The First-Time Homebuyer's 7 New Year's Resolutions

Dusty Rhodes • January 20, 2020

I love the new year! Starting fresh, getting ready for new opportunities, setting new goals for yourself and your life. There's something so liberating about it. You leave all your baggage behind in the new year with the decorations you take down and store for the next fall and winter. It's an opportunity to start your year off with a clear mind and with a path in sight for this new one. And if you're buying your first house this year, you already know that you're about to experience a whole new chapter of your life! This week, homes.com will be giving us some inspiration on the 7 New Year's resolutions every first-time homebuyer should be setting.


Perhaps the three most serious mistakes most first-time homebuyers make are failing to give themselves enough time to put together a down payment, failing to improve their credit and not paying down as much debt as possible before they start shopping for a home. These can take months to complete, and should they find their dream home, they won’t be in a position to make an offer or get a mortgage.


Many buyers also not give themselves enough time to make a budget for the purchase, including down payment and closing costs and a budget for monthly living expenses afterward to determine what they can reasonably afford. Before they can realistically house hunt, they will need to decide on a list of “must-haves” that includes location, find an excellent real estate agent and find a lender.


If 2020 is to be the year you want to become a homeowner, here are seven New Year’s resolutions that will help you not only buy your first home, but be able to do so comfortably and happily.


Resolution #1. Save for a Down Payment and Closing Costs

Unless you are a veteran who qualifies for a VA mortgage, which requires no down payment, you will need enough cash on hand for a down payment and closing costs. A recent survey found that nearly half of millennial renters who want to become homeowners have not saved a penny towards a down payment, even if you choose a 3% low down payment loan like those offered by Fannie Mae and Freddie Mac, you are going to need $6,000 for a down payment on a $200,000 home. Most young families will need six months or more to save that much. A few lenders offer “zero down” mortgages to first-time buyers, but only to borrowers with excellent credit.


Some first-time are turning to their families for gifts to get them over the down payment hump. These must be gifts, not loans. But lately, the “bank of mom and dad” has been drying up. In 2019, 17.4% of millennials were expecting support, down from 19.1% in 2018. Those who expect help in 2019 are expecting less ($8,928) than they did last year ($9,878).


If you haven’t started saving yet, reduce your living expenses as much as you can and put away as you can with every paycheck. Pay yourself first to make sure you are putting away enough to reach your goals. Don’t save cash by using your credit cards to pay living expenses. You will quickly increase your debt load, which will lower your credit rating. You will also increase your debt-to-income ratio, which could kill your chances of getting a mortgage. Even if you do get approved, you will be offered a higher interest rate.


Closing costs like title insurance, appraisal, settlement fee, home inspection, and lenders’ expenses are beyond your control and are required to be paid at settlement. Most closings these days take place six weeks or so after the seller accepts your offer. Closing costs are generally 5% of the home price, but they vary significantly by state. Here’s a state-by-state list of average closing costs in 2018.


Resolution #2. Reduce your Debt

Lenders look at debt-to-income ratios to see if you will have enough each month to handle a mortgage payment in addition to your monthly debt payments. Your debt-to-income ratio is the of all your monthly debt payments divided by your gross monthly income. The average debt-to-income ratio (DTI) for all recently approved mortgages is 24/37.


You can improve your DTI either by making more money or paying off some of your debt. Review your current debt load and pay off those that have the smallest balances.


Resolution #3. Improve Your Credit Rating.

Your credit score and credit history will also determine whether or not you will get a mortgage and how much interest you will pay. Lenders to whom you apply will pull your credit and carefully review your record. The average credit score for all mortgages is currently about 736.


Credit scores change every month, and you should monitor yours and review your credit history on each of the three major credit bureaus: TransUnion, Experian, and Equifax. If you need to improve your credit, then it should be at the top of your resolution list to do so– here are some tips on improving your credit. Like saving for a down payment and reducing your debt, it takes months to improve your credit. However, you can keep working on your credit until you find a house to buy and apply for a mortgage.


