By Melissa Colabella
Most first time home buyers (FTHB’s) start the process feeling overwhelmed, anxious, excited, nervous, and terrified. A home is the largest investment most people will make in their lifetime so it’s natural to feel this way. Here are a list of things you can do as a FTHB to help me help you:
- Make Lists: Write out and prioritize a list of the things that you want vs. a list of the things that you need in a new home. Share this list with me so that we can have an open discussion about how these items relate to what’s available on the market currently and how they align with your budget. Update your list as we progress. You may find yourself adding, retracting or re-prioritizing as we progress.
- Keep Notes and Seek Patterns: I will keep solid records of the homes that you see. You should also write down your own feedback. This will help us identify the patterns that may be challenging the process and from here we can identify what changes we can make to narrow the search. Location, condition, inventory, and school districts affect pricing and one of these could be working against you.
- Be Realistic: I often hear FTHB’s say “we’ve been looking for years!” and I automatically know that they’re not being realistic with how their budget aligns with the marketplace, unless they are seeking for a unique home, like a property built by a specific architect, or a rare piece of architecture like an octagonal house. It doesn’t always come down to budget. I find that FTHB’s in high end price points often face their own obstacles. Be open to suggestions and remain honest about what’s limiting you.
Armour-Stiner (Octagon) House courtesy of Julia B Fee Sotheby’s International Realty
- Set a Time Frame: I’m more than aware that I may need to show FTHB’s what I already know about the marketplace in order to educate and build trust. However, it is not an efficient use of anyone’s time and it can be physically and emotionally exhausting to see everything available on the market that you see on Trulia or Zillow because you feel that we “may be missing something.” I’ve learned that FTHB’s often need to lose a few homes before feeling comfortable enough with a market in order to move forward. Set a time frame for yourself to understand your market. You may find that it’s not the right market for you.
- Organize Your Documents: I suggest keeping all of your documents organized in a binder. Include your pre-approval letter, which you will need before you can even start looking, and the documents you provided to your mortgage broker in case you need them again (you will). Also file the listing sheets I give you for the houses we visit with associated notes, inspection reports, appraisals and town guides.
- Stay Positive and Hire a Good Attorney: Even after you have found a home, made an offer, had it accepted, and completed the inspection process, the process of closing the deal can sometimes take longer and be more complicated than you’d like. Stay positive and trust that the professionals you have hired to represent you will put their experience to work for you.