It's been a crazy year for home-buying, especially if its your first time doing so. I'm just curious: If you've bought a home this year, what's been your experience with that? Has the pandemic truly effected the options/process?
Buying a home is never easy. But when you're a first-time home-buyer, it can seem like an impossible task. Any tips or things that you learned when you bought your first house? Anything that a first time home-buyer should watch out for?
If you plan to use a Realtor, it is a personality fit, so interview a few and don't feel guilty about firing them if it doesn't work out. Find one that you believe will be able to tell you the bad news, and that will allow you to view the homes you want to view versus the ones they want to view. I work with a lot of first-time Buyers and most require more in-depth education than the internet provides. When looking at homes, the amenities you see in the first 10 seconds make everyone feel...
@Steve Awesome advice! Looking at every nook and cranny of a home is definitely a must of ALL home-buyers, not just the first-timers. Since you're a realtor, have you seen any of these buyer habits change because of the pandemic? (Are people buying houses faster, and sometimes ignoring the things you listed, because of the "speed" of the market, etc.?)
I advocate that Buyers smell the homes. Give it a sniff-test, or if considering remotely, have a Realtor do that and then showcase it through video phone call. Pictures do NOT tell the whole story. Pictures and video does not display a mold or smoke smell, or showcase the "aroma" of pet smells. Most pictures are showcased to highlight a property, not it's defects. On a recent tour I did for a rural home. It took me a while to find the driveway, which was a single-car width driveway with 45...
Bought my first house about a year ago. The process itself was mostly painless, but houses were selling so fast in the area it was sometimes frustrating and annoying trying to find a good deal that wasn't being snatched up immediately. One thing I have learned since buying the house that I never would've considered beforehand is to look at the composition of the soil in the area. Where I live the soil is mostly clay which can expand and contract a lot depending on how much moisture it is...
@Landon Martin That's crazy! I would have never thought to check anything like that before buying a home. That goes back to what @Steve was saying though, you really need to be thorough and check literally everything on the property; from the smell, to the actual ground itself!
Markets have gone up and down this year, so is there one stock you bought when the markets were hot that you're pretty unsure about now? Any that you decided to hang on to despite the pandemic/recession taht you're especially happy about?
It can be very intimidating, especially in a seller's market. However, find a good agent that is experienced and they will be able to guide you. Buying your first home should not be done by yourself (I am biased but for very good reasons). There are a lot of mistakes that you can make. Most important is having a good down payment so that your payment is manageable. If your mortgage payment is too high (above 45% of your total income- can vary slightly), then it may be too much of a stretch.
The pandemic has up-ended just about every aspect of normal daily-life, from finances to investing. We've seen the craziness on Wall Street, buy what I want to know is this: Are you investing in real estate right now, or are you planning on waiting until after the pandemic? Why or why not? 🤔
Hello All, My family was flipping before flipping was considered flipping so its something I’ve always wanted to do. I’ve heard many mention another housing market crash so I’m using this time to learn and study all I can so hopefully when the market prices go down I can make some good deals. -Michael
Hello! I am currently waiting during these weird times. It seems to be more of a seller market, hence why I am holding off. During this time, I am focusing on paying off one rental property and also saving up to buy the 4th for me to live in when things cool down a bit. I know Jaspreet also has a video on his IG stating that he is also holding off. Just does not make sense to buy right now depending on your goals. For me, it does not make sense.
Hi Nathan, I am keeping an eye on the market and would make a move if the numbers/scenario fit, but I'm also being patient. There are still decent properties on the market now but you need to be informed, know your numbers and know what works for you. Be patient, because it is a seller's market and you don't want to be in over your head and spend too much. Best to wait it out and keep your eye out for the right one.
Hello @Nathan_Gregory What I did was talk to 2 realtors at the same time (Without them knowing). I wanted to know who was more transparent with me with the whole process. After I found out who was more informative/transparent I chose them. Along with feeling comfortable with them. Also did a lot of googling so I would not get fooled. Or at least try to minimize those possibilities. Also, cant go in blindly into this process. Also, once you are qualified, the realtors will obviously try and...
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