Resolution #4. Get Pre-approved by a Lender.

When you’ve done the best job on your credit and debt, ask a lender to pre-approve you before you to home shopping. With a pre-approval in hand, you will be in better shape to make an offer. If your credit or DTI continues to improve, you may be able to get a new pre-approval for a larger loan.


Resolution #5. Decide Where You Want to Live.

It’s no secret that first-time buyers are facing the worst affordability crisis in decades. Supplies of all homes improved slightly last year, but most economists don’t expect it to get much better and hotter markets may have even fewer homes than last year. Unfortunately, smaller starter homes popular with first-time buyers are harder to find than larger homes.


Inventories and prices vary greatly. Larger coastal metros are the most expensive, but properties in smaller cities are generally more affordable.


If you live in a high priced market, is relocating a possibility? Could you find an excellent job in your field or work virtually? If so, you might surf locations that appeal to you. Check out prices and the supply of affordable homes. You might be surprised at how much reasonable some markets are.


If relocating isn’t in the cards, try to enlarge the areas you would like to live in your current metro. The larger the area you consider, the more listings you will find. If you are moving from an urban rental to am exurb, you might a longer commute will make to become a homeowner faster than staying where you are,


Resolution #6. Make a Realistic Budget for Living in the Home You Buy.

Nearly two-thirds, 68%, of millennial homeowners said they had regrets about their home purchase, and 18% cited unexpected maintenance or hidden costs as their greatest pain point, a Bankrate survey found last year.


Your monthly mortgage is just one of several costs of homeownership. Many first-time buyers fail to plan for insurance, maintenance, taxes, utilities and homeownership association fees are some of the expenses that can strain your family budget. When you decide to make an offer on a home, ask your home inspector for rough estimates of significant repairs or upgrades you will have to make soon. (Better yet, ask the seller to lower the price of the home to cover major expenses, or require him to make the repairs himself). Plan to set aside 1% to 2% of the value of your home each year for upkeep. These expenses, as well as your monthly mortgage payments, will increase with the cost of the home you buy.


If your budget comes in at a level for more than you can comfortably afford, you will have to reduce your mortgage and the amount you can spend to purchase a home.


Resolution #7. Stick to Your Budget.

By making a good budget and sticking to it religiously will save your family from years of living “house poor.” Promise yourself and your family that you will stick to your budget. Don’t assume that the maximum amount that a lender will lend you is the maximum you can afford. His number does not take into account all the expenses you have listed in your budget. It’s merely a number based on your credit score, your debt and don’t get caught in a bidding war for your “dream house” and offer more than you can afford. You may lose the deal but find another house next week that you will like just as much and can also afford.


**BONUS RESOLUTION** Don’t Give Up Easily.

There is no question that these are tough times for first-time buyers. A recent survey found that 12.3% of millennial renters who would like to become homeowners have given up homeownership and plan to rent forever.


After you have given your best effort and can’t find the right house at a price you can afford by the late summer or fall, this might not be your year. Pack it in until 2021. As you continue to save, improve your credit, and reduce your debt, you will be in a better position to buy a home.




Source: homes.com


Dusty Rhodes Properties is the Best Realtor in Myrtle Beach! We do everything in our power to help you find the home of your dreams. With experience, expertise, and passion, we are the perfect partner for you in Myrtle Beach, South Carolina. We love what we do and it shows. With more than 22 years of experience in the field, we know our industry like the back of our hands. There’s no challenge too big or too small, and we dedicate our utmost energy to every project we take on. We search thousands of the active and new listings from Aynor, Carolina Forest, Conway, Garden City Beach, Longs, Loris, Murrells Inlet, Myrtle Beach, North Myrtle Beach, Pawleys Island, and Surfside Beach real estate listings to find the hottest deals just for you!


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What Stays With the House When You Move?

