Inside the Mind of a First Time Buyer
I enjoy working with first-time buyers, but I’ve found they can take a bit longer to decide on a property and make an offer than a more experienced buyer. I wonder why. Here are my (uneducated) guesses:
- Fear of the Unknown. What if they make a mistake and buy the wrong house? What if something goes wrong? What if they commit to buying a money pit and can’t get out of the deal? WHAT IF?!? Relax, that’s why you hire a Buyer’s Agent who can help you through the buying process so you won’t make a mistake, will make sure this is the right house for you, work with you to see that nothing goes wrong, and help you determine if you’re buying a money pit BEFORE you sign the ownership papers, and get you out of the deal if you determine the home is a money pit.
- Fear of Missing Out. Ah yes, the FOMO epidemic that is influencing Millennials’ purchasing decisions. The fear that if you make an offer on this house and take yourself out of the market, the “perfect” house is going to be available, and someone else will be buying it. Trust me, there is no such thing as a “perfect house.” If you’ve asked to see 20+ houses because they looked “perfect” on the Internet, but were all disappointing in real life, and you’ve finally found one that you liked enough to purchase, you’ve found the perfect house FOR YOU. Once you sign the papers and get the keys, you will get the chance to make it your own “perfect house.”
- Fear of Commitment. I think every home buyer experiences this – even experienced home buyers. Although it may seem like you’re signing a commitment to live in one place for 15 or 30 years, the average homeowner lives in their home for only seven years before selling it again, and first time buyers seem to stay a bit longer – 11 years – before selling. And whey you’re ready to be a First-Time Seller, I’ll be there to help you with that as well!
- Not Enough Viable Choices. The local housing market inventory is down right now, and home buyers are given fewer choices when it comes to homes for sale. This is a problem that affects all buyers, not just first-time buyers and Millennials. Also, a first-time buyer seems to spend a lot of time on the Internet looking for homes, so it’s natural to visit websites such as Pinterest, HGTV and Houzzz, which exposes them to more beautiful images and decor ideas than any other previous generation of buyers. The truth is, many homes for sale right now just don’t measure up or simply need updating. Sometimes, when viewing homes, it’s just a matter of looking past the seller’s current decor and imagining how the home will look after you make it your own.
First-time Buyers are my specialty. Let’s get together and find your perfect first home in Downriver or Monroe County!