[This is the email I sent to everyone who attended!]
Thank you for coming to the Make Home Buying Fun Again Conversation last Wednesday night!
As promised, I am sending a summary email, as well as some buyer resources :)
To start, we talked about why the process can be so frustrating (aside from cost) as our brains (and hearts) weigh and compare both the analytical and emotional aspects of the ultimate decision.
We also covered how many people view the process (I want home -> I look at home -> I buy home) and how that often leads to increased frustration compared to what a less stressful, and hopefully smoother process can look like:
1. Find a realtor (and mortgage broker);
I can't stress enough the importance of finding a Realtor you like and trust to help you on this journey - regardless of where you are. Whether you want to buy a home right now, or are hoping to buy in two years, a Realtor can (and should) provide professional advice and guidance to prepare you for when the time comes. Starting the process of finding a realtor early on saves you a LOT of stress down the road.
2. Consult with your mortgage broker
Understanding what you can afford, and what that will mean in terms of monthly payments, etc., will help you not only be better at searching for your home, but in being better prepared to make the offer - and really understand what your limits are. (And note, your limits might be way less than what the bank will lend you!).
3. Consult with your Realtor
Consult with your Realtor early and often! Not only will they be able to help you narrow your focus and understand what the market looks like, a good realtor is there to guide you and help you see potential other options that you might not have considered. The more you communicate with them, the better they will know you and understand what you are looking for - which will enable them to give you the best advice possible when it is time to make an offer (or respond to a counter offer)!
4. THEN start the search process
This is a team effort. Your realtor can create searches for you based on the guidelines you've discussed to make sure that you don't miss anything. As your search progresses, your realtor can help you narrow (or widen!) the search as necessary - or completely shift the search altogether! I've had clients start looking in the South Bay only to end up buying in San Francisco!
5. Make an offer and enter negotiations
When you are ready and you've found the house you want, then it will be time to write your offer. There are a LOT of components to the offer - contingencies, timelines, disclosures to review, etc - BUT because you've been working with a realtor who has taken time to explain all of these things, you will feel confident in being able to write the best offer possible.
The seller MAY accept your offer right away, or you may find yourself dealing with a counter offer, or a multiple counter offer. Every offer situation is a little different, and your realtor will explain and help you navigate the best way forward!
6. Navigating escrow
The last part of your home buying journey is the escrow period. If you have any contingencies (finance, inspection, appraisal, etc.), now is when you will be working to remove them. Most buyers are unprepared for how fast things move once they are in contract - not only will you likely have to wire your initial deposit within 1 business day, but your lender will want updated docs and financial statements ASAP to finalize your loan!
7. After Escrow . . . you are now a homeowner!
And then you can come to my homeowner classes on how to take care of your home, and how to prioritize renovations and updates :)
Key Points to Remember as you start your search:
1. Identifying your "WHY" - Why are you looking to buy a home? Better investment than renting? Just want a place of your own? Keeping this top of mind is critical to staying focused throughout the search. Write it on a post-it note and put it on your fridge, mirror, wherever!
2. Identifying the WHAT's" - what are you looking for in a home, and more importantly, WHY are you looking for it? Do you need three bedrooms? Or are you actually looking for two bedrooms and an office space?
3. Finally, we dove into the 4 Primary Fears that buyers have when looking to buy a home:
* Fear of losing the home
* Fear of missing out on something better
* Fear of paying too much
* Fear that something will be wrong
It's important to understand what we are most concerned about so that your realtor can work with you on strategies to help prepare you to make an offer. If, for example, you are most worried about paying too much, then spending extra time to understand the market can help you feel more confident in your offer. If you are worried about losing the home, conversations with your mortgage broker and realtor can help you make the strongest offer possible!
Thank you everyone who was able to attend! I'll be doing this again in October - so if you know of anyone who would be interested, please give them my contact information (or forward this email to them!)