Understanding the Emotional but Rewarding Ride of Home Buying

Those who persevere will experience safety, security, and a sense of accomplishment in homeownership.  It just takes a little bit of patience.

The home buying process can be exhausting, terrifying, exhilarating and rewarding—or a combination of all these sentiments.  First time buyers, especially, may face an emotional journey.

Home buying in 2021 was particularly challenging with inventory shortages and multiple offers above list price a common circumstance.  Today’s new buyers will build their patience and stamina with these tips:

·         Be realistic.  It takes months to buy a home, from getting loan preapprovals to signing at the closing table.  And, in this competitive market, buyers need to rethink a bargain as buying a desirable home at an amount they are willing to pay.

·         Know where you’ll compromise.  What is a “must have” versus a “nice to have”?  Write down your deal breakers and keep them top of mind.

·         Decide quickly.  Use your list of “must haves” to guide your choices and have loan preapproval letters handy.  Make your best offer when the time comes.

·         Learn to handle rejection.  Remember home buying is a business transaction.  Don’t take rejection personally.

·         Consider what the seller wants to make your offer attractive.

·         Know your “backup plan.”  Your best choice might be to wait to grow a down payment or build your credit for future success.

Because the path to homeownership could be like a roller coaster ride perhaps expect these anxious moments:

·         Online pictures might not match your expectations when you visit in person.

·         Home buying can seem never ending and you must be patient.

·         Waiting to hear back on your offer once you make it feels like it takes forever.

·         It’s disappointing to not get what you want—prepare to negotiate and know home inspections may reveal surprises.

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Perhaps buyers will be heartened by the findings of the 2021 State of the American Homeowner report by Unison.

Here learn that financial benefits are not the only advantages to homeownership.  “What’s often overlooked are the feelings of gratitude, security, pride, and comfort we get from owning a home.”

Some interesting facts are that 91% of homeowners find a sense of success in homeownership; 70% of homeowners note an emotional attachment to their home (post pandemic); and 83% feel their home kept them safe during the pandemic.

For many, home buying anxiety is real.  The journey to homeownership may be a long one—but those who persevere will likely experience safety, security, success, and a sense of accomplishment. 

It just takes a little bit of patience.

Post authored by Lora Bray.

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