Key Pieces of Advice You Can Give First-time Homebuyers
First-time homebuyers have a lot to contend with when looking out at today’s market. Home prices and mortgage rates have surged in the past couple of years and may remain high for some time. Those new to the market may feel overwhelmed as they juggle lists of needs and wishes in these conditions. The following are some best options and pieces of advice you can present them with during the process.
“Consult With A Professional”
It seems obvious that it would be in a homebuyer’s best interest to confer with a trusted local real estate professional first thing. But, in reality, many people perform a lot of figuring, decision-making, and Zillow-searching at home before they ever reach out to anyone with expertise.
Fleshing out what they want and are interested in beforehand is great, but potential homebuyers should be encouraged to loop in a professional before really solidifying details and narrowing choices. Of course, that is because local real estate agents have more experience and knowledge of the market. They can help homebuyers prioritize and present them with options they may not have otherwise considered on their own.
“Consider Your Needs, Wants, and Flexibility”
Concerning that last point, another good nugget of wisdom to offer first-time homebuyers is to adopt a flexible mindset. When confronted with the realities of the housing market, it can often be in their best interest to make a concession or two to get a home that checks a lot of their boxes and is otherwise a good fit. Remind them that some things on their wish list may be added later through modifications.
“Consider Looking Outside Your Target Location”
One aspect of home buying that is rapidly changing is how homebuyers now factor in location. Due to the recent worldwide pandemic, remote work has become far more commonplace than ever before. As such, this opens the door to would-be homeowners considering more remote and potentially more affordable locations to live. If a first-time homebuyer has this kind of flexibility in their work, you may do well to encourage them to capitalize on it while navigating the housing market.
Summary
First-time homebuyers can be eager clients but may be easily flummoxed. Assist them and keep the journey of the home buying process positive. Giving them good advice like that mentioned here will help them stay nimble and resilient regardless of market circumstances.
Have questions? Speak to an expert for more information.