Looking back, to the summer of 2003, I remember what it was like to be a first time home buyer. My wife and I were buying a home. I was in charge of the finances (my first mistake) and she was in charge of finding a home while I worked(second mistake). We had a budget and the budget for the home purchase was 300K and I did not want to go $1 over that mark. So when my beautiful wife found the home that she wanted to buy for 304K we had our first downer on the excitement. I chose to stand firm and my wife was clearly disappointed. The house hunting came to a halt over $15 a month.
Buying a home is such an emotional purchase. My wife had mentally moved in only to be told that will not be the place. It was devastating to her. I had to pick up the pieces, rationalize and we had to move on. We did and we found a home that was 275K close to work. I do not know if it was the right choice but it worked.
The first time buyer roller coaster is a series of emotions. Excitement, fear, anger, frustration, disappointment, uncertainty, joy, happiness, are just a few. I know that I am missing a lot of the emotions but we have all gone through them at one time or another. With the inventory on the market a buyer would think that it would be easy to find the home of their dreams but they are finding it much more difficult. In our area under 250K the homes are mainly bank owned priced well and receiving multiple offers. For a first time home-buyer it is discouraging when the home that was listed in your price range of 225K ends up selling to the highest bidder for 260K. This was the one. I do not think that I can find another. They fall into the abyss and less proactive in returning your calls. Doubt creeps into their mind regarding if it is the right time or not.
I encourage each and everyone of us in the industry that we have to get on the roller coaster with our clients. We have to sit next to them and be understanding of the frustrations. We have to be encouraging, uplifting and there for them. Maybe we are in the middle of the roller coaster and the deal may be 9 months away but clients remember the time that we spent with them. I encourage my clients and tell them that we may write 15 offers but we are only looking for one to be accepted. Just like lead generation the client must be focused on the activity not the result. The result will take care of itself and rear it's head at just the right time.
Believe me this is very hard to do. This is coming from a Loan Officer with 11 Pre-approved clients waiting on them to fall into contract. This article is for me as much is it for others. I am focused on the activities and trust the Real Estate agents I work with entirely. The deals will come together.
In conclusion, even if you are not a first time home-buyer you may experience the same roller coaster. We are all on it. It is our duty to be side by side with our clients and help to nip the emotion before they sprout up or as they sprout up. In time the activities that we have laid the foundation for will result in the right home at the right time. Then when the escrow closes we can all experience the joy and the pleasure of another Happy Homeowner realizing their dream of home-ownership. It is well worth the ride.
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