Buying a home has never been a simple or easy process. However, over the past few years the process has felt even more impossible for many looking to buy a home. Between intense stakes bidding wars, skyrocketing prices and a lack of inventory for sale, buyers are hesitant to jump into the market or stick out through the buying process purely because of the stress that comes with it.
While there is no doubt that the homebuying process is stressful, there are many ways to help alleviate the stress. If you are a homebuyer, here are a few tips to help you stress less when buying a home and avoid buyer burnout in this hot market.
1.) Set Reasonable Expectations
One of the best ways homebuyers can protect their mental health while buying a home is to establish accurate and realistic expectations before they even begin searching for homes. Understand the market you are getting into. Currently, active listings are still down about 67% from pre-pandemic levels. Remind yourself that there are more people looking to buy than there are homes available to purchase.
Familiarizing yourself with the local market conditions and understanding that it may take some time, some negotiating, and some compromising to find the perfect home is crucial for maintaining a positive attitude. While this might be a hard pill to swallow initially, it will help your mental health in the long run as you search for homes.
2.) Hire a Good Real Estate Agent
To familiarize yourself with the local market conditions and help you find homes you may not have otherwise, you will want to hire an experienced local real estate agent to help you through the process. Real estate agents can help you find homes within your budget that match the criteria you are looking for in a home. They also can assist with negotiation, inspection, and contract support which takes some stress off homebuyers who may not be as familiar with these processes.
If finances or a concert, or you are just looking to save some money, consider using a low-commission brokerage. These brokerages offer a simplified buying process that includes all the same services as a traditional brokerage up to half of the price. With SimpleShowing, buyers can expect to get an average of $5,000 back at closing.
3.) Be Flexible with Your Time
If you are jumping into today’s market, flexibility is key. Sellers have the advantage of being able to close on their home within a matter of weeks or even days of listing it on the market. For homebuyers, the timeframe from home search to closing lasts much longer due to the high competition for homes.
As a buyer, you want to be flexible with your time. If you are not in any rush to buy, don’t put the pressure on yourself to have to find a home immediately. Otherwise you will find yourself feeling unnecessary stress. You may even impulsively purchase a home for the sake of purchachasing which could lead to even more stress in the form of buyer remorse. If you have the time to wait it out for the right opportunity, do it.
4.) Set Up Strong Boundaries
Having strong boundaries set before getting into the homebuyer process can also help preserve your mental health. Decide how often you plan to dedicate to searching for homes and stick with it. Understand that dedicating this time takes commitment and you may have to make some social boundaries.
Don’t be afraid to say no to social engagements that could take away from your home search times. Tacking on these extra activities could easily take time away from your home search, spread you too thin, and add extra stress during this already stressful homebuying season. If you do have some spare time, prioritize self-care in whatever way that looks to you. This will keep your mind and body refreshed and motivated.
5.) Be Financially Prepared
Finances are a major stressor when it comes to buying a house. Going into the buying process financially prepared is the best way to alleviate much of this stress. Make sure that you get a clear idea of your budget and loan amount by locking in your mortgage rate and getting pre-approved for a mortgage. As a good rule of thumb, your monthly mortgage payment should account for no more than 30% of your income.
Locking in your mortgage and getting pre-approved also shows sellers that you are a qualified buyer that will likely follow through with the purchase of the home. It will also eliminate the need for a mortgage contingency and stress of securing that last minute. Taking the time to get your finances in order ahead of time will save you a lot of time and stress later. It may not be the most exciting part of the buying process, but it is necessary if you want to put your best foot forward and have a smooth purchase.
Being aware of your mental health when buying a home is important. The more aware you are of your stress levels, the better prepared you are to handle them. Whether you are considering entering the market as a buyer, or already in it, these tips will help you find the perfect home for you in the most stress-free way possible.
Interested in simplifying your home search with SimpleShowing? Homebuyers can stress less and avoid buyer burnout with the help of our experienced agents and low-commission model. Contact us today to connect with an agent in your area.