Buyers – Are You Willing?
BUYERS: ARE YOU WILLING?
(This is the finale of a three part series for homebuyers , outlining the process and steps to take that will result in your successfully buying a home, whether you are a first time homebuyer or a move-up buyer .)
There is nothing more exciting than buying a home.
So far, you have gone through the rigorous process of combing through your finances and credit to ensure that you were able to buy a home . You’ve corrected any deficiencies in your credit, and have contacted the appropriate professionals to assist you with your home buying search and financing.
You have also identified the reasons that make you ready to buy a home . The combination of your personal needs and wants has lead you to identify the type of house that you want to buy , and the time frame in which you will need to complete the home buying process. As a matter of fact, you have already located the specific house that you want. Your new home is in the perfect neighborhood. The house is in the right price range, has all of the amenities that you desire, and although it may have a few issues, they are nothing that you can’t deal with.
So the final question remains: are you going to buy this house ?
Whether you have or have not already chosen a realtor to work with you as you prepare to buy a home, this is the last of the three main questions that any realtor will be asking as they guide you through the home buying process:
The focus of Part 3 in this series addresses the third and final question: Are you willing to buy a home? What will actually get you to commit to the process of buying a home? What will it take for you to make an offer on a home?
So, what does it mean to be willing to buy a home?
Being willing to buy a home is the most difficult aspect of the home-buying process to address – but in the simplest of terms, it is your call to action . It requires you to marshal all of your emotions, reasoning, and information that you, the buyer , have gathered up to that point to commit yourself to completing the process that you started with your first home search.
Being able to buy , and ready to buy , will become a total waste of time on the part of everyone involved – the buyer , the seller, the realtors representing both buyer and seller, the mortgage lender – if you, the buyer , do not act on your desire to buy a home.
Being willing to buy a home is most seriously impacted by the type of market that we are in – and always comes with the question “When?”
In a seller’s market , when the demand for houses exceeds the supply of houses for sale , the answer to the question “when” is always “right now!”, because you as the buyer never know if 1) the price is going to rise, and 2) how much competition you have for that exact same house from other buyers .
In a buyer’s market, where the supply of houses for sale exceeds the demand, the answer to the question “when” can range from “right now” to “not yet…” , depending on the readiness of the buyer , and what expectations the buyer brings to the process: will prices drop further? Is this the best bargain I can get for a home like this?
The challenge for all buyers in a buyer’s market is for you to realize that now is the time to buy . Speak with your Realtor about any concerns that you may have about buying now. He or she will be able to help you navigate though the issues which are hindering your willingness to buy . Also realize that special incentives, such as the current $8000 First Time Home Buyers Tax Credit, are only available for a limited time, so if those incentives are a part of your calculations, you should act on them as soon as possible.
Being willing to buy is the final step that you, the first time homebuyer , or the move-up buyer , must take to accomplish your goal of buying a home.
So, what are you waiting for? Let’s go buy a home !