Is Homeownership For You?
Thinking about what homeownership might look like for you? Maybe you’ve heard a little too much information and you believe you wouldn’t qualify or the process is just too hard. I’ve had the privilege of working with a wide variety of first-time home buyers and I know that at first the process can feel overwhelming. But give me a moment and we can hopefully debunk some myths and ease some of the anxiety!
Myth 1 – I need 20% down to purchase a home.
This is actually a common misconception. The truth is that there are some great loan programs out there that provide the option for as little as 3.5% down. There are even down-payment assistance programs that could cover the cost of your down payment by 100%! Think about that, with the right agent and lender you could purchase a home for less than a monthly rent payment! Then, instead of building someone else’s wealth, you will be building your own.
Myth 2 – I need 3% to pay my Real Estate Agent.
Many people don’t know how the process of working with a real estate agent works. Let me make it as simple as possible. The home seller always pays commission to both the seller’s agent and the buyer’s agent. You know what that means? You can have one of the BEST Agents in the business in your corner, negotiating on your behalf for ZERO money out of your pocket. Going directly to a listing agent puts you in what is called an “Intermediary situation” in which case the seller’s agent is expected to represent you as well as their original client. Unfortunately, this means that the seller’s agent can really only serve as a go-between, and cannot give advice or opinions to either the buyer (you) or the seller. You want your own dedicated agent for your purchase — someone to advocate and negotiate for you. I would love the opportunity to earn your business (but more of that later)!
Myth 3 – My credit is no good, I don’t want a Lender to look at it because they can’t help me anyway.
This couldn’t be further from the truth, countless times I’ve heard this from folks wishing they could purchase but worried they don’t qualify because of poor credit or unestablished credit. In fact, before I purchased my first home back in October of 2018 I would’ve told you the same thing and that was after being in the business for 4 years. After I got out of my own way and allowed my lender to take a look at my credit he gave me a step by step plan to get myself exactly where I needed to be to purchase a home. I left that meeting excited about the process and entirely confident that home ownership was possible for me!
What I am trying to convey to those of you who are on the fence about purchasing a home is that, if you don’t try, you’ll never know. Starting the process with an Agent who has your best interest at heart, who is connected with vendors who are patient and want the best for you as well is the ticket. Some things to consider when choosing the right agent are:
Patience – Do they explain each step of the process before, during and after without making you feel foolish? You are new to this. If they don’t teach you the process in a way that makes you feel confident and capable, how will you learn?
Communication – Do they listen to you and your needs and follow the directions and requests you give them? Do they answer your calls, texts and emails in a timely manner? Do they provide you the information you asked for and answer any questions you may have?
Availability – Your agent needs to be available to show you homes on your timeline and schedule or have a team in place to show you in their absence. The last thing you want is to lose the home you fell in love with online because your agent put you off and didn’t get you in to see it.
With over 15,000 agents in Tarrant County alone, we know you have your “pick of the litter” for agents. What sets me and LEAGUE Real Estate apart from the many capable agents out there is our heart for people. We love when our clients find themselves in the perfect home for them and with as little stress as possible. We are #ReadyToServe and would love to earn your business!