Being a first time homebuyer can be a daunting task - Stacey tells her first time home buyer success story!
You take the first step on a hike, look up and see the shadow of your peak at the top of the mountain. Achieving the purchase of your new dream home, may seem at first like hiking Mount Everest; however, buying your first home can easily be a fun, enjoyable, memorable experience that will be become of your biggest life milestones. It is a celebration! Denver Real Estate Professionals categorizes the first time home buying process into three stages. The cycle of these three stages can reach full circle within a day (less likely) or require a year's time. Stacey summarizes her victory lap in this video. But first, let's look at a description of each of the three stages.
Stage 1 - Taste Testing - I Inform Myself
This is the time when you learn that $300K won't buy you a mansion in Denver, Colorado, nor will it get you the pristine mountain view property in Evergreen, but could get you a decent 1 bedroom condo, in a solid HOA community with decent amenities. This is the time when you learn the true purchasing power of your money in the market during that snapshot point in time. You will learn that the market is like a living entity and always changing. Inventory and price ebb and flow synonymously along with the economic rule of supply and demand. Secondly, you begin to define your taste of living - your ideal location, your favorite bathroom tile, floorplan, and maybe even a couple ammenities that compliment your hobbies - such as a large garage for your projects, a backyard for gardening, or a low maintenance yard (such as a townhome or condo) due to lack of time. You begin to define your own concept of a dream home by sampling what inventory is available to you. Through trial and error, you realize what you like, what are "must haves" and what are absolute "dealbreakers." This stage is the most important phase for first time homebuyers. Be patient with yourself and allow time for reflection with your realtor because it will shape how well you do your victory run in the final stage.
Stage 2 - I Know What I Want
By this time, just like Stacey suggested, she was walking into homes and already feeling as though he had found her dream home. She was filled with a rush of excitement when she walked through the front door and was able to check off her "must have list." At this stage, you may have the courage to tell your Realtor, "Let's make an offer!" - but you suddenly cower because there are still a few elements that are not just right - meaning you might be settling for something. Could you be at the top of your price point? Is your commute further that you expected? Or is the condition of the home beginning to look more like a remodeling project? Remember these words: Never Settle!
Stage 3 - "The Full-Body-YES!" - A Victory Lap
You have seen many homes by now, you feel tired, reaching the mountain top seems further than it started. You think to yourself, this can't be possible, a dream home is out of my budget, maybe I should just rent for awhile?! Suddenly, a new listing appears on your daily search, it catches your eye, but this time your emotions are well under control. You are not going to get your hopes up. Your Realtor books the showing, you walk through the front door and a foreign feeling of euphoria overwhelmes you. Your focus zooms in and checks each detail. You check your list again and again trying to find flaws. In complete awe, almost like you had been there before, you sit on living room sofa and feel "The Full-Body-YES!" With complete confidence and determination you ask your Realtor to write an offer and a darn good one - because at the end of the day - you WILL be under contract with THIS house!
Watch Stacey's experience. It is truly inspiring.