The process of finding a dream home can be a very exciting time for any new home buyer but as with everything it can come with some challenges. Buying your first home is not only a big financial step but is also a huge commitment. A home is where you will build your life, spend most of your days, raise a family, host family gatherings/parties, celebrate holidays, etc. This is where you will make lots of cherished memories with your family and friends. That is why making the right choice when finding your dream home is so important. Many new home buyers think the process of finding their dream home will be a really quick and easy process. In some instances this is true because in real estate, timing is everything!
Being able to find your dream home depends on many factors. For a new home buyer, the best case scenario when searching for a home is to be in a buyer’s market. In a buyer’s market, buyers have the advantage. The demand is low and this allows buyers to keep prices down. Unfortunately, for new buyers, it is not always a buyer’s market. In a seller’s market, the sellers have the upper hand and things can be tough for a new home buyer. Imagine going to an open house on a beautiful sunny weekend afternoon. The neighborhood and location is exactly where you want to be. The backyard is fully fenced in and you have the two car garage that you always wanted. The sun is beaming through the living room windows making you feel right at home. This home has everything you were always dreaming of including an open concept living area and beautifully updated flawless white kitchen.
But as you are walking through the property, you and several other buyers seem to be very interested. You look at the open house sign in sheet and there about 25 other names on the list and it has only been 45 minutes of this open house. This is the moment a lot of home buyers get a little anxious because they really want this house but so do many others. Numbers start popping into your head about how much you would like to offer for this house to be competitive without overspending. This is when you turn to your buyer’s agent. Your buyer’s agent will be able to guide you on the best competitive offer. Buyer’s agents do research for their clients through a competitive market analysis (CMA) to help determine how much a property in a specific area will sell for or is worth. This is based on how much other houses have been sold for in the past several months. For a new home buyer waiting for their offer to be accepted can be dreadful! Once the offer is accepted, it is a wonderful feeling for the buyer as well as the agent to be able to give this good news to their client. However, there are cases where the offer will not be accepted. The most important thing for every buyer to remember is to never give up hope looking for their dream home. As I mentioned before, timing is everything and when it’s right it’s right. Each house you see will bring you closer to the home that you end up buying and it will turn out better than you ever imagined.
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