By Dusty Rhodes • March 30, 2026
When you’re selling your home , it is natural to assume that anything you can safely remove is yours to keep—like the light fixtures you painstakingly cleaned and repaired, or the appliances you bought last year. But the truth is, the buyer may want some of those items, too, and sometimes it's better to part ways with these items for the sake of the sale. Rather than keep everything, you should decide what you'd like to keep and what you'll leave behind as a way to entice buyers into making an offer, particularly in today's market where buyers are holding more of the cards than ever. What stays with the house? Generally, certain items stay with the house when you sell and move. Some features may seem obvious, but the truth is, you're probably expected to leave more behind than you think. Some of these items can include: Built-ins: Built-in bookshelves, benches, and pull-out furniture generally stay inside the home. Landscaping: Trees, shrubs, and any flowers planted in the ground should stay in the yard. Wall mounts: If you have TV wall mounts or picture mounts that might damage the wall if you remove them, it is a good idea to leave them in place when you move. Custom-fit items: If you have custom-made curtains , plantation shutters, or blinds, leave them on the windows and doors. Hardware : If you upgraded the knobs and drawer pulls in the bathrooms and kitchen, you should either leave those behind or install replacements before you move. Alarm systems : Wireless alarm systems are designed to be removed. Otherwise, leave the alarm monitoring station attached and either relocate or cancel the monitoring service. Smoke detectors : Smoke detectors and sprinkler systems should stay in the house, especially if you plan to move before selling the house. What can you take? While you’re expected to leave some items behind, in general your belongings are yours to keep. Here are some examples: Patio furniture, lawn equipment, and play sets : If you have a wooden swing set in the backyard and a bistro table on the front porch, take those items with you. Appliances : Some lenders require that a home have an oven installed before approving a loan, but for all other appliances, it's up to you to decide what you will take and what you will offer as part of the home. Some light fixtures : Generally, homeowners leave light fixtures behind, but if you’re attached to a certain fixture, you can make arrangements with the buyer to take it. Built-in kitchen tools : If you can safely remove a mounted spice rack or the pasta arm, you can take it with you. Rugs, basic curtains, wreaths : Small decor items like rugs or curtain rods that can be safely removed can be taken. What should you consider leaving? Some of your personal items can be used to help sell your house—or increase the asking price. Before you take everything just to take it, consider offering some hot items like the following: Appliances : Homeowners, especially new homeowners, don’t always have their own appliances. Many buyers would be more likely to place an offer on a home if it came fully stocked with appliances. Custom swing and play sets : If you have a swing set or playhouse your children have outgrown and you notice a potential buyer has children, offer to include the item with the deal. Kitchen built-ins : Built-in spice racks, pantry organization, and windowsill shelves can really help sell a kitchen. Consider offering the items to an interested buyer. Light fixtures, curtains, rugs, and other upgrades : If you’ve upgraded the light fixtures or have custom rugs in the entryway, a buyer may be willing to increase his or her offer to keep those items in the home.  If you’re not sure what would entice a buyer, ask your real estate agent to provide suggestions. Don't have an agent yet? Here's how to find a real estate agent in your area.

Top Mistakes Homeowners Are Making in 2026 (And How To Avoid Them)

