Get your priorities
in order!!
Man
I hated that phrase when I was young!
However, if you are in the stages of purchasing your first home, it’s
sound advice. Many first time
homebuyers go into the purchase process without laying out a predetermined game
plan of their true wants and needs. And with the amount of inventory on the
market today, that’s like giving your kids the keys to Toys R Us and saying
“pick one”. Without a sound “plan
of attack” in place you may be quickly overwhelmed and end up making bad
choices; like picking a Yo-Yo instead of a trampoline.
First things First
Right
off the bat you need to decide what your #1 priority is in a home and why. It can range from school system to the type
of kitchen installed. This will
give you and your agent a base to start with. These parameters can obviously change at anytime, but it’s the
best way to get started. With this
base created we can start our home search with defined parameters, reducing the
overwhelming effect today’s inventory levels can have on you. This will also allow you to quickly get
on the road and into some homes instead of sitting on Realtor.com for months.
Patience is a Virtue
Now
that we “have our priorities in order DAD”
we need to give ourselves time.
The best way to do this is to remain calm…. Just chillax! Patience is the name of the game when
purchasing in this market – we are no longer in the “bidding war” days of homes
being sold within hours. This
market is full of inventory and you need sufficient time to do your due
diligence. Give yourself 3-9
months depending on your situation to search and understand the market. I always remind my buyers that you
won’t know a great deal when you see it if you have had nothing to compare it
to. So be sure that you view
enough property to really understand fair market value for your particular
wants and needs. r
Do you really need
that?
I
often see buyer frustration when wants and needs are to “tight”. What I mean by tight is that the buyers
may be unwilling to budge a bit from their wants and needs. We need to keep in mind that the
average homeowner lives in their first home for only 8 years. You may be able to “scrap” or
hold off on a few of your original parameters in trade of something else. For example, if you can part with a
pool, you can usually get more space or an upgraded home for a similar price. If you have small children that wont be
attending school for 5 years or more, it may be worth it to get a larger/nicer
home in a lower rated school district. Rationalizing these wants and needs in an honest
format is a great way to acquire the best home available in your budget.
Keep
these tips in mind, remember to stay patient and I assure you….YOUR PERSITANCE
WILL PAY OFF!!
