My Millennial Home Buying Experience: What I wish I knew before buying a home in Asheville
As a multigenerational office, we cater to all ages and stages with genuine understanding (we also never stop laughing at our hysterically varied senses of humor). Today, however, I’m writing directly to my fellow millennials. Grab a PSL, y’all, and settle in for a cute little story, some dated references, and some home-buying tips geared just for us.
My West Asheville buying experience was my second real estate transaction; I bought my parent’s home in 2015, and with a weirdly uneventful and quick selling experience when I was ready to relocate, I left with an unrealistic expectation of the high-stakes and often incredibly complicated world of real estate. When I arrived in Asheville and began my home search, this became painfully obvious. Low inventory and climbing home prices left me reconsidering all of my life choices (real estate related and beyond), and I was terrified.
It seems like many of my peers can relate. In fact, “75% of first-time Millennial homebuyers admit they’re overwhelmed by the process of buying a home” (Housing Wire). So, dear millennials: what can we do to ease our trademark anxiety when we are ready to plant roots?
Understand your finances.
If you take only one piece of my story with you, please let it be this: being brutally honest (and, therefore, terrifyingly vulnerable) with your lender is essential. A quality lender will help you understand how to get from your current situation to your goal, and what your options are at this in-between moment. Learn up on all of the federal incentives available to your demographic, and don’t be afraid to ask ALL the questions.
Find your real estate lobster.
With a solid understanding of your financial situation (and pre-approval!), you are ready to interview your potential real estate professional. Meet with several candidates, ask tough questions, and above all, pick someone with a wealth of market knowledge in the area you want to live.
“A quality lender will help you understand how to get from your current situation to your goal, and what your options are at this in-between moment.”
Check your expectations.
Consult with your industry professional! Ask your agent for a market analysis, neighborhood specific data, and be open-minded to options you have not yet considered. Any agent worth their salt will be able to help you sort through your dreams and identify what is most important to you (rural seclusion, high-rated school districts, walkability, etc.). There will be different paths to get you there, so be ready to discuss the pros and cons of each. Each transaction is unique, and so may be your solution. A quick reality check at the beginning of your home search is key to understanding your market!