As Millennials graduate college and enter adulthood, now is the time many young Wisconsinites are gearing up to purchase their first home. But, is Gen Y ready to buy?

It is great time to purchase a home. With inventory low throughout Wisconsin, particularly in metro areas, first- time buyers can get into their first home faster with these 5 tips:

1. If you’re reading this it’s too late. Timing is everything in the home buying market – inventory is low, so finding the right place at the right time is crucial. Don’t rely on portal “real estate marketplace” sites to tell you what homes are available. Instead go straight to the source – your local broker website. Portal websites are stale. Homes are selling so fast that by the time they hit these sites, chances are good that they’ve already sold. It is best to work with a local agent who can alert you as soon as your dream home goes on the market. First-time buyers should narrow their search criteria to a few neighborhoods that they’ve researched and selected as top choices. A local REALTOR® may also know of some up and coming neighborhoods that meet your search criteria that you may not have looked into. Then have a REALTOR® focus on those areas – so that when a house becomes available you can move on it… fast

2. Secure your finances before you begin searching. It’s a seller’s market and that means when a property becomes available – it goes fast. So, get your finances in order before you begin to look for a home. With so many people maneuvering for the same home, there’s no time to wait for conversations with a lender. Having your pre-approval letter ready ensures that you’ll be able to make an offer faster, improving your chances of getting the home you want.

3. Be prepared to put your best foot forward on an offer. If you’re putting an offer on a home that’s new on the market, understand that the sellers aren’t going to be coming down much on the list price. Sellers, who are experiencing multiple showings and offers at the same time, have the upper hand in today’s market. It’s a seller’s market. Homes, particularly in the metropolitan areas, aren’t staying on the market

Five Tips for a First-Time Homebuyer

78% of recent buyers found their real estate agent to be a very useful source of informationSource: NAR 2015 Home Buyer and Seller Generational Trends Report

32% of all home buyers in 2015 were first-time home buyersSource: NAR 2015 Home Buyer and Seller Generational Trends Report

for very long. Don’t start with an offer on your dream home you know is too low and hope for the best. The good news: Homes in Wisconsin remain very affordable compared to other Midwest states and the nation. So feel good knowing that whatever offer is accepted, you are still getting a good buy for your money.

4. Know what you’re looking for… but keep your options open. Are you willing to live outside of your “dream” neighborhood? Willing to take on a fixer upper? Yard or no yard? These are all questions that you should be prepared to answer – but also be prepared to budge on at least a little. Many first-time home buyers are looking for homes that are move-in ready with top-notch amenities. And while the days of buying a fixer-upper to build equity are seemingly no longer the trend for millennials – there are still a handful who don’t mind a project. Talk to your REALTOR® and make sure he or she knows your list of “must-haves” and the list of items that you are willing to bend on. If you are able to be flexible, you improve your chances of ultimately finding a home that you’ll be happy living in for years.

5. Seek help from a REALTOR®. First-time buyers won’t have to open their pocketbooks for a REALTOR®’s step-by-step guidance through their first home purchase. The buyer doesn’t pay for a REALTOR®’s assistance; that’s a seller’s cost. Rely on a REALTOR® to guide you through all of the ins-and-outs of the home buying process. There are many variables to purchasing a home that first-time buyers may not consider, such as finding the right lender, negotiating the purchasing contract and going through the inspection process.

38% of all buyers in the Green Bay area were Millennials with an average age of 29. Source: Ellie Mae Millennial Tracker

Only 8% of recent home sales were For Sale by Owner. Sellers and buyers know the value of using a REALTOR®!Source: 2015 Profile of Home Buyers and Sellers from National Association of Realtors