Working with buyers is 100% the best thing about working in real estate. I love getting to help my clients find their favorite area, help them get their kids into the school districts they feel would be best, imagining where the Christmas tree will go, and so much more. However the number one thing I see when working with buyers is when they put the cart before the horse. I WANT to take you out to see homes, I want to dream with you and fight for you in the negotiation process, but before we get there, there is a few things we have to do FIRST.
If you’re looking to buy a house, STOP and listen please! Contacting a lender has to be your first call. I’m very serious. Working with a lender will answer so many questions most first time homebuyers have like “what’s my budget? How much is that per month? Can I even qualify for a home loan? what kind of loan is best for my family?” When we know how to answer these questions, we can RUN. Our market is so busy right now that if you don’t have your ducks in a row, you will miss out on the home you love the most, in short, it sets you up for disappointment. We keep a local lender list in our office that we would be happy to email over to you, reach out if you want it! Our only recommendation when it comes to lenders is to keep it local! They work so much harder for you and typically have better rates and fees!
Next thing you need to do before you start looking, is SAVE UP. There are loans such as a VA loan that do not require a down payment, but in the market we’re in, you will need closing costs. Getting your closing costs covered by the seller is likely not going to happen right now. There are so many offers on homes and so many people with cash we are seeing appraisals waived time and time again by folks who have enough cash to pay the overages. You need at LEAST the basics covered to make a deal with a seller these days. Save save save my friends, it gives you a great upper hand!
Also, know your budget. Know what you WANT to afford! You may qualify for a $300K loan, however if that monthly payment makes you house poor, then lets make an adjustment. Having a beautiful home is great, but if that beautiful home is all you ever get to see because you no longer have a budget for a date night, a vacation or allowing your kids to do sports, then you’ve spent too much. This is what we call “house poor”, and our goal is for this home to help you reach your goals, not prevent you from even attempting them.
Lastly, and frankly this is just a personal opinion, so take it for what it is, stop comparing! Stop looking at what kind of house your friend bought, or what school district they are in etc, and focus on YOU. what is best for YOUR family. What house allows you to entertain, keep an excellent budget, still travel, still invest in things that brings joy to your soul etc. Your story is not anyone else’s story, your home will have your own touch and your own joys. Stay in your lane, we’re here to help! If you click the photo on this blog it will take you to our YouTube channel where I break this down a little bit, and our contact info is below, please reach out to our office if you need our local lender list, or if you just want to discuss any of this further!
Kristen Wright
Wright Realty & Design
806.318.9660
