Home Buyers – Setting Realistic Home Purchase Goals

Home Buyers – Setting Realistic Home Purchase Goals

There is a lot of truth to the statement that the real estate market right now is really challenging for buyers as well as sellers. I would also argue that this statement could be made in a lot of different markets. Unfortunately, many home buyers entering the market have not had a consultation with a professional like myself—someone willing to sit down with you, listen to what you have to say, and learn all about what you’re trying to accomplish. Then, we can come up with a plan of action to actually get you into a new home.

When I talk about setting realistic home purchase goals, I’m talking about those of you who are literally stuck in the rental trap and can’t get out but want to own a home. You may need to set realistic goals. In a market of short supply and high demand, everyone wants the newest listing that just came on the market. Every home buyer wants to buy a house that’s turnkey and move-in ready. But if you have a smaller amount of money down or perhaps credit that’s not as good, you may not be as competitive with some of these other offers as you need to be to get the house.

How do you solve this problem? You adjust your search criteria to look at some homes that may need some repairs. Before you start sending me a nasty message, please hear me out. I’m not talking about buying a house that should be firebombed. Leave the gut jobs to the flippers and investors. I’m speaking of the type of home that grandma and grandpa have lived in for 50 years. The roof, siding, windows, mechanicals, and all of the expensive stuff are in excellent condition. But because they don’t watch HGTV, they may not have the latest updates. There’s nothing you can’t learn to do now that isn’t on YouTube. I live what I speak of. I gutted my kitchen a number of years ago and I had never set a kitchen cabinet in my life. I watched probably ten different videos on how to install kitchen cabinetry. By the time I was finished, I took the best parts of each one of those videos, and I am proud to say my kitchen looks amazing.

Online resources are incredible for learning about the proper way to do things. Typically, it’s the last 10% that is the difference between a true professional and an amateur. They will show you how to properly paint a wall or change out a light fixture. I challenge you to think outside the box. Unfortunately, we’ve become a society of instant gratification where everything has to be perfect and done for us right away. In the real estate market, especially right now, there’s just too much competition.

You have to challenge yourself to think differently and look at other opportunities. You may have to expand your search to more cities than you’re currently looking at. There are a lot of different things that you can do from an adjustment standpoint. But today, I wanted to focus on the idea that you have to be able to do some of these updates yourself. Not only will it save you a lot of money on the purchase price of the home, but you will also gain the satisfaction of knowing that you are able to improve this house, add to the value while enjoying it at the same time. I’ve yet to meet a client who hasn’t done a few projects on their home after they moved in and hasn’t come back to me saying what a great feeling it is when their relatives or friends comment on how beautiful the house is. Then when they tell them that they did the work themselves, their guests are really blown away.

Many years ago, before the Internet, most home buyers would purchase an average of three homes over their lifetime. Each time they bought a house, they would sink some hard work into it and build equity. They would take that gain a number of years later and buy a second house. They would do the same thing to the second house, and by the time they were ready for their third house, they could purchase their dream home and move right in without doing a thing. Unfortunately, especially if you’re newer to the market and you’re looking for an entry-level home, you may not be able to get the home of your dreams on the very first try.

It’s like anything else in life—you have to be willing to take a chance and do something a little bit different to put yourself in a better position to win. If you’re saying to yourself, “I can’t do that,” you’re wrong! All you need is a little bit of encouragement and self-esteem. If you’re someone who’s unwilling to make any of these projects a reality and you only want to buy the move-right-in turnkey house, they are available. But be prepared to more than likely end up in multiple offers with other buyers who want it just as badly, if not more, than you do.

In conclusion, don’t make any assumptions about what you can and can’t do. Look at every house that would be a potential for you in the price range and area in which you want to live. That’s the only way you’re going to figure out not only what the market is going to do for you from a value standpoint, but it will also give you a clear indicator of what you can handle. Please understand I am not advocating for you to buy a house that’s way more than you can handle. All I’m saying is, just because the kitchen’s a little ugly, don’t write it off—go take a look at it. The one thing that you can’t do is make the rooms larger. So, if the core of the home is great and very well-built, making some minor cosmetic adjustments is much easier than you think. Just food for thought. Call me and let’s get started. I’m going to find you an amazing home that you are going to love!

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