Tips on buying a home in Today’s busy market.

How many of you reading this have been trying to buy a home only to find yourself getting outbid and frustrated?  I imagine a few of you are nodding your heads right now acknowledging this fact.  It’s easy to shrug it off and say things like “It’s the market” and “it wasn’t meant to be”, but there comes a time when you ask yourself “when is my turn?”

I have seen many become frustrated with the condition of our market, feeling everything is overpriced and it’s far to competitive.  It’s come to a point where qualified home buyers are putting their purchases on hold, which can be a costly mistake.  It’s important to know there are some things you can do to improve your odds.  These are some suggestions that could make the difference between getting that home and getting rejected.

Realistic goals

This is a conversation I have with every client and I feel realtors should too.  It’s going to set the standard for expectation.  Realistic expectations are key in a market like Today’s.   It’s easy to think you will get everything you want in a home because you’re spending the money, but the truth is a dollar doesn’t go as far in Today’s market as it did 4 years ago.  Even though the fundamental benefits of home ownership are still there, compromises must be made unless you want to spend a fortune.  That’s why I tell my clients to look at what a house could be rather than what it is.

Working with a good lender

I know I beat this one into everyone, but it’s true.  A good lender and realtor will absolutely make the difference in getting a home or not.  When you have a qualified team behind you that understands the market and what it takes to get you the home, you will have success.

 Understanding the true benefits of home ownership

Buying a home is a mixed bag, you buy something you love because it’s shiny and new, but you are also buying it because it’s an investment, not an investment that will get you rich, but rather one that assists you in living the way you want.  People can easily overlook the true benefits of buying a home and get caught up in menial facts like granite counters and steel appliances.  Here are some realistic benefits of buying a home:

 Equity:

Equity is one of the key reasons smart people buy homes.  Equity is the portion of the home’s value that YOU own.  When you sell your home you receive a check that is the equity in your house.  This is something you do not get from renting.

Your mortgage will be paid off someday

Unlike rent, your homes payment will decrease one day (when you pay it off)  you will be left with the real estate taxes and the insurance, but will not longer have that monthly obligation to the lender.  In 20 years do you think your rent will decrease? You can calculate a mortgage payment by contacting me.

Freedom to make it home

Have you ever asked your landlord if you can put in a deck or finish the basement of your rental?  Likely the answer will be “no”,  Owning a home provides you the freedom to make adjustments and updates as you see fit.

 You control the payment, not a landlord

This is the part of owning that caused me to buy.  I was tired of the landlord controlling the roof over my families head.  I wanted to provide a secure and long lasting place for us to grow and live.  Rentals can be sold and that means the future of your housing is uncertain.

The take away

The best advice I can give beyond this article is to not get discouraged.  Buying a home is an emotion process and becomes very rewarding when you finally secure it.  Another reason to work with a great loan officer is to ensure that after your hard work is complete you can close without any complications.  Trust your professionals and their advice, we have been a family owned company for 24 years and have built ourselves a reputation for treating our clients accordingly.

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Justin Scott

Loan Officer

NMLS 878581

  1. C) 920-530-4484
  2. O) 920-490-8823
  3. F) 920-490-8967

       Executive Mortgage

      NMLS 271650

 909 . E Walnut Street

Green Bay WI 54301