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7 Ways to Mentally Prepare Yourself to Buy a Home in Today’s Market
From coast to coast (with some exceptions of course), new listings are receiving multiple offers within hours, open houses are packed, and those seeking to buy a home are facing difficult odds against a seemingly endless stream of buyers.
But, as with all things in life, you can’t succeed if you don’t try. So if you’ve decided you’re ready to buy, the best thing you can do is put yourself in a position to win while keeping your expectations realistic. In other words, hope for the best, but prepare for the worst.
So it’s a good idea to get yourself mentally prepared before throwing your hat in the ring. Here are some fun ways to make sure you’re ready to buy a home in today’s market:
1. Pull up a map of the neighborhood you want to live in. Now expand the radius by approximately 10 miles to add a cushion.
Unless you’ve just received a massive inheritance, there’s a chance you won’t be able to buy in your dream neighborhood. But that’s ok, there are usually some decent options a bit further out.
2. Close your eyes and picture your dream home. Now picture someone else buying it for all-cash at 30% above market value.
Now picture yourself getting a better one that comes along in a few weeks…
3. To maintain your sanity, never scroll down to the price history section of a new listing
Looking at how much it last sold for is not for the faint of heart.
4. Write “The seller will accept this offer” over and over again to build confidence
Feeling confident about your offer is key, so don’t hesitate to build up your self-esteem before submitting an offer with this simple confidence hack. Make sure you don’t accidentally send the note to the seller.
5. Look around your basement to see if there’s anything you can sell to help with your down payment
That old treadmill could fetch a few hundred bucks, and who knows, maybe baseball cards are becoming valuable again. Every dollar helps in today’s market, so don’t be afraid to dust off that old cardboard box.
6. Go for a run and note any “for sale” signs. On your way back, note which ones have already been sold
Exercise is good because it can clear the brain. But it can be frustrating to see a new “for sale” sign go into the lawn only to have an “under contract” sign added to it almost immediately.
7. Practice holding your breath, since you’ll be doing so every time you make an offer
If you find making an offer nerve-wracking, you’re definitely not alone. While holding your breath is probably not a great idea, sometimes you just can’t help it when you’re anxious to find your dream home.