It’s a privilege being part of a team that helps people build wealth and achieve the goal of home ownership. It takes careful planning and team building for my clients to achieve those goals. It doesn’t come without challenges, and even more so in today’s market. Property values are going up. Supply is low. It is easy to get frustrated and grow weary when you are looking for a new home. You may have called on several homes that are already under contract within hours of being listed. That can be discouraging. I have a few tips to get you moving in the right direction.
The first step in avoiding unnecessary frustration, whether you are buying your first home, your dream home, an investment property or a second home, is to consult a mortgage professional to help you make a realistic plan. This is the road map to success. You need to clearly evaluate what you can afford and determine what your options are. A licensed mortgage professional will go over what your goals are and help you form a plan to achieve them. No one wants a mortgage, but most people want to own a home and build wealth. Start strong with good advice and a solid plan.
The second bit of advice is to hire a REALTOR. As a mortgage lender, I refer my clients to REALTORS on a regular basis. This is a fast-paced market and real estate agents are truly needed to successfully buy and sell property at the best price point in the least amount of time. There are several things that are negotiated when buying a home, and my REALTOR partners take the confusion and frustration out of the equation, by advocating on your behalf. Most of us don’t purchase homes on a regular basis, and the wisdom of a REALTOR is crucial to making the right offer and accepting the best terms possible. Keep the plan going and further build your team with a REALTOR to advocate for you.
The third bit of wisdom is to be realistic. You may not be able to find everything on your wish list. That is okay. Sometimes you may have to stick to the essentials. If you don’t love it, don’t buy it. Just know that if you hesitate too long, someone else will. Create a list of needs that you can’t settle on and create a list of wants that are optional. Know the difference.
Number four on the list is the glue that ties it all together. Discuss your list and each step of the process with your lender and your REALTOR. Have conversations together. Your lender is not a real estate expert, and your REALTOR is not a lending expert. Discussing things with both your lender and your REALTOR will open doors you may not have realized existed. A client once told me he found a home that met many of his needs, but the home was in desperate need of renovation. The client’s REALTOR told him the home would need to be bought by an investor, because it needed quite a bit of work. There are loan products that allow for purchase and renovation in one. The REALTOR wanted to meet the client’s needs but wasn’t aware I could help open the door to do that with a loan to purchase AND renovate. Communication between you, your lender, and your REALTOR is key for your plan to be successful.
If you are searching for a home, this is an exciting time! I hope these words of wisdom encourage you on your journey. As a lender on the Matthew Stevens Mortgage Team of Ross Mortgage, it is a pleasure seeing dreams turn into plans and then into a reality. We strive to give our clients the tools needed for success and clearly communicate every step of the way. We even offer a $1000 guaranteed pre-approval for those that qualify to give our buyers more leverage when making an offer. Don’t give up. Reach out and we will discuss your goals and options, formulate a plan, build your team and move forward together.
-by Samantha Wilson
Matthew Stevens Mortgage Team
