If you’ve never purchased a home before, it can be hard to know what the process will be like. But chances are, you have some ideas about what to expect—but in this real estate market, you may need to reevaluate some of those expectations.
A recent article from realtor.com outlined common ideas first-time buyers have about the homebuying process that, in this market, are unrealistic at best (and delusional at worst), including:
- You can find a mortgage after you find your house. Homes are selling quickly—and if you don’t have your mortgage pre-approved before you start looking at homes, chances are, the home you want will be sold by the time you get your mortgage paperwork in order.
- If there are issues with the home inspection, the seller will take care of them. It’s a seller’s market. And with so much competition for homes, many buyers are agreeing to tackle any repairs or issues that come up during the home inspection on their own—and others are waiving the inspection altogether. Does that mean that sellers will refuse to make any repairs or improvements after the inspection? No. But be prepared for the seller to only agree to repair major issues.
- The asking price of a home is about what you can expect to pay for it. Just because a home is listed at a certain price doesn’t mean that’s what you’ll ultimately pay for the home. Bidding wars are commonplace in today’s market—and many homes are selling for well above asking price.
So, what does this mean for you? If you’re thinking about buying your first home, it’s important to take a realistic approach to your home search. That way, you know what to expect—and can put yourself in the best possible position to successfully buy a home in this market.