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

by Scott and Tammy Watson

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. When 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.  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 to cut back on spending and pad your savings a little more each month? How much debt do you carry and what's your plan to pay it down? Getting a firm understanding of your financial situation will a) give you a better idea of how much you can afford to comfortably spend on a house, and b) help you come up with a plan to get there.

"My credit isn't perfect. How am I ever going to get a loan?"

via GIPHY

If you have less-than-perfect credit, a major fear you might be dealing with is how you're going to get a mortgage. Many first time home-buyers fear that their credit report might hold them back from securing a loan. While getting a mortgage with not-so-hot credit can be a challenge, it's certainly not impossible. First things first: if you're thinking about purchasing a home, you need to get a copy of your credit report. According to an FTC report, 1 in 5 Americans have a mistake on their credit report — those mistakes can end up costing you in the long run. The lower your credit score, the higher your interest rate will be, so it's important to make sure there's nothing inaccurate on your report that's dragging down your score. Once you've reviewed your credit report, you'll want to do everything you can to bring up your score before you apply for a loan, like pay down any high credit card balances, which will bring down your credit ratio and bump your score. You'll also want to make sure to pay all of your bills (including your rent and utility bills) on time, which will help show lenders that you're responsible with your debts. If you do all of these things and still get stuck with a high-interest mortgage, it's not the end of the world! You can always continue to work on increasing your credit score and refinance in the future.

"I have no idea what I'm doing. How am I supposed to successfully buy a home?"

via GIPHY

As mentioned, buying a home is a complicated process. From getting to know the market to finding the right kinds of properties to negotiating with sellers, there's a lot to handle. If you've never purchased a home, it can feel overwhelming. The sense of "I have no idea what I'm doing!" can be pretty terrifying, but luckily, you don't have to know what you're doing when it comes to buying a home… as long as you work with someone who does. Working with a real estate agent who understands your market is an invaluable resource, especially to first time home-buyers. Your real estate agent will not only walk you through the entire process, but they also handle the hard stuff — like finding that perfect property and negotiating with tough sellers — so you don't have to. You might be afraid that the fact you've never purchased a house before will hinder the process, but when you work with the right real estate agent, there's nothing to be afraid of.   Purchasing your first home can be a scary process, but now that you know the most common fears — and how to overcome them — it's time to transform that fear into excitement, get out there, and find the home of your dreams!

A GroupWatson Buyer Specialist is ready to meet with you and determine the best plan of action for you

when it comes to buying your first home.

Contact a GroupWatson Agent for Valuable Insight and Wise Direction when making those big decisions!

 ~Experience the GroupWatson Difference~

Call or Email Today!

972.370.1775  |  BuyOrSell@GroupWatson.com

*GROUPWATSON'S FEATURED LISTING OF THE WEEK*

4201 Ireland Drive ~ The Colony, TX  75056

When Is the Best Time To Drop Your Listing Price?

by Scott and Tammy Watson

If Your Home Hasn’t Sold Yet…Check The Price!

If Your Home Hasn’t Sold Yet… Definitely Check the Price!

The residential housing market has been HOT! Home sales have bounced back solidly and are now at their fourth highest pace over the past year. Demand has remained strong ­throughout spring, summer and now moving into fall as many real estate professionals are reporting bidding wars with many homes selling above listing price. What about your house?

If your house hasn’t sold, it could be the price.

If your home is on the market and you are not receiving any offers, look at your price. Pricing your home just 10% above market value dramatically cuts the number of prosp­­ective buyers that will even see your house. See chart below.

If Your Home Hasn’t Sold Yet… Definitely Check the Price! | Keeping Current Matters 

Bottom Line

If you are not seeing the results you want, sit down with your agent and revisit the pricing conversation.

GroupWatson understands the local market and will formulate a Marketing and Pricing Strategy to maximize a home's exposure to consumers, minimize the number of days on the market, and yield the most return on what is most people's largest investment, their home. 

Contact a GroupWatson Agent TODAY for Professional Advice & Expert Direction. 

 ~Experience the GroupWatson Difference~

Call or Email Today!
972.370.1775  |  BuyOrSell@GroupWatson.com

*GROUPWATSON'S FEATURED LISTING OF THE WEEK*

3913 Harbor Drive ~ The Colony, TX  75056

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Photo of Scott and Tammy Watson Real Estate
Scott and Tammy Watson
GroupWatson, Keller Williams
4862 State Hwy 121, Ste. 210
Lewisville TX 75056
214-682-7002
972-370-1775
Fax: 214-522-5519