I recently asked people on social media what they believe are the biggest things keeping people from buying their “dream home”. I received a laundry list of responses from people who have never purchased a home before to those already in their dream home. I even had finance professionals from around the country chime in as well.
The following are the most common responses along with an answer on how to overcome that specific barrier.
1. “It seems like a fairy tale. It will never happen.”
This type of comment was extremely discouraging to me. Most people have no idea how easy it is to become a homeowner. We wrote a previous blog that outlines seven simple steps to buying a home, but it breaks down into three key components from your financial picture:
- Income
- Debt
- Savings
Buying a home is not a gigantic mountain that is impossible to climb. It is a simple process that anyone can go through with a handful of intentional actions.
That said, the process of buying your “dream home” may seem extremely unrealistic to some because their dream home is a gigantic mansion on the beach that only Jeff Bezos can afford. In cases like this, people have a poor definition of a dream home.
A dream home is not “the biggest and best and greatest home I could possibly dream of”. The proper definition of a dream home is one where I can make my family’s dreams come to life.
2. “I have no idea where to start.”
Let’s say you resonate with my definition of a dream home as outlined above. Let’s also say that you now understand buying your dream is easier than you think. The next common issue people have is they are not sure where to begin.
Do you start looking at homes online? Do you talk with a realtor? Do you talk to a bank? Who can you trust?
The best place to start is with a local home loan advisor who is willing to create a dream home-buying game plan specific to you. This is where they sit with you to listen to the dreams you have with your home, ask questions to gain an understanding of where you are at today, and create a practical step-by-step game plan to help you get to where you want to go.
Most people do not engage with a home loan advisor until much later on in the process. But the wisest dream home buyers we work with are willing to talk with an advisor years before their dream home is purchased. We believe these meetings are so important that we conduct them for free. That’s right, it doesn’t cost anything to get one of these game plans with the people on our team. Whether you are five weeks or five years away from purchasing your dream home, we consider it an honor to educate you and give you guidance to help your dreams come true.
3. “Home values are way too high. I’m not sure I will ever be able to buy in my dream neighborhood.”
Even if you do have a realistic picture of a dream home and you have good income, assets, and debt to qualify for a loan, there is a reality that cannot be controlled. The dramatic increase in home prices is a thing. As a result, some feel they have been priced out of being able to buy in their dream neighborhood.
There are two realities I would like to help you understand:
- As we mentioned in a recent blog, the housing market is changing. The local Arizona real estate market is moving at the fastest pace in its history and home values are coming down. We are entering a buyers market!
- If you currently own a home, and want to upgrade to your dream home, you were able to benefit from the recent increase in prices. Although the house or neighborhood of your dreams is at a higher price point, so is your current home that you would sell before buying your dream home. Many are able to use the value in their current home to help make the purchase of their dream home easier!
PRO TIP: There is an easy way and a hard way to upgrade from a current home to a better home. For more information on how to do it the easy way, check out our One Move program here: https://stewardship.pro/onemove/
There are a lot of barriers people have in mind when it comes to buying their dream home. What I have found is that most of those barriers are not nearly as big as people make them out to be. The process is simple, home values are coming down, and it’s easy to start! If you would like to meet with us to obtain a free dream home buying game plane, schedule a time with one of our home loan advisors below!
