Anxiety is an autonomic nervous system response that is hard-wired into every human being. It’s part of our instinctive reaction to sensing a danger or threat in the wild - and the wild world of real estate is no exception. Buying a home doesn’t involve an actual, physical threat like the lions or tigers or bears, and yet during the home buying process, it’s not bizarre to feel like your dream home, your precious financial resources, your vision of your family’s future or your best interests are being threatened.
If you’re experiencing low-grade anxiety around your first home purchase, that’s probably a sign that you take it seriously and that you understand the importance of the matter. But if your anxiety is rising to the level that it causes panic or paralysis, those reactions actually pose a bigger threat to your smart decision-making than any actual threat you’ll encounter in the wilds of the real estate market.
Here is a short list of truths about real estate that can soothe your first-time buyer anxiety down to a level at which it won’t foul up your decisions or your vision.
1. It’s only takes one. House hunting is daunting, just think of the sheer magnitude of the numbers involved: all the specs and characteristics of a home, all the decisions you have to make, all the documents you have to provide just to get pre-approved, all the homes on the market, and all the buyers you might have to bid against.
But here’s a soothing number you can focus on: one. You only need to find one house that fits with your family, your future and your finances. And millions and millions of homebuyers before you have been able to do just that. The challenge ahead of you is the highly do-able task of narrowing down all of those numbers to the one, the just right fit. If you find a home you love, but the sellers want dramatically more for it than you can afford or it turns out to have some fatal flaw, it’s not a panic-worthy disaster: it’s just not the one.
2. You are the boss of you. And you’re qualified for the job. Feeling like you’re at the mercy of the mortgage lender, your agent, the market or “your” home’s seller is another serious source of home buying anxiety. But it’s an illusion. Do you have 100% control over every step of the home buying process? No. But you have far more control at every step than you might think.
Among other ways you can be the boss of yourself and your first home purchase, you can and should: run your own personal budget and determine the maximum amount you can afford to spend on housing. Research neighborhoods, cities, and the various factors that impact their future prosperity. Tweak your home search price range accordingly, looking at homes priced below your top dollar to give you room to go up.
So do these things. Remember that from the time you get the inspiration to buy a home until the time you close escrow, you are ultimately in charge. You make the final call on a home, on a price, and on when to remove contingencies and make the transaction a done deal. But you also have a great deal of control at every phase of your house hunt - so exercise it.
3. Speaking up pays off. No matter how timid or introverted you normally are, just for this experience of buying a home, make a commitment from the start to speak up for yourself freely. Don’t understand something in your Good Faith Estimate? Say so - and ask your mortgage broker for an explanation. Worried about something you see in your HOA disclosures? Tell your agent - and work with them to get clarification or additional information.
4. Almost no transaction goes precisely as planned. It is very rare. If your agent tells you all transactions are super smooth, RUN!!! Expect the unexpected. It might take you longer than expected to find a home that works for your life and your budget. You might end up spending thousands beyond what you started out thinking was your top dollar. Maybe your closing date will get pushed out for reasons beyond your control (and beyond the seller’s control, too).
Are you a first-time home buyer? I can help! Contact:
David Demangos
David@AwesomeSanDiegoRealEstate.com
www.AwesomeSanDiegoRealEstate.com
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