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What Challenges Will You Face As a First-Time Property Buyer?

What Challenges Will You Face As a First-Time Property Buyer?

The real estate market in Fayetteville is healthy and growing. However, the inventory of new housing projects and resales are slow.

Most of the properties that were closed in 2019 have sold out. According to a news report published on May 28, home sales exceed the number of available properties in the local area.

Much of the slowdown can be attributed to COVID-19, which forced the shutters down on the construction industry and halted ongoing projects. However, housing is an essential need, and if families are going to stay at home, they need a home to stay in.

With fewer choices to look at and restrictions to maintain social distancing, first-time homebuyers are having a hard time trying to find the right home for their family. From browsing property listings to going for site inspections, buying a house requires experience, real estate knowledge, and an eye for detail. It’s a big investment in a place that you’ll probably call home for the rest of your days.

It always helps to place your trust in an expert who knows the ins and outs of this property market. They have witnessed many bad deals and put their clients through profitable ones – trust their knowledge. You can end up with a property that doesn’t offer value for money if you choose to go through the process alone. Avoid a bad investment while you can.

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Investing In A Lifestyle Upgrade

Buying a house is more than a property investment for families who want to make a life in a new place.

You could have important life events going on. You may have finally decided on a date for your wedding or waiting to welcome a new baby! In either case, it’s a major life development, and you may want to upgrade your lifestyle to welcome the new change.

That’s why you may choose to move into a bigger place with room for a nursery, or an apartment that’s big enough for two. You would want to move into an area with schools, shopping malls, and recreational options nearby.

But finding a place that’s an upgrade from your old lifestyle is tough. You’re betting your collective life savings on a new property. Even after pooling in all your funds, it might seem like you don’t have enough to buy the house of your dreams. Money alone can’t buy happiness in the form of a house; you need to be smart about investing your money in the right house.

You can easily be scammed by fraudulent property sellers who cheat you out of your money and offer a damaged house in return. That’s why you need an expert realtor who can vet all the options and shortlist the best homes for your budget.

Managing Affordability Issues And Budget Constraints

Financial lending institutions may not always cover the full cost of buying a new house. You can’t depend on a house loan when planning to move into a bigger place. You need to start saving years in advance to collect enough savings for the deposit. Regardless, affordability is a major concern.

If you don’t have expert knowledge of the real estate market, you may not be able to gauge which areas are affordable for your budget range. You may want to move into a neighborhood that you can’t afford. Alternatively, you might underestimate your financial worth and overlook better housing options because you think you can’t afford them.

Looking at property listings and narrowing down your options is an exhaustive process. A detailed Google search can overload you with information that won’t make much sense if you’re a novice property buyer. You need someone with a realtor’s insight to break down the data into simpler terms that are easy for you to understand.

An experienced residential REALTOR® like Phillip Fehler, at Fathom Realty, has years of experience in the local real estate industry. He has offered his real estate brokerage services to several families and found the perfect home for them that’s affordable and fitting for their budget and needs. If you want to invest your money in the right property, you can discuss your financial situation with him in detail, and he can guide you further.

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Knowledge Of The Housing Market

The real estate market is ever-changing. Facts and statistics about the available housing options keep changing with the date. Buying and selling property is a complex game where beginner’s luck hardly ever pays. Unless you’ve spent years observing the market trends and have experience of property investment, you may get the short end of the straw.

Investment may seem like gambling on chance, but you need knowledge of the market to make an informed decision. You can’t predict whether a property will appreciate or depreciate, without knowing what that means or how it affects your purchase. Experienced realtors have years of experience, offering their brokerage services to residential clients. If you’re based in Fort Bragg, NC, you can avail our REALTOR®’s brokerage services.

Mr. Fehler can advise you against investing in a property that can incur losses and guide you toward better options. They can account for durability, locality, seasonability, and market forces that affect property prices. They know how property values endure during a recession and when it is best to buy a house. Once you hire a real estate agent from an esteemed agency like Fathom Realty, you can trust that the suggestions they make will be in your best interest and better than a naïve investment.

Knowledge Of The Property Purchase Process

It’s a long road from deciding to move houses and finally moving into one. The process is lengthy, with many bureaucratic formalities that can make it overwhelming for inexperienced buyers. You can feel bogged down with paperwork and many unaddressed questions.

Where do I start looking for a new house?

How do I decide if a particular neighborhood is good enough for my budget?

Am I qualified for this purchase?

Is this deal as good as it seems?

Should I negotiate the price?

When can I move in?

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These are some common questions that residential housing clients have brought to us. They’re either taking the process too casually or are excessively paranoid about the process or risk of fraud. Either attitude is bad for property investment. You need to manage your inhibitions and not let your worst fears reason with you. Assess your options objectively and make a rational decision that’s fulfilling and affordable.

We understand that this advice is easier said than done. For us, it’s a business deal, but for you, it’s your future home. It’s only natural that you may be overcome by emotion while settling on a decision and lean toward the unreasonable choice. That’s why it’s helpful to have an expert by your side, to help you invest your money safely and wisely.

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Our real estate brokerage services are at your service if you’re in Fayetteville, NC. You can find great deals in your local real estate market in North Carolina right here. Phillip Fehler has worked with many residential housing clients before, and none of them have been turned away due to low credit, fewer funds, or high expectations. We will find the perfect home for you!

Contact at (910) 381-1341 or email us at phillipsellsnc@gmail.com, if you have any questions for us. We’ll wait.

By |2020-07-16T11:04:37+00:00July 11th, 2020|Blog|0 Comments