One of the most monumental experiences in any person’s life is the day they’re able to hold the “SOLD” sign, with new house keys, standing outside of the front door to their first home. It’s an accomplishment that supersedes any other. A rather significant check mark, if you will, on a “life goals” list.
According to thoughtful studies, surveys, and testimonials from those in the process of buying a home, it has been proven that current prospective buyers are feeling the pressure of today’s high-demand housing market. So much so, that tears are being shed to reflect how challenging it can be to find the right home in the right place at the right time for the right price. Say that three times, fast.
A recent Zillow survey found that 50% of home buyers cried at least once during the searching and first home purchasing process. Younger buyers were even more likely to shed tears — about 61% of the millennial buyers and 65% of the Gen Z buyers surveyed said they struggled during the process. Notably, things are even more complicated now as we navigate the state of Covid – it’s been shared that there are about 23% fewer homes on the market that just one year ago. With that, there is a significant increase in competition causing many potential buyers to withhold “must-haves” in a house to stand out to sellers.
Even the tough cookies that survive the harrowing timeline with dry eyes are sharing that emotions remain high during the course of finding a realtor, sorting through options for a new home, inspections, paperwork, negotiations, compromises and challenging obstacles throughout attain that the journey is profoundly draining and filled with stress.
As the pursuit for the perfect living quarters may seem quite daunting, suggestions have been made for how first timers can find peace in the process. We believe in three key factors to help the searching and buying process feel considerably more productive.
First, make it a priority to understand where you are financially and how that fits into your exploration process. There are several tools available to process what makes the most sense in terms of what is affordable for potential buyers. For example, you can find a mortgage calculator, a lender comparison, budgeting advisors and trained lenders. Fiscally, it’s imperative to be conscious of what is doable versus what is aspirational. When an achievable budget has been decided, moving forward is considerably less stressful.
Once you’ve sorted through finances and are confident in just how much you should spend, it is important to speak with a professional – someone who has been trained to navigate the buying regime. With nearly 60% of sellers combing through multiple offers, having the right team in place to help craft a competitive offer to help you understand the market, you’ll be properly informed to make a meaningful decision.
Finally, and in our opinion, most importantly – enjoy the once-in-a-lifetime experience. While it may seem overwhelming, finding the right place to call home is a major win. The excursion may not be perfect every step of the way, but celebrating small victories as you endure them, makes that “Sold” sign even more valuable. It’s an accomplishment to understand your finances, it’s a victory to secure a home loan, it’s a relief when you trust the professionals helping you in your search, and it’s prodigious when you place an offer that is accepted.
Following these three steps is the key to turning tears of fear into tears of joy.
Are you a new homeowner? How was the process for you? We would love to know. Email us at firstname.lastname@example.org.