With the $8,000 tax credit (and the $6,500 tax credit) as well as the continued low interest rates, I find myself working with more and more buyers, especially first time homebuyers who have never gone through this process before.  Most of them are very overwhelmed by not only the vast amount of paperwork they have to sign & fill out, but also by the process itself.  My philosophy has always been that an educated buyer is a less stressful buyer.  But today, with all the information out there on the internet, I am finding that some of my buyers who are busy doing a lot of research on the internet, are now becoming even more stressed because of the amount of information (and misinformation they are getting)!  So for all the homebuyers out there who are getting more and more stressed out about the prospect of buying a home, here are my tips to help you go from stressed to happy!

• First, find a great Realtor to work with!  This is going to be a person you will be depending upon to help guide you through the process.  It should be someone that you are comfortable with and a person who you trust to put your interests first and foremost!  If you have a Realtor and you just don’t feel like they are working for you, talk to the Realtor and see if you can work out your issues!  If you can’t, perhaps you should find a different Realtor to work with you!
• Second, know what you can comfortably afford!  This means that not only do you want to get pre-qualified by a reputable lender who is adhering to the new Good Faith Estimate, then determine what sales price you are the most comfortable with!  Just because you can qualify for a half million dollar house, you may not want to spend that much money each month on your payment!
• Third, keep in mind that owning a house means there will be maintenance & repair costs after closing!  Even with a new construction home, there will be repairs that will have to be made and normal maintenance items you should take care of each year!  Don’t stretch your monthly payment so much that you find yourself putting off maintenance & repair issues after closing!
• Fourth, don’t be blinded by the staging & home furnishings in the house you are considering!  You don’t want to overlook the more important things, like the location, the street noises, whether the house is in a flight path!  Remember, those furnishings will be gone after closing, but you will still have the same location and other things you can’t change after closing!
• Fifth, don’t ask for too many opinions!  When you are buying a house, it is important for you to ask the opinion of trusted friends and advisors!  And this is good; however, you should always keep in mind that it is you and your family who will be living in the house, not your aunt and uncle or your cousin in another state!  Don’t let so many varying opinions cloud your judgment about the house!
• Sixth, keep in mind that no house is perfect!  When I was growing up, people did not move every few years!  Then we got into a period where it was the norm for people to sell their home every couple of years!  Now, we are in a period of time when people need to be in their houses for awhile – probably somewhere around 5 to 10 years!  But you won’t be in the house for 30 years plus.  So keep in mind that you may not get 100% of everything you want in a house!  So with that being said, find a house that has the things that are the most important to you and that you feel you can live with for the next 5 to 10 years, or can add to the house after closing!
• Seventh, keep in mind that there is no right time to buy a house!  Unless you are an investor looking to buy a house to flip, you want to buy a house when the time is right for you!  There will always be homes on the market for a homebuyer, and when the time is right for you to buy a home, you will be ready to buy that house!
• Eighth, when negotiating a contract, don’t try to be a champion negotiator!  Everyone wants a good deal, and in today’s real estate market, there are really lots of good deals out there!  When you are ready to write up your offer, make sure your Realtor runs a Market Analysis for you!  This will tell you how fairly the house is actually priced!  Don’t automatically assume that the sellers will be willing to sell you a home that is 20% below their asking price just because we are in a buyer’s market!  Remember, if this is the house that you want to buy, you want a good deal, but you also want the seller to fairly negotiate with you, not only on price & terms at the time the contract is being negotiated, but also at the time of the inspections!
• Ninth, don’t try to time the market!  No one knows what the future is going to hold – there are Realtors who are saying that the market has stabilized and that 2010 will be a turning year, there are others who think it will be later.  There are Realtors who think that normal appreciation in this market will be around 2% to 5%, while others think it is different!  No one is right because the future is not yet here!  So, at the end of the day, no one knows what the future will hold!  You need to decide when the time is right for you to buy your home!
• Tenth, love the house that you buy!  I have always told my buyers that when you find the house of your dreams, you will know it!  Don’t try to force the feeling!  You could find that house on the first trip out or it could be many trips out!  The main thing is – buy the house you love!  Real estate has always been a good investment, but it is a much better to be in a home that you love and that is yours and knowing that the money you are paying each month is going to build your equity, not your landlord’s equity!

These may not be the only things that can help you go from stressed to happy when buying your home in Richmond, Virginia!   Know of any other tips?  Feel free to share them here!  Please keep in mind – there is a method to the madness and there is a system to help you with your home purchase!  Feel free to let me know if there is anything I can do to help you!