I was thinking last night about the first time I bought a house. Maybe it was because on one of the real estate forums I was browsing, I stumbled across a remark on a real estate forum that made my bleary eyes blink at midnight,
"Please convince me to buy a house".
It made me take a trip down memory lane to my first home buying experience. I was 22 years old and had been renting a townhome from the real estate attorney I worked for. My fiance and I were looking for room to grow and he was feeling the pains of non-homeownership kick in. If you have ever rented, you know what I mean: "Why am I paying someone else instead of paying myself?", "If I do any home improvements, the rewards are going to go in my landlord's pocket and not mine", "Working nine to five for zero return isn't all it's cracked up to be.", etc.
Are you feeling me?
I wanted a place to call home. My homeownership pains were not the same. I wanted a house for room for my impending family to
grow. I wanted a nice back yard for my kids to run around in and to fulfill a desire to learn how to garden and make things bloom. I longed for a space I could call my own and to be a true ruler of my destiny. To me, buying a house would mark a milestone and the beginning of the lifestyle I desired.
I got on the phone and called a local real estate agent I found in a newspaper advertisement. She agreed to take me around to see houses that weekend. I gave her my unchangeable criteria: 3 bedrooms, 2 baths, a yard. I also gave her some "would be nice if I could get it" features: a fireplace, a bathroom in the master bedroom, a fence around my yard.
I also told her if the house needed a little work in the way of updating, that would be OK. Well, my house hunting trip was devastating. I went alone, armed with my camera to show my fiance pictures of the gems that awaited us. After 10 houses, I was convinced that within my price range, there was nothing. I visited houses where the basements had flooded and the smell of mold was pungent to the point of distraction.
I visited houses that appeared nice on the outside but on the inside they looked like a war-torn, third-world country. I visited one house in which the ceilings were no more than 6 1/2 feet high, let alone the ceilings in the loft, where I had to bend down so my head didn't go through the ceiling.
It took me a year after that first house hunting trip to get back in the saddle and try again.
- This time, I chose a real estate agent who was referred to me.
- This time, I waited until my fiance didn't have to work so I would have some strong shoulders to support me, should I experience the same trip down house hunting lane again.
- This time, I discussed my needs and wants in explicit detail. I also emphasized that the need for new carpeting and cosmetic updating were fine, but I was not satisfied with a house that looked like it had been dropped by a tornado in the Wizard of Oz. If that's all my money could buy me, I would just sit out this wave and wait for a better one.
I did end up purchasing a house that year.
My price range was the same. My needs were the same as two years ago. What changed was that I was more educated. I worked hand in hand with a local real estate agent I had been referred to and pre-screened. I did some homework on the Internet to get a feel for the real estate listings in my price range. I asked my real estate agent to send me only listings that met my criteria and not ones that could only possibly make the cut--this meant nothing above my price range and absolutely no wayward houses.
The house we settled into to build a family did have 3 bedrooms and 2 bathrooms. It did have a yard with a fence. The master bedroom did have a bathroom. I also got my fireplace and a bonus, a screened-in porch.
"The impossible quest can be your possible reality."
If I were writing back to the real estate buyer in the forum, this is what I would say.
"Although home prices in some real estate markets throughout the country have dropped, they may still seem higher than what you want to pay. You may be harboring fears about whether you will lose your shirt because you think you should wait until it has been declared that the real estate market has bottomed out. Or, the good deal you are asking for seems to lead you to REOs and foreclosures that make your heart heavy.
Ditch your dread and start getting an education. The right investment for you is a personal decision. It is about your personal finances, your personal needs and yes, your personal desires. Research house listings for sale online. Prescreen and interview local real estate agents until you find one who will listen and offer honest feedback.
Choose to invest in your dream by investing in yourself. The journey is much easier when you have the right support on your side.
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Rebecca, thanks for the ideas on how to keep those favorite and more timely blog posts fresh and easy to find.
Mike