Overcome Those Fears and Wipe Away Your Tears!
Buying a home is one of the biggest investments that people can make in their lives, so why don’t more people make it a priority to research, learn the process, and run the numbers?
Part of my daily routine is to engage in those tough conversations with new clients. I feel like I’m either breaking the bad news that they can’t qualify or I’m trying to manage their expectations. Sometimes a client is set on a million-dollar house but can only qualify for less than half of that. One of the most important parts of my job is helping clients understand the mortgage process and their own finances. Some don’t understand why debt is counted so harshly against them, while others want to borrow more than their credit scores will allow. There are many factors to consider, and it can be a confusing process for sure.
In my experience, I’d say a lack of preparation is the biggest reason for turning hopeful buyers into disappointed ones. I’ve had new clients reach out to me and say, “Minh, I LOVE this neighborhood and I LOVE this house. I HAVE to live there!” Of course, I’m excited for them, but I’m more anxious because I know they’ve already fallen in love with the home before they’ve fallen in love with their payment. When clients have trouble getting their offers accepted, their excitement quickly turns into heartbreak. Other times, the offer is finally accepted but they’re surprised with unexpectedly high closing costs! There are many parts of the home buying process that can be stressful and even take a toll on your relationships if you aren’t prepared.
Think about this. We spend so much time putting thought into planning a birthday party. We coordinate with parents or friends, arrange the food, set a budget, and plan the activities. We even create an elaborate Pinterest board to visualize the perfect dessert table! I want people to put the same amount of time, research, and detail into homeownership to experience a smoother process and avoid any unnecessary disappointment and heartache.
So, remember to pump the breaks! When you’re ready to start looking, do not be an impulsive buyer. Instead, learn the process, prepare financially, and fall in love with the payment first. Together, fam, we can help you on your journey to homeownership.