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34645 Willow Creek Pl, Willoughby - $399,000
1331 Bennett Rd, Madison - $329,900
7165 Hawthorne Dr, Mentor - $274,900
4423 Ashwood Ave, Perry - $349,675
4458 Ashwood Ave, Perry - $388,216
4451 Ashwood Ave, Perry - $395,519
35392 S Turtle Trl #D, Willoughby - $139,900
11388 Pelican Cv, Concord - $314,900
6764 Rolling Acres Ct, Concord - $450,000
6012 Cabot Ct, Mentor - $230,000
31 E Shore Blvd, Timberlake - $179,900
8100 Forestdale Dr, Kirtland - $395,000
1570 Slick Rock Dr, Painesville Township - $375,000
7670 King Memorial Rd, Mentor - $350,000
10745 Rockwood Dr, Kirtland - $339,900
1574 Slick Rock Dr, Painesville Township - $325,000
1566 Slick Rock Dr, Painesville Township - $300,000
11169 Prouty Rd, Concord - $242,000
950 Waverly Rd, Eastlake - $225,000
5715 Marine Pky, Mentor-on-the-Lake - $219,900
8237 Lake Shore Blvd, Mentor - $975,000
7904 Walcott Way, Mentor - $600,000
7283 Grant St, Mentor - $274,900
99 Woodworth Ave, Painesville Township - $265,000
2939 Gale Rd, Willoughby - $249,900
4778 Wake Robin Dr, Mentor - $199,500
474 Cole Plaza, Willowick - $189,900
1375 Dorchester Dr, Madison - $139,900
113 Tammany Ct #113, Concord - $135,000
996 Ardoye Dr, Painesville - $129,900
Buying a home is a lot like getting married: Your stomach’s all butterflies as you make the offer; then you’re over the moon once it’s accepted. Only then, as you take those slow, winding steps toward the big day (aka closing), completely different butterflies may settle in the pit of your gut: Holy crap, this is a huge commitment. Did I make the right choice?
We understand. Suffering a case of cold feet over an impending home purchase is remarkably commonplace. And it doesn’t necessarily mean there’s anything wrong or that you shouldn’t follow through. Odds are, your mind is just reeling with a lot of “what-ifs” that can feel downright paralyzing.
Here’s how to silence those ceaseless questions so you can make this commitment with confidence.
This is a concern for just about everyone—but especially among people who are buying at the top of their budget, says Sarah Jones, CEO and co-owner of Texas-based Bamboo Realty. If you’re worried about the costs of homeownership, sit down with your loan officer or a financial adviser and review the numbers.
You’ll want to calculate the total cost of owning the home—not just your mortgage payments but also taxes, utilities, homeowners insurance, and any HOA or condominium dues. Then compare that amount to your combined household income.
As a general rule of thumb, your housing costs should be no more than 28% of your gross income. But don’t panic if your ratio is a tad higher; your financial planner may be able to help you create a monthly budget that works for you.
First, consider how much competition you had from other buyers. If you were in a multiple-offer situation, you likely had to bid at, or above, listing price to nab the property.
When Jones’ buyer clients fear that they’ve overpaid, she shows them the comparable properties (which they also reviewed before making the offer). “Very rarely do I tell a client to make an offer substantially higher than what the [comparative market analysis] showed,” she says.
Moreover, if you need a home mortgage to purchase the property, your offer automatically includes an appraisal contingency. This contingency is required by your lender and involves a third-party appraiser assessing the value of the property. If the appraisal comes in lower than the purchase price, your lender will approve a loan only up to the lower amount—leaving you to decide whether you want to cover the remaining costs out of pocket or walk away from the deal.
Many people experience this second-guessing when shopping during the spring home-buying season, a period when there’s more inventory on the market, says Judy Weiniger, broker associate and CEO at Weiniger Group in Warren, NJ.
It’s a valid concern, especially if you viewed only a few properties before you submitted an offer on the home. However, when Jones encounters this, she helps her clients put things into perspective.
“If they’re like most buyers, I remind them that they already looked at hundreds of homes online before they fell in love with the one that they found,” Jones says. “Buyers don’t credit themselves for the legwork they did upfront.”
Still afraid you’re going to miss out on your dream home? “Ask yourself how happy you are with the home that you’re buying on a scale of 1 to 10,” says Jones. “If it’s an 8 or higher, you’re making a good purchase. You can look for a year and never find a 10.”
This is a valid concern, given how fresh the housing crisis of 2008 still feels. And, granted, “we never know what tomorrow will bring,” Weiniger concedes. However, this is typically only an issue if you plan to own the home for one to two years, since the housing market may not have bounced back by the time you sell. But if you plan to own the property for at least five years, you’ll likely live there long enough to regain any equity that you may have lost after purchasing the home.
You may have uncovered more issues during the home inspection than you predicted, particularly if you’re buying a fixer-upper. Still, that doesn’t mean you have to tackle all repairs at once. Instead, use your home inspection report to assess what areas of the house require immediate attention (and money) and what areas qualify as remodeling projects. Then, consider whether you’re up to the challenge. And bear in mind: You don’t need to tackle everything at once.
“I tell buyers take it one room at a time,” says Jones, who recommends starting with a small project (e.g., painting the master bathroom) to gain confidence and then work your way up to bigger renovations (e.g., remodeling the kitchen).
7873 Hunting Lake Dr, Concord - $449,900
9707 Smith Rd, Waite Hill - $780,000
7791 Skylineview Dr, Concord - $250,000
10686 Prouty Rd, Concord - $299,900
220 7th St, Fairport Harbor - $165,000
1084 Elm Ave, Madison - $164,999
6074 Campbell Rd, Mentor-on-the-Lake - $229,900
28406 Gilchrist Dr, Willowick - $166,000
34645 Willow Creek Pl, Willoughby - $399,000 1331 Bennett Rd, Madison - $329,900 7165 Hawthorne Dr, Mentor - $274,900 4423 Ashwood Ave...
