First time home buyers may be terrified just thinking about the
home-buying process...where to go, who to choose, can I afford it...how
to get started. Homebuyer Classroom has identified some of the sources
that cause fear and will share with you how to dissect this fear and
keep moving forward with the home buying process.
FIRST: There is no "perfect" time to buy, any more than there is a right time to sell.
If you find a new home now, don't try to second-guess the interest
rates or the housing market by waiting. Changes don't usually occur fast
enough to make that much difference in price, and remember a good home
won't STAY ON THE MARKET LONG.SIDEBAR: "FOR SALE" signs
in yards DO NOT guarantee that those homes are still available. Often
times, real estate signs will remain in the yard until the home has
officially "closed" and is off the market. This happens primarily
because deals fall through (do not work out) and the home has to be put
back on the market, after being taken off for that buyer. If you
work with a Real Estate Agent you will be able to verify the true status
of the property at all times. If the deal falls through and you're
working with an agent s/he can notify you immediately that the home is
now back on the market.
SECOND: Don't try to be a "killer" negotiator.
Negotiation is definitely a part of the real estate process, but trying
to “win” by getting an extra-low price may lose you the home you love. SIDEBAR: If
you are bidding on a highly desirable home, you want to make sure your
offer is attractive, stands out and gets the seller's acceptance!Always
start by making an offer "lower" than the asking price for the home,
but be careful not to "low ball." Often times first time home buyers
think that if the seller "really" wants to sell they'll accept their
offer. That is "improper" thinking. Sellers' have a choice in the offer
they'll accept just as you have the choice in the home you'll purchase.If
you love the home and feel that it is the "perfect fit" for you and/or
your family negotiate appropriately, fairly and wisely. Why miss out on
the right home because you keep going back and forth with the seller
over $1,500? Besides, $1,500 divided by 30 years (360 months) is a mere
$4.16 cents more per month. Don't lose your dream home over dollars and
THIRD: Don’t wait until you’ve found a home and
made an offer to get approved for a mortgage, investigate insurance
availability, and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers.SIDEBAR: Before you make an offer on a home have your business in order! Make
sure you have a pre-approval letter, know how soon you can move
(closing on a home usually takes 30 days from the date your offer is
accepted). Therefore, you have to wrap up loose ends at your current
residence. Sellers don't like to have contingencies (i.e.
stipulations) in the contract. For example, you can't close on the
property until 90 days from the date of the accepted contract.Remember
there are other buyers in line looking at the same houses you may be
considering. Be prepared. Be ready to play ball. Handle your business to
help ensure a smooth transition.
FOURTH: Factor in maintenance and repair costs in your post-home buying budget. Even if you buy a new home, there will be some costs. Don’t leave yourself short and let your home deteriorate.SIDEBAR: It
would be wise to have an emergency fund set aside for repairs and
maintenance in your new home. Trust and believe things will happen in
your new home. Unlike renting, there is no one to call at the leasing
office to fix the toilet. Keep in mind that these responsibilities are
now those of the first time home buyer.But, don't be discouraged,
because the benefits you receive as a first time home buyer FAR
outweighs home maintenance. Remember, this is "your" valuable
FIFTH: Accept that a little buyer’s remorse is inevitable and will usually pass. Buying a home, especially for the first time, is a big commitment, but it also yields big benefits!SIDEBAR: This
one perhaps is one of the most important. Once you commit to one home
(especially after looking at over 20) you'll wonder if you chose the
right one. You'll wonder if you should have waited until next year and
so on and so on. Please understand that this feeling is common
among the majority of buyers. Once you've chosen your home begin to
settle, relax and start to visualize you and/or your family living in
your new home. Those feelings of remorse tend to drift away.Remind
yourself that first time home buyers are wise adults who are building
wealth for their futures. 2012 is the year for first time home buyers!
The Michelle Cantrell Group wants to help you find your dream home! Specializing in all types of real estate throughout Springfield and surrounding communities. We are committed to providing the best real estate services, along with the greatest expertise and professional, personalized service to each of our clients.
We believe we have more to offer both home buyers and sellers. Our team of highly trained professionals specializes in marketing, financing, advertising, photography, graphic design and staging to make sure every single property gets the attention it deserves. Our team leads the industry in getting your home sold! We sell more because we do more! Our goal is to win the referral of your family and friends!