5 Tips for First Time Home Buyers
Buying your first home is so exciting but can also be emotional, exhausting and nervewracking!
After all, you have been saving and dreaming of your first home, and the dream is to not only get into the market but have it be a strong investment decision. We want to love our home and feel confident in the community we choose and the life we imagine having.
This seller market can be very stressful for buyers (especially first-timers) and quite honestly, their agent as well! COVID19 has undoubtedly changed our world, and in the housing market, we are noticing more people acutely more interested in looking inwards to where they live than ever before.
People are working from home, staying home and dedicated to making any house situation more home-like, cozy, comfortable and functional.
Add to that, the interest rates are ridiculously low, so it is no wonder people in rental situations are itching to find strategies and ways to get themselves into the housing market. If you have spent the pandemic renting, you may be realizing that this could be the perfect time to invest in your first home. It looks like we will be spending more time at home for the long haul, so why not use a pandemic to give you a little nudge toward owning your first home.
Preparation is key to a seamless transition from renting to homeownership. With multiple offers, bidding wars and escalating housing prices, first time home buyers can find themselves in a roller coaster of emotions navigating the real estate market. It may be frustrating and confusing as to where to start, and heartbreaking when your offer is not accepted.
Here are my five tips for getting yourself ready to jump on your dream house when it shows up for you.
Set an affirmation every morning to manifest your vision. Believe that you deserve a home and commit to the work and financial preparations and sacrifice that will be needed to make your dream come true.
Ensure that your financing is arranged and pre-approval is in place. (you'll want as few "conditions" as possible). Sometimes you don't know how many offers there will be, so preparing an offer based on you being the only offer and an offer with your best possible offer can guide last-minute situations. If you need a co-signer, you will need to know you are all comfortable with your decisions and have clear boundaries and structure.
Take a look at the home thoroughly when you go through it. Note any issues big or small that you see, and feel confident to ask questions you have. Get a house inspection if possible, so you don't have to include it in a financing condition and have no big surprises after purchase. If you consider an older home, and multiple offers are expected, bring along someone versed in construction and home maintenance to help with unofficial checks.
Offer to close on the date that works for the sellers. Don't try to negotiate items that have been excluded from the listing (i.e. washer and dryer). Make the cleanest and best offer you can to give the seller their desired goals and accommodate their wants.
Most importantly - work with a real estate agent that you trust!
Are you wondering how to become a first time home buyer successfully?
