Don’t Rush a Home Purchase (Even If You’re Pressured To)

I recently read an article from Jim Cramer on the issue of Millennial housing across the United States and how although rental units are being built, single family homes for our largest generation remain incredibly tight.

Since purchasing my home in 2018 and being proud of that achievement in my late 20’s, I’ve talked with a lot of people my age about the stress and pressure to purchase a home – even when home prices are astronomically high, and as the housing market continues to remain hot.

Here are some tricks of the trade I can offer anyone looking to purchase a home soon – specifically for first-time home buyers (like I was):

• Don’t rush it! This is a big decision (both financially and personally) and one that shouldn’t be taken lightly

• At the same time, just know that the process may move faster than expected. I was pre-approved in mid-May and started seriously looking around then. The offer on my current house was accepted in early June and I moved in August.

• When I was looking for houses, I had a couple of non-negotiables for when I was prospecting which helped in the search process. For one, I wasn’t interested in a house that needed a ton of work done right away. Some people are into that kind of stuff – but I know better and it’s not for me!

• Don’t hold onto the ones you didn’t get; there will be others. I remember there was one house I really liked but didn’t initially put an offer on it – but then, when I went back 2 days later to make an offer, it had already been sold. I was bummed but am also very pleased with the house I ended up with!

• For families with young kids, it’s OK to be picky! Keep in mind: this could be the house you raise your kids in. This is a house they will remember forever. So, don’t just settle to settle. Wait for the right house/price to come along. It will be sure to happen even if it takes longer than you would want.

~ Presented by Charles Stewart