Jacqueline & Georgie – first time homebuyers with their pup
Find out how you too can go from renter to homeowner this year.
Jacqueline & Georgie came to us as first-time buyers, and we were so excited to help them through the process, especially because they were so willing to learn and understand it all. For Jacqueline, every detail mattered, and we loved that about her.
We’ve known both of them since they were little and have seen them grow up and get married. Their parents are also our friends and clients, so helping this next generation buy a home was extra special!
Whether you’re ready to get started tomorrow or 12 months from now, we’ve got your back. We always tell our clients “a prepared buyer is a successful buyer”, so we invest the time and resources to educate first-time buyers about the process, from looking at houses to closing day when we hand them the keys to their new home. Setting expectations goes a long way to quelling fears and keeping things moving along smoothly. Of course, we’re there to guide them every step of the way too.
We caught up with Jacqueline shortly after they settled into their new home. Here’s what she had to say about the buying process.
What was your ‘why’ in buying a home now?
We definitely knew we didn’t want to rent for another year, but it was when a home went for sale next door to a family member that we got excited about taking buying more seriously. We’re very forward looking and we wanted to start building a home for our family.
After seeing how competitive the market was becoming, we knew we should get started sooner than later.
Did you have any preconceptions about buying a home?
I knew the market was crazy, but I still assumed it would be easy to find an affordable starter home in a nice area. As long as it had good bones, I wasn’t picky. Once I began my search, I quickly found that was impossible with the budget I had in mind – even for a home that needed work – without sacrificing the type of neighborhood I wanted to live in.
There were some pretty rotting teardown homes being sold for a lot, which made me confront the competitiveness of the market and readjust budget expectations.
What was the most surprising part of the process for you?
I was surprised by just how influential having an excellent agent and lender was. Finding someone with a high level of service is super important. I definitely felt that Karen went above and beyond and that she and the whole team really cared about us. It made such a big difference.
Did you have many friends who were also buying?
A lot of my friends moved to big cities after graduating, so many are still renting. I see a trend of people in their 20s and 30s, either my friends or colleagues, who are taking their time buying. But getting into the property ladder was really important to me. So a lot of my influence came from my own research.
One friend who did buy gave me good advice that stuck with me through the process. From her own experience she reminded me that I don’t need everything all at once, and to consider prioritizing the location because the home can always be improved.
Did you do any searching on your own before you contacted an agent?
I looked for homes casually online throughout covid and it gave me a general idea of what was out there. I’ve become really interested in real estate since then and still regularly check out Realtor.com to look at the market and homes selling nearby just for fun.
[How to search for your dream home: hint, it’s not Zillow!]
What were you looking for in a home?
The most important thing to me was the location. We weren’t picky about one area in particular, but wanted it to be safe, within a good school district, and with good accessibility to 94 for travel. Basically being as close to Milwaukee without sacrificing suburban space.
My approach was very long-term. We were prepared to get a starter home that needed work but knew that the other factors I mentioned would play into resale value down the line. I knew we could grow with the home.
Georgie had slightly different ideals. He wanted more of a move-in ready home that had most of the big items finished and updated…and a nice kitchen!
How early did you find an agent once you decided you wanted to buy?We decided to get pre-approved and reach out to our agent, Karen, as soon as we became serious about our search. Knowing how