Hard for First-Time Buyers to Get a Home?
For many first-time buyers, the dream of owning a starter home feels out of reach. Prices have climbed so high that even when buyers find something within their budget, they often face intense competition.
Take this recent example: A home in Greenwich hit the market at a fair asking price and received 12 offers. Eleven of those had no mortgage contingency, most waived inspections, and one buyer even went 25% over asking—yet still lost the bid due to a mortgage requirement.
To keep up in today’s market, buyers need every advantage. Some lenders now offer “fast track” programs where buyers submit all financial documents upfront. The file goes through underwriting before an offer is even made. That way, once the right home comes along, the buyer can bid without a mortgage contingency, knowing financing is already in place.
Another strategy is bringing a licensed contractor to the showing. Contractors can spot potential issues that buyers might miss. If everything checks out, buyers may feel more confident waiving the inspection contingency—a move many sellers prefer since it reduces the risk of post-inspection negotiations. Plus, once a defect is officially documented, the seller must disclose it to future buyers if the deal falls through.
Cash offers also continue to dominate. According to the Warren Group, 65% of June home sales in Greenwich closed with cash. Some buyers get help from family, some already sold a home and have funds ready, and others tap into their equity with a bridge loan to buy before selling.
In today’s competitive market, preparation is everything. The buyers who plan ahead, secure financing early, and consider strategic contingencies are the ones most likely to land their next home.
