Location, Location, Location
-By Equity Reality
May 11th 2009
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I have been selling homes to first time home buyers for the past seven years. In my experience, new couples and first time home buyers are very excited and make there home buying decision based primarily on pure emotion.
In real estate we have three words that describe what to look for when purchasing a home. “Location, location, location.” However, in my opinion those words and strategy have changed. The new slogan for buyers in today’s economic client should be, “affordable, affordable, affordable.”
What can you afford? Sitting down with a qualified and professional lender is the first step when home buyers look to purchase a home. Does the lender come with referrals? Have they taken care of the client and told them exactly what it was they could afford? The last thing you want to do as a young couple starting a new life together is buy a home that you can not afford.
My advice to first time home buyers is start small. Even if you can afford something bigger, it will only help you in the long run of ultimately landing you where you’d like to be. I help my clients see the big picture. How long do you plan on staying in your first home? What would you like to be able to afford in the future? These questions are essential because more than likely, your first home is just that, your first.
If you have listened to any of the types of media we now enjoy, you know what is happening in our real estate market. Job loss, declining house values, unavailable lending programs, whatever the reason we are having to adjust our focus to where we want to spend our money. Many first time home buyers in the past 2 years are now facing dramatic life changes because of these conditions. Many days of heartache and frustration could of been avoided had they had experienced professionals not selling just selling them a home, but quality of life. I have never been afraid of telling a client that they should not be buying a home during a certain time of their life. It is not always the answer. I am confident that by telling my clients the harsh realities of their economic situation it will make them save an unfortunate situation. I will gain the trust and confidence that every real estate agent should have with their client. When the time comes for them to be able to buy a home, I am confident they will call me.
The second mos important part of buying a home is now, “location, location, location.” Although it has been dethroned by, what can you afford, it still is vital when you are purchasing your home. It will decide for you the quality of life that you need when beginning your life together.
The best part of deciding where you want to live is finding the area that is more comfortable to you and your spouse. Is it close to work? Is it close to family? Is it far away from in-laws? All things to consider when you are looking in different areas. Your location will ultimately decide for you your quality of life. You will make friends and establish relationships for the rest of your lives. Some of my best friends to this day are from the condo development where my wife and I lived over 8 years ago. Even though we have moved on, our relationships have never changed.
Another important reason on deciding where you will live is that you will more than likely end up selling that home in 2-3 years to move on to something bigger and better. When that time comes you will need to sell the home and do it for a great price. Location will sell your home and have a major influence on the price.
The third and last piece of advice I would pass along is this; understand that buying your first home is the fastest way to put a little extra cash in your pocket. Putting your money towards your mortgage will help establish the equity you will need in buying your second home. Realize that by buying and not renting, you are putting money in a different savings account that is slowly gaining value. The fastest and easiest way to accomplish this goal in the shortest amount of time is not to always buy the biggest and the best. When looking for you first place, put on your imagination glasses and look for potential and not just the color of the walls. Some of the best times you will have as newlyweds will be as you work together to make improvements and learn to fix problems for yourselves. Whether it be painting a wall, replacing a kitchen, tiling floors or fixing sprinklers, these are all obstacles you will need to learn early as long as you want to be a home owner.
There has not been a better time in 20 years to buy a home in Utah. It is a buyers market and there is plenty to choose from. You can go new construction or complete renovation. It is up to you. In the greater Salt Lake area we have a 10.1 month supply of new construction homes. 7.5 month supply of detached housing inventory and a 15.4 month supply of attached housing inventory. Needless to say we are short on buyers and we need you! Your biggest problem as home buyers in today’s market will be narrowing it down to just one.
Top selling projects in Salt Lake are as of Dec. 2008
1. Daybreak (421)
2. The Ranches (292)
3. Foxboro (220)
4. Traverse Mountain (147)
5. Heights at Quarry Bend (127)
6. Stansbury Park (116).
I hope that we will see each other out on the streets and I would enjoy the opportunity to show you that I don’t just sell homes. I help sell your dream. Please visit my web site at tanner-homes.com or call me directly at 801.916.3542 to set up our visit today.
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