5 Things to Make a Successful Home Purchase

Buying a home is a significant milestone, but it doesn’t have to be overwhelming if you know what to look for and how to prepare. Here are 5essential tips to ensure a successful home purchase.

1. Knowing Your Monthly Payment

Getting pre-approved for a mortgage is crucial, but understanding your monthly payment is even more important, especially in a high-interest rate environment. Different loan programs can result in varying monthly payments, so it's essential to have a clear idea of what you can comfortably afford before you start touring homes. Utilize specific monthly payment calculators provided by your lender or explore various online mortgage calculators to get a realistic picture. For instance, I had a client who was pre-approved for a $600,000 home but found the monthly mortgage payment to be beyond her comfort zone. She ultimately chose a home priced at $400,000, which aligned with her budget.

2. Listening to the Seller’s Needs

When buying a home, it’s not just about the money. Understanding and accommodating the seller’s needs can set your offer apart. For example, when purchasing a duplex, we discovered the seller preferred to stay on one side as a tenant. Despite seven cash offers on the table, we called the listing agent and discussed how we could meet the seller's needs. We won the deal, not because we offered the highest price, but because we agreed to let the seller stay as a tenant at a discounted rent. The listing agent later thanked us, emphasizing that our willingness to listen and accommodate made the difference.

3. Be Prepared to Compromise

Everyone dreams of finding their perfect home, but the reality is that compromises are often necessary. Instead of searching for your forever home, consider looking for a home that fits your needs for the next five years. This approach opens up more options. For instance, you might be okay with two bathrooms instead of three. One client of mine disliked the exterior color of a house but decided to live with it. A month after moving in, she no longer noticed the color. The things that initially bug you may become insignificant once you settle in. Focus on your must-haves and be flexible with other aspects unless you have an unlimited budget.

4. Stay Relaxed

Home buying can be exhausting for buyers and stressful for sellers. It's essential to stay relaxed throughout the process. I had a buyer who felt defeated after a two-month search but found her home a week later. Another seller thought every buyer’s question was an attempt to sabotage the sale but ended up selling his house to the most inquisitive buyer. Taking a step back, having a cup of tea, and getting a good night's sleep can help put things in perspective. For a lot of people, Buyer & Selling is very stressful. Some Sellers are moving out of their home of 20 years. Be patient with them. Some buyers are buying their first home ever, so when selling, realize they don’t know anything and are scared and excited!
Remember, patience and calmness can go a long way in making the process smoother and more enjoyable.

5. Don’t Give Up

Buying a home is a journey that varies for everyone. Some find their home after looking at just two properties, while others may take over a year. It took my brother 50 houses and 6 months to get their in Sacremento, CA. We purchased our after about 3 months of looking, then we saw the perfect home on Zillow. We saw it and were in contract the next day!
The key is persistence. One of my clients took a year and a half to find her home, while another gave up too soon and missed out on the opportunity to buy before prices rose significantly. It's common for people to wait for market crashes like in 2007, but these predictions are uncertain, and waiting can sometimes lead to missed opportunities. If you stay persistent and proactive, you will eventually find the right home for you.