By Dusty Rhodes • March 23, 2026
Let’s be clear: selling your house is absolutely possible right now. According to the National Association of Realtors (NAR), roughly 11k homes sell every day in this country. And the sellers who are making their moves happen all have one thing in common: they’ve adjusted their strategy to match today’s market. They’re realizing inventory has grown. Homebuyers are more selective. And buyer expectations are higher. The sellers who struggle are usually approaching today’s market with yesterday’s expectations. Here are the three biggest mistakes they’re making – and how to avoid them. 1. Pricing Based on What Their Neighbor Got a Few Years Back Setting your price is the most important decision you make when you sell – and the one that’s most often mishandled. Realtor.com data shows almost 1 out of 5 sellers in 2025 had to drop their price. Here’s what those sellers went wrong. Buyers have more choice and more negotiating power now that inventory has grown. And house hunters will actively avoid your house is if feels like it’s priced too high. That’s why overpricing usually leads to: Fewer showings Less competitive (or lowball) offers Longer time on market And all three of those side effects are things you don’t want to deal with. What To Do Instead: The good news is the cure is simple. Just price for today’s buyer, not yesterday’s headlines. Lean on your agent’s knowledge of recent comparable sales, current competition, and local buyer behavior to land in the value “sweet spot” that drives traffic and urgency from day one. 2. Trying To Skip Repairs That Buyers Now Expect A few years ago, you could sell as-is and still get well above asking. Today? Not so much. Right now, NAR says two-thirds of sellers are making at least some repairs. And the reason why is simple. In a market with more inventory, buyers compare homes side by side. Homes that don’t show well (or feel dated) are going to lose attention quickly, even if the issues are minor. What To Do Instead: Ask your agent which high-impact, low-stress updates they’d recommend for your house. The goal isn’t perfection. It’s helping buyers see themselves moving in without a mental to-do list. Small investments in staging, repairs, and curb appeal can make a huge difference in how quickly offers come in – and how strong those offers are. 3. Playing Hardball When Buyers Try To Negotiate Today’s buyers have housing affordability at the top of their minds. And since money is already tight, they’ll be pickier and will probably ask for some compromises from you. Whether that’s making repairs, giving them a credit at closing, or taking just a few thousand dollars off your asking price, negotiating is normal again. So, if something pops up in the inspection, you’re going to need to be open to talking about it. If you’re not, you may very well see your buyer walk away. And some sellers are figuring this out the hard way. Redfin data shows one of the big reasons home sales fell thru in 2025 was inspection or repair issues. Odds are those homeowners weren’t willing to flex a bit to get the deal done. What to Do Instead: Meet with your agent to make sure you understand what buyers in your area care the most about. Align your price with value, present the home clearly and confidently, and stay open to reasonable negotiations that keep deals moving forward.

10 Aging-in-Place Features Pros Swear By

By Dusty Rhodes • March 16, 2026
They’re often called aging-in-place features, but things like curbless showers, nonslip flooring and wide walkways and doorways can benefit everyone, no matter their age or ability. “Regardless of aging in place, there is a place for these in day-to-day life, whether it be a teenager on crutches, a family member having had surgery, active kids,” designer Dana Bass says. “It’s not just about aging in place. We’ve got to account for unplanned life emergencies.” Designer Tammy Battistessa of Ellaire Kitchen & Bath Design agrees. “Whenever possible, I include aging-in-place and universal design features in every project, as I believe many of these features benefit clients of all ages and abilities, in addition to allowing a client to safely remain in their home for a longer period of time,” she says. Creating a home that can adapt also makes it more sustainable. “Aging in place is a key element to making legacy homes that can evolve over time,” architect Tim Barber says. With all that in mind, we asked more than 50 home design and construction professionals to share the aging-in-place features they always recommend. Here are the 10 that came up again and again. 1. Wide Walkways and Doorways Planning ahead is one of the most important steps when incorporating aging-in-place features. Many of these elements require thoughtful design and construction, so it’s wise to start early — and to consider hiring professionals who understand the nuances. “Thinking through how you will really use the space makes all the difference,” designer Haiku Durden of HDS Design says. “Having a designer involved really makes a difference.” A professional can help you create a plan that works for your current needs and anticipates future ones. “We currently default to aging-in-place features when our clients are near retirement or retirement age,” says designer Jenny Guggenheim of Guggenheim Architecture and Design Studio . “Preplanning by adding blocking behind the wall finish, spacious floor planning to allow for wheelchair or walker use.” In fact, spacious layouts are among the most commonly recommended aging-in-place strategies. Wide walkways and doorways — and generous clearances around furniture and fixtures — make it easier for anyone to move through the home comfortably. Installing a continuous flooring material throughout also reduces tripping hazards caused by changes in height or texture between rooms.