It’s no secret that the real estate market is red hot right now! In Chicago we’re experiencing some of the lowest inventory levels that we’ve seen in over a decade, causing an extremely competitive market, with many listings getting multiple offers within the first few days of hitting the market. As if purchasing a house wasn’t stressful enough!
So stressful in fact, Forbes states that “1 in 3 buyers cried during the process, 2 in 4 experienced anxiety (…) and 2 in 5 described buying their first home as the ‘most stressful event in modern life.”
While purchasing your next (or first) home is a big decision and an exciting one, there’s no reason this should cause distress. Here’s a few tips to help you reduce stress and anxiety throughout the home buying process.
1. Be Flexible
As much as having a checklist of your desired home is a must have, you also need to be realistic about the market. Unless you have an unlimited budget, you need to know that there is no such thing as a perfect house. Learn to be flexible by prioritizing with your wants vs needs and go for the one that has the majority of the items on your list.
2. Work with an expert
It is always safe and a great stress reducer to work with a professional. When you are talking about investing thousands of dollars into a downpayment, it is important to have guidance and counseling. A great real estate expert can save you money and help you make an educated stress-free decision. That being said, make sure you do your due diligence when choosing a real estate agent!
3. Budget correctly
Be realistic about your budget, and assess the type of home you would like. Planning thoroughly will give you an accurate idea of the monthly mortgage you can afford. Try and save a little extra for maintenance costs. Start saving for your down payment beforehand so your stress about money can be significantly reduced.
4. Establish a closing date
When you find your home and are ready to close, be strict about your timing. Coordinate appropriately with the end of your current lease and make sure you have enough time to move (that way you are not rushing). Establish a timeline in advance and try to stick to it.
5. Have a closing strategy
Make sure you gather your team, including an attorney, mortgage professional, and home inspector. Have a closing checklist and make sure you complete it.
If you are in the closing stage, you are at the end of the road. Have a final walk-through and make sure you don't have any hesitations or doubts. Ask for a vendor list and request for the owner's manuals for all appliances. Prepare and bring the required documents to go to closing so everything runs smoothly
6. Be loyal
As a client, make sure you are a good one. If you want to have the undivided attention of your agent, you need to be loyal to him. Don't go with 10 different agents, stick to one, build a relationship, and make sure it is a trustworthy one.
Once your closing is complete, take time to celebrate! Purchasing a home can be quite the journey, with a lot of work along the multiple month trek. Take some time to relax and enjoy your new home!