Greater Louisville Real Estate Blog

3 Common Fears Of First Time Home-Buyers… And How To Overcome Them

Buying your first home can be one of the most exciting experiences of your life. But it can also be one of the scariest.

Buying real estate is a complicated process. And if you’ve never purchased a home before, the fear of all those unknown variables can make the experience stressful, frustrating, and downright terrifying.

If you’re thinking about purchasing a home but are dealing with the fear that comes along with it, don’t worry! You’re not alone. Most first time home-buyers deal with a certain level of fear as they get ready to buy their first home.

But that fear doesn’t have to hold you back. Here are three of the most common fears of first time home-buyers (and how you can overcome them).

“I can’t afford to buy a home.”

via GIPHY

The number one fear most first time home-buyers struggle with is the fear they can’t afford to buy a home.

But while there are certainly people who aren’t in the financial position to purchase a home, becoming a homeowner isn’t as expensive as you might think — and sometimes all it takes to be able to buy a home is a little budgeting.

If you’re worried about being able to afford a home, it’s time to take a good, hard look at your finances. Make a list of all of your monthly expenses and all of your debt. How much are you spending per month on living expenses? How does that compare to how much you’d be spending per month on living expenses if you were to purchase a home? How much are you saving each month? Are there any opportunities...

Watch This Adorable Corgi Try To Sell You A Home

Katharine Holland and Travis Bernard of The San Francisco Good Life Team got tired of working so hard to close. They decided to summon their creative powers (and an extra special agent) to create some advertising that would catch almost anyone’s attention. They needed an agent that was charismatic, downright cute, worked for food, and… fluffy?

Meet the agent of choice, Chompers. Sure, his vocabulary is a little limited. But with that bow tie and puppy dog eyes, you know you’ll want what he’s selling. Even if it is a million dollar condo.

Via The San Francisco Good Life Team

Here are a few highlights, in case you didn’t get enough of your daily Corgi fix.

Via The San Francisco Good Life Team | Gif by House Beautiful

This bathroom is totally puppy approved.

Via The San Francisco Good Life Team | Gif by House Beautiful

And who doesn’t appreciate a nice walk-in shower?

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Housing Price Cuts Mean Good News For Buyers

Because of the historic inventory shortage, competition for homes has been steep, and prices have been rising sharply in markets across the country as a result.

But according to a recent report, it looks like that's (finally) starting to change, spelling good news for buyers.

According to recent data from Zillow, 14% of all listings in the United States had a price cut in June 2018, and since the start of the year, the share of listings in the US that had a price cut increased by 1.2 percentage points—the largest January-to-June increase since Zillow started collecting data.

What does this mean? As the housing market starts to normalize (after years of leaning towards sellers), homeowners putting their properties on the market are having to adjust their prices in order to stay competitive—which is great news for buyers.

The Takeaway

If you've been thinking about purchasing a home, now is a great time to make a move and take advantage of these price cuts.

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Nearly 70% of Americans Believe Now Is A Good Time to Purchase a Home

If you've been on the fence about purchasing a home because you're unsure of the market, it might be time for you to take a cue from the majority.

According to the National Association of Realtors' most recent Housing Opportunities and Market Experience (HOME) Survey, nearly 70% of Americans believe that now is a good time to purchase a home. This buyer confidence is likely due to a number of factors, but one of the main factors at play is likely the upcoming increase in available inventory. According to a recent report on new construction from the US Census Bureau and the US Department of Housing and Urban Development, builders completed new homes at a record rate in May 2018 (a seasonally adjusted rate of nearly 1.3 million) and approved another 1.3 million building permits—which means a ton of new inventory is about to flood the market, making it significantly easier for potential buyers to find and purchase homes.

The Takeaway

If you've been thinking about purchasing a home, it looks like it's time to make a move and take advantage of what 70% of Americans believe to be a good time to purchase property.

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