How to Deal with Home Buying Stress
The path to home ownership can be a highly emotional one, and in a sellers’ market this is particularly true. Today’s buyers are facing steep competition from other buyers in a market with a limited amount of selection. All buyers are probably feeling tremendous stress about finding that perfect home before someone else does.
Supply is limited, demand is high, and if you have lost out to another buyer in a bidding war you may be emotionally drained. But, like anything in life, it’s not what challenges you but how you handle those challenges.
There are things you can do to let go of home buying stress and focus on finding your new home.
Here are a few tips:
- In a market where home inventory is limited it is quite common for a home to get listed and go under contract the same day or soon afterward. Plan your pros and cons list while you are viewing the home. Come to showings prepared to place an offer that same day if the home is “the one.”
- There are two levels of loan approval (prequalification and preapproval), but getting prequalified is very basic. Get pre-approved for your loan amount so things can move quicker and sellers can take your offer seriously. You will get much of the paperwork out of the way, and you will have your actual loan amount approved based on real facts, credit reports, debt to income ratios, and other criteria.
- If you are being out-bid by other buyers in this sellers’ market, try and raise your offer to win the bidding war. Put your absolute best offer out there right from the start.
- Don’t let emotions make you offer more than is financially comfortable. Before making an emotion-fueled offer for a house, take a hard look at your finances. While it may feel good at first to beat out other buyers and to purchase a property, it won’t feel so great in a year or two when you are struggling to make the payments on a house that is beyond your means. Know your limits before you begin to bid.
- Consider new construction. With limited homes on the market, building your own may be your solution to home ownership. Maybe you will need to adjust your budget ( a bit higher) or your list of must haves (a bit shorter) because building can cost slightly more than existing homes, but you will get the house and layout that you want, and features that fit your taste and style.
Buying a home can be an exciting and happy experience in your life. But in today’s fast-paced, low-inventory market, it can be full of stress. Just remember there is always a good way to respond to these challenges, and remember that your Realtor can be a great source of advice on how you should proceed.
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