Why First Time Homebuyers Should Shop Around
It is often beneficial to buyers to examine several properties before deciding to make an offer.
Homebuyers, particularly inexperienced ones, often become enthusiastic about pursuing the first home they look at. I can personally attest to this as I am in the process of house hunting for the first time.
It is common for first time buyers to contact an agent after seeing a property and say they are sure they want to buy it. This sort of hurried enthusiasm is not necessarily as promising as it sounds, as it is often beneficial to buyers to examine several properties before deciding to make an offer.
The Process of Buying a Home
Buyers should have a general idea of what they are looking for in a home as well as what general area they would like to live in. The process of looking at different properties can often help them refine their criteria. Because it is common for buyers to adjust their expectations and reconsider their desires throughout the process, buying the first home seen can be problematic.
Doing so means there is no time or opportunity to compare homes or re-evaluate properties. Often, comparing two homes is how buyers decide what factors are more important to them. For example, buyers may initially think that they want to have a larger backyard, but decide when actually looking at homes that one with a smaller yard is more appealing.
Beyond individual homes, the chance to look at different neighborhoods may also be lost. It is important for buyers to remember that neighbors can be as important as where and how large a home is. For example, parents with young children might find that the chance to live near other families is worth more than an extra bedroom.
Pacing the Home Search
Looking for a home can be a complex process. For busy individuals balancing the search with other aspects of life, it may become difficult or stressful. Buying the first home they see may be a way for some buyers to try to cut the process short.
Many buyers who initially wanted to buy the first house they looked at were later glad they did not end up doing so. Again, I have just recently gone through this experience with a home that I fell in love with but realistically was just too small for my family. Looking back I am so glad my husband was able to snap me back to reality!
Unfamiliarity with local markets can also play a part, since buyers may not initially understand what types of choices are available to them in a given city, town or region.
Working with a real estate agent can help to guide you through the home buying process and will give you expert advice and insight on the best way to compare homes and locations.
Lindsay is the Senior Manager of Media Engagement for Coldwell Banker Real Estate and is a licensed real estate agent. She was born and raised in New Jersey and just bought her first home in Livingston, where she grew up. When Lindsay isn’t busy facebooking, tweeting or instagramming she is enjoying life with her husband Joe and cat Rory. She enjoys binging on Netflix, cooking and Zumba.