Good morning! We hope you’re all staying warm today! We are HUGE fans of the snow and snow days in general, so its been a win around here! Today I really want to take a minute and chat with those who are looking to buy! Last week we took a deep dive into the fact that Lubbock and West Texas in general are in a “sellers market”, and what the means for sellers, but what does that mean for buyers?
So buyers, here’s the deal! Yes, it’s a sellers market. Yes, it may take you a while to find a home. Yes, we have seen our buyers be beat out in multiple offer situations upwards of 10 times before they win. Yes, it’s a frustrating process.
However, before we get too far in to this, the first thing I like to coach all of my buyers on (especially my first time homebuyers), is to take a good look at your game plan. How long do you plan to stay in this home? Is it your forever home? How much do you have saved up? Do you have extra in reserves so that you don’t get your dream home only to be left house poor? Knowing your goals for this purchase, allows me to help you get there. We believe in Dave Ramsey principles at our office, and will always advocate for you to be wise financially even in this market, and don’t let it shock you, but that may mean we encourage you to wait if you don’t plan to be in this home for more than 2 years (what realtor will tell you that!).
Take a step back and remember, this is an INVESTMENT. It can be difficult because we want to be emotional about it, but statistically speaking most home owners are staying in their homes for 3-5 years, and that is it. Don’t over buy just to win, make a wise offer, stay under budget and allow yourself space in your budget to continue living! We can handle the rest. When you communicate with your realtors well, we can help you narrow down the homes and get creative with your offers. It may also benefit you to take a look at your loan options. Unfortunately we are seeing less and less VA and FHA loans “winning” bids because sellers feel they are less secure in a contract period, if you can get approved to go Conventional, that may be in your best interest.
We like to say around here that all of this real estate information is like trying to take a sip from a fire hydrant. The last thing we want to do is confuse our clients, but rather educate them as best we can, empower them to make decisions that are best for them and their families, and encourage them through the daunting process. We are here for you 100% of the way! For more information hop on over to our YouTube page by clicking the photo above where Kristen goes in to a bit more detain, or go to our “Meet The Team” tab, to find one of our agents who can best answer some questions for you more one on one!
