3 Tips for the Frustrated Homebuyer

By Shannon Gurnee
In Budgeting
April 17, 2022
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Today, on Redhead Mom, I’m sharing a partnered guest post about 3 tips for the frustrated homebuyer.

Homebuyer

Some individuals feel like they can never become homebuyers in America. The younger generations, like Millennials and Gen Z, often find it challenging to get together enough cash to put a reasonable down payment on a home. Home prices are higher than ever in many parts of the country, while wages remain stagnant.

Even if you’ve scraped together enough money to put a down payment on a home and you’ve found a bank that will grant you a mortgage, you may not have located what feels like the right house. If you’ve found the perfect spot, maybe someone makes a higher offer, or they’re willing to pay cash, which you can’t do.  

We’ve got some helpful tips while searching for a new home if you’re becoming frustrated with what you’ve found so far. The mission may not be as impossible as it seems at first.

The Housing Market Can Fluctuate

Over the past two years, home prices around the country shot up. They have calmed down a little bit since then, but they remain high in many areas.

If you’re looking for your first home, that can frustrate you. You might have saved for quite some time, but the money you have may not be enough to convince a bank to give you a mortgage, even if you’ve found what you feel is the ideal home for you and your family.

You should know that the housing market should cool off. It’s hard to think of the market as a cyclical entity when looking at crazy prices, but it’s the same as the stock market. Just as you can notice bull and bear market trends, you should look at real estate the same way.

That might not help you now, but if you’re patient, it’s more than likely that prices will drop at some point. For now, you can stay vigilant and keep saving your money. When the market is in a more favorable position, you might start looking again.

You Can Hunt at Certain Times of Year

You should also realize, as a first-time homebuyer, that certain times of year favor you while other times favor the seller. Generally, the home selling season begins in late spring and continues to around mid-autumn.

You can often find exceptions to this rule, but usually, a home seller who wants to put their house on the market will do so starting in April or May, and they will look to make a sale between then and October or November. They want to do this because it’s easier to move in the warmer months. Moving from one house to another in January is much tougher if you live in a part of the US where it snows a good deal.

If you understand this, you may be able to get a better deal on a home during the winter, when someone will put their home on the market because they’re in a hurry to sell it. The price swings often favor the buyer at an inconvenient time of the year. You may be able to come in under the asking price if you don’t try to buy during summer’s height when you will probably face the stiffest competition.

Patience Can Reward You

You should also understand that as a first-time homebuyer, you may want the perfect house to materialize immediately, but it seldom works that way. Maybe you have saved for years, and you have enough money for a down payment, and you’ve found a bank that seems willing to give you a mortgage based on your job and the money it brings  in. However, the right house doesn’t seem to come along, and that irritates you.

Patience is a virtue in many parts of life, and that’s certainly the case with home buying. You might come upon the right house when you least suspect it if you keep hunting.

You should find a realtor you trust and with whom you can work. You can come up with a list of house requirements and pass it on to them. The list should include the price range you’re willing to pay, how many bedrooms and bathrooms the house should have, the overall square footage, etc.

If you stay ready to buy your first house when it appears, but you’re not desperate to do so, that’s the best attitude to have. In the meantime, try to take on only short-term house or apartment rentals if you need to break your lease.

About Has 2089 Posts

Shannon Gurnee is the author of Redhead Mom formerly "The Mommy-Files", a national blog with a loyal following. She has a Bachelor's Degree in Marriage, Family, and Human Development with a Minor in Business Management. Shannon and her husband, Frank, have a large family with 6 awesome kids and love living on the Central Coast near San Luis Obispo, California, as well as traveling around the world. A full-time Social Media and Professional Blogger, Shannon also serves as a National Brand Ambassador for many well-known companies. Her blog focuses on motherhood, family fun activities, traveling, fashion, beauty, technology, wedding ideas and recipes while providing professional opinions on products, performances, restaurants, and a variety of businesses.

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