EVERYTHING YOU NEED TO KNOW ABOUT BUYING A HOME
Last updated January 5, 2022.
There are a million articles that address buying a home, and this one will include some of that standard information. But first, here’s some advice you may not be used to hearing from your real estate agent: buying a home is intensely personal.
It often becomes an emotional–rather than strictly financial–decision. That’s normal and not always a bad thing! But because buying a home is one of the most stressful things you will ever do, it’s important to think about how your personality and stress tolerance might impact the process.
Some people are geared to navigate the home-buying process, and they’ll buy and sell as they make a profit and “upgrade” to a new home. Others buy a home and prefer to stay in that home for as long as possible. Others are happy to deal with the headaches of purchasing an old home while still others prefer to pay a premium for a new build. Some try to time the market just right, and they never stop worrying about whether home values are going up or down.
In an effort to make the right decision about buying and selling a home, perhaps the single most important factor is understanding yourself, your spouse, and each other’s personality and preferences. For example:
Do you enjoy the process of searching the market for a new home?
Are you OK with regularly going through the process of selling a home and moving?
Are you a handy person who enjoys fixing things or renovation projects (old home), or would you prefer that fewer things break less often (i.e. new home)?
Ask yourself these questions and try your best to role play, visualizing yourself in these various situations. Talk about these factors with whoever you are making this decision with. Once you settle these questions, the other factors will fall into place, such as price, location, old home vs. new home, etc.
An experienced real estate agent can help you work through items like this and lead you to the purchase that is right for you. Contact a One Rock agent today, and begin your house hunting journey.
Of course, you shouldn’t ignore the housing market, and that financial data should also play a role in your decision. There are several ways to track what’s happening to home prices:
Consumers and real estate agents share data on home prices through what is called “comparable sales.” That information is gleaned by using zip codes and neighborhoods with houses in similar bed/bed configurations and square foot sizes.
On a more macro level, economists measure price trends from different sets of data. They glean a more global perspective by measuring “housing starts,” which considers housing permits from data companies like FactSet.
Affordability is measured by looking at interest rates as well as information on mortgages from Freddie Mac.
Builder sentiment is more loosely pulled from trade organizations such as the National Association of Home Builders.
This doesn’t even begin to scratch the surface of the different kinds of data available, and you can go silly trying to make heads or tails of it.
Fortunately, that’s where One Rock can help. Our team of experienced realtors can help you navigate every aspect of the home-buying process–from your personal preferences to the housing marking and everything in between. It’s never as easy as simply looking at the data and making a cold, calculated decision. It’s a process that must incorporate both emotion and data, which an experienced agent can help you negotiate. That’s our job at One Rock, and we enjoy our job, and we enjoy people.
What’s more—we serve clients across Texas. Our home office is located in Tyler, but we have branches in Dallas/Fort Worth and Houston. If you are looking to buy a home in Texas, give us a ring today.