Hi ya’ll. I have not been able to blog in a while. It has been a busy few months, in real estate, of course, but also personally, too during that time. I want to tell you all that it is official: We bought our first house! Yes, I had been in real estate for over two years and had never bought a house ourselves. Shhhh… But, let me tell you our story.
As with any buyer during this crazy hot seller’s market, me and my husband looked for a house for over a year! When we started looking, it was about at the height of COVID and the housing market was boiling hot. With prices increasing at the start, many competitive buyers, and then interest rates increasing towards the end, it felt like home ownership was just out of our reach and like we would never be able to catch up. It is extremely frustrating for a first-time home buyer right now and so I can relate to all my first timers I help here. Buying a home is a stressful time for anyone to begin with, but add low inventory, multiple competitors, and no time to think about this huge life decision to the mix and it is stressful! Even though I was a real estate agent, there was nothing different or easier about it about buying a home ourselves, other than I am very aware of the process I suppose.
We had seriously looked at close to 10 homes during this time and made offers on about 3 homes that were all rejected. We became a backup for one home, however, but the other deal went through. After the 3rd rejection, we decided to make our loan options a little stronger and worked on credit. We had our eye on a house that was on market for almost 6 months! That is unheard of in this market! The home was a little out of our budget so we worked on credit and savings and once it was days before we were able to prequalify enough for that house, it had gone under contract with someone else! Arg!
Now we were serious and ready to go for that next one. With interest rates rising every day, we suddenly had a fire under us now to get a house before it was completely out of reach, again.
Then, the one popped up on market…
We ran out to see it that night and with no time to think about it, we put in a strong offer. A potential $30,000 over asking price offer. I say potential because we did an escalation clause which is really helping winning offers in this market. We competed against 2-3 other offers. Ours was accepted, and just barely winning. Finally!!
The rest of the transaction went very smoothly and we moved into our first house just a few weeks ago and are very happy with what we have! It feels good to finally be a home owner!
Let me know if you would like me to help with your NextHome!