 | Randy Vickers is the owner of Priority Mortgage Corp of Wichita, which opened in Jan. 1989, is the oldest locally owned mortgage company in Wichita. Randy has been in the real state business since 1983 and is a licensed real estate broker as well as a licensed mortgage broker. Priority Mortgage Corp of Wichita KS Lic #1996-0122. Randy can be reached at 316-721-7700 |
Real Estate
2006-12-01 15:48:00
Fear of first time home buying
ANSWER: It's not uncommon for a first-time home buyer to say, "Wow...just last week I called about buying a home and now I'm getting ready to close on my new home! How in the world could this have happened so fast?" The correct answer is that it didn't. First-time home buyers actually start the search for a home long before most of them even realize it.
The word is, you should buy yourself a home rather than renting, where you're actually buying a house for someone else...your landlord. That's what you've been hearing from friends and family, right? So, by now you have likely already decided that home ownership is the best decision for you because of all the benefits that you can't enjoy as a renter. So the decision to buy is one major hurdle you've now passed. You are ready and certain. That's good. The first thing you should consider is stopping by a lender for the purpose of finding out just exactly what price range of home you should be considering relative to your income and expenses. The lender will prequalify you for your financing so that when you are out looking at homes, when you locate one you like, your fear of not being able to afford it will be gone...you'll already know you can, and will have a prequal letter from the lender to prove it.
Almost 80% of all home searches today begin on the Internet. With just a few clicks of the mouse, home buyers can search through hundreds of online listings, view virtual tours, and sort through dozens of photographs and aerial shots of neighborhoods and homes. You've probably defined your goals and have a pretty good idea of what kind of house you want, and where you want it. By the time you reach your real estate agent's office, you're sort of firming up some things about your new home...subject to change, of course. So, how long should it take you to find your home? That can depend on how motivated you are to own your home! Some buyers will look for years, but buyers who do that aren't really motivated. A motivated buyer will find a home within two weeks. Many buyers can find a home within two days. Good real estate agents will listen to your wants and needs and arrange to show only those homes that fit your particular parameters. Depending upon time constraints, some agents will preview homes before showing them to you. By doing that, there is a risk that the agent will rule out a home and not show it to you based upon what he or she thinks you would like, and due to some special feature you didn't share with him or her, you'll miss out on that perfect home you might have bought, and it will go to someone else. Not fun...
So, how many homes should we try to see in one day of looking? Independent studies show that your memory dramatically improves after the consumption of some carbohydrates and slows upon consuming sugar. So, it's best to hold off of the soft drinks, and instead, have a hearty meal of carbs before you head out to tour homes. The average number of homes that a buyer can see and have a pretty clear memory of is about seven or eight. Any more than that, and the brain goes on overload. Therefore, don't expect to see 20 or 30 homes unless you are only in town today and have to make a decision right now before you leave...even then, that's too many, and you probably will not remember specific details about very many of them. Here are some ideas that will help you remember what you've seen. 1) Bring a digital camera and begin each series of photos with a close-up of the house number to identify where each group of home photos start and end. 2) Take some notes of the more unusual features, colors and design schemes. 3) Pay attention to the neighboring houses. What type of home is next door? Is it a larger two story home that stands really tall over your single story home? 4) Do you like the neighborhood and the location? Is it close to those things your family will be doing? 5) Carry a pad with you, and keep a score on each home as you leave it...give it a 1 to 10 rating using 1 as the lowest and 10 as the highest. These things should help you maintain your sanity and achieve a good result in the process. More next month...
