You’ve been searching for homes with your Orlando Realtor for the past year and for one reason or another, you haven’t been able to pull the trigger on any of them. You just let one great home after another slip away from you always find a reason why it’s not the one for you.
So why can’t you make the decision to buy?
Believe it or not, your subconscious mind could be sabotaging you. Buying a home is a huge financial decision and the stress that comes along with it can overwhelm you to the point where you’re constantly second-guessing yourself which can lead to paralysis in decision making.
Making the wrong decision here can result in serious financial consequences for you and your family. With all these things weighing on you, it’s easy to see why it’s so difficult to commit to buying a new home.
Do you really need to buy a home?
It’s important to consider why you’re wanting to buy a new home in the first place. Do you need a new home because of a growing family or maybe you’re downsizing to a smaller one?
Are you transferring to a new job in another state? Are the payments too high? All of these are legitimate reasons for buying a new home.
However, if you’re house shopping because you’re bored of the home you live in or you really have no reason to move at all, then you may want to think about if it’s really worth the stress of going through the home buying process just because you think you need a change. Maybe a kitchen remodels or a paint job will do the trick for you.
However, if you’ve been home searching for a while, then it’s probably because you really need to buy a home for a good reason. There are many benefits to owning a home like providing your family with a stable and safe environment, tax breaks, rising real estate value, etc.
Fear of Spending More Thank You Can Afford
The leading cause that keeps people from committing to a home purchase comes down to money. Ever since the market crash of 2007 many people worry that the same thing will happen again…real estate prices will be cut in half and they’ll be stuck paying much more than they should be on a home.
No one can predict what the Orlando real estate market is going to do in the future. However, there several things that you can do to minimize your risk of purchasing a home.
First of all, don’t let other people tell you how much you can afford to pay for a home. Lenders will try to get you approved for the highest dollar amount based on your income. Real estate agents will try to convince you to buy a bigger and better home now so that you don’t have to upgrade in a few years. Only you know what your financial situation really is and only you should be the one to decide on how much you can afford to pay for a home.
Make sure that your employment situation is stable enough for homeownership. Also, be sure that you can handle any major repair that comes along with owning a home without emptying your savings account like replacing an AC unit or a roof which can easily end up costing tens of thousands.
If you’ve already been pre-qualified for a mortgage, it means that you’re already looking at homes at the top of your affordability range. Just because you’re already approved for a certain amount, it doesn’t mean that you need to find a home to match the most you can afford. If at all possible, you should stay lower than what you are approved for. If you’re able to scale it back just a bit, I can almost guarantee that your stress level will also decrease.
Tell Your Orlando Realtor How You Feel
Make sure to let your realtor know how you’re feeling and want to decrease your house buying budget a bit. BTW, If they get upset or try talking you out of it then it’s time to find a new realtor. Remember, your real estate agent works for you, not the other way around
Don’t Fear The Future
Fear is one of the most powerful human emotions and its primary purpose is to keep us out of trouble. However, unreasonable fears are exactly that…unreasonable and they have no place in the real world. Common sense, research, and professional advice will help you to overcome legitimate fears like committing to a payment you can barely afford.
A good way to combat fear is to think about the very worst-case scenario in a situation. If you can still handle dealing with the worst thing that could happen [in your mind], then you’re probably ok to proceed. Chances are that whatever happened in your mind will probably never happen in real life.
No one can predict the future. So you have to be prepared to handle whatever may happen. If you’re still feeling paralyzed about buying a home, take some time to really evaluate your situation. Use the suggestions provided in this article to help you figure out what your next move should be.
