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Patience is key when purchasing your first home

Patience is key when purchasing your first home

Many first-time homebuyers are going to have a lot of questions about the process as they enter and move through it, and because of the level of competition now present in just about every local market, they may have to wait for some time before their bids are finally accepted. With that in mind, one adage shoppers might be particularly wise to keep in mind when they enter the market is that patience is a virtue.

One of the first things any first-time buyers will want to do is talk to a local real estate professional about the current conditions in the market because that step will help them craft reasonable expectations for how quickly they are likely to find a suitable property and have their bids accepted, according to Inman. After all, agents know their markets inside and out and will be able to give people a clear idea of what to expect from the shopping and sales processes.

A better understanding
When people have open lines of communication with their agents, they're far more likely to feel good about how bidding or potential sales are going. That assertion may be especially true even after their bids are accepted, the report said. After all, there's often at least a few weeks between when a purchase price is agreed upon and when the sale closes, and this delay, too, can sometimes leave first-time buyers anxious. However, it's often wise to trust that everything will work out, and agents will be able to provide critical advice if snags arise.

In general, shoppers can expect their house hunts to last at least a month but usually no longer than three, according to Bill Ness, a member of the Forbes Real Estate Council. To help expedite that process, taking steps such as preparing all financial data and documentation in advance as a means of getting preapproval on a mortgage, can go a long way. That effort, in turn, can give buyers more confidence when it comes to making a bid and getting the sales process expedited.

Simply put, having realistic expectations for how long this process can take will help shoppers feel good about their prospects even if they're not sure they can get a sale completed within just a few weeks, the report said.

Don't go overboard
Experts stress that it's also important for buyers not to "fall in love" with a home they may try to buy, especially those they find when searching for properties online, because that emotional investment can only lead to additional frustration and anxiousness about the bidding and sales processes, according to Magnify Money. Houses found online, in particular, may not always be what they seem, so tempering expectations is another great way to practice patience throughout the home search.

Again, seeking the advice of a seasoned real estate pro is likely to help shoppers stay realistic about their prospects for finding the right home based on their personal and financial needs and wants.

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