Inspired by an online article found at https://money.com/therapy-tips-cope-wild-housing-market/
Tom Perry -Realty Executives Brio…Bellevue, Wa. REALTOR® serving Seattle and Seattle’s Eastside
A Realtor.com survey tells us that approximately 24% of the buyer pool has increased their current therapy schedule or started therapy because of the stresses and depression caused by the home buying process which in most cases can be grossly misdirected.
It is no secret that across the country, we are in a historical seller’s market. Limited inventory rising pieces and increasing interest rates which is driven by a multitude of buyers. The stresses of the home buying journey have social, emotional, and psychological impacts that have become more prevalent topics of discussion in therapy rooms.
5 Steps to Beat Home Buyer Stress
Buying a home has always had its stresses but it used to be exciting. Beat the stress with the right REALTOR®, lender, meaningful strategic planning, and disclosures before the buyer starts the process.
An experienced REALTOR® will demonstrate the market trends, offer strategies, and contingencies before you start your search. We have found that when you go into this experience fully aware and with realistic expectations, your stress levels are more managed as we wade through the process.
- Communication between the decision makers
Candid communication is key. Prior to beginning the home buying process, sit down with all the decision makers and affirm that they are all on the same page. Get clear decisions and commitments. Write down why you are moving, when you need to be moved, where you will go, and what you want. The last question is, what is your plan B?
Going into the process financially prepared can alleviate some of the stress, too. First, have a clear handle on the budget, and if you’re financing your purchase, have your documents in order early.
- Give yourself time
The best homes are selling quickly, but that doesn’t mean you need to rush through things. Take a breath. Start by finding the right REALTOR® early. The closer you get to your must move date, the more anxiety and pressure you will begin to experience, which often leads questionable decisions and feelings of regret once the transaction is over.
Look at the calendar backwards. It can take a couple weeks or so to get underwritten for your loan and approximately 30 to 45 days to close the transaction. This possible 2 months does not include finding the right homes, placing offers, and winning.
- Get a REALTOR®
A great REALTOR® will make sure you move forward with eyes wide open and based on your written commitments, they will help you set accurate expectations. Your buying experience should always start with a buyer consultation to ensure that your questions and concerns are addressed and that you are moving forward with a clear vision and as a team. It is so important that you are open and honest with each other and your REALTOR® from the start.
- Be financially prepared
A good lender and the best loan program are more than an interest rate. Ask your REALTOR® for guidance on selecting the right lender. Find a lender that will give you underwritten approval for your loan before you start you home search. Doing so will give you a clear view of your loanability, also the ability to offer with a quicker closing date. It shows the sellers that you’re a fully approved buyer whose purchase is based more on the seller’s property than on your financing.
- Searching for the right homes
Searching online for the right home on your own seems basic but it is not a simple task. A good REALTOR® will have a process and an MLS direct home search app that involves both you and them in the home search. Remember, this is what they do. Listening to them and following their lead will reduce the stress level. Let the broker do their job and find you a great home.
Follow the above 5 steps and the stresses of buying a home will fade. Along the way keep close tabs on your mindset throughout the day
- Identify negative thinking patterns
- Avoid the ‘what if’ trap and imagining worst-case scenarios.
- Contact your REALTOR® when you need a pep-talk.
Do your part and expect your real estate broker to do the same.
- Follow the agreed preparation and home search process.
- Expect your broker to fulfill their promises and your agreed expectations.
Leave a comment below if you have been thinking about a move and have any questions …
Check REX2020.com for more blog posts and information about the market and strategies for sellers and buyers. This information is valuable and timely for today’s real estate market.
While on my website, you can see my step-by-step processes for Sellers and Buyers. Both are based on the current market and proven by my years of experience. Whether it’s time to buy now or in the future, you will receive options that will help you to put a plan of action in place. Contact Tom Directly
Not all agents are REALTORS®. We are held to a higher standard. Beyond the education, we are held accountable to the Code of Ethics. Always ask, “Are you a REALTOR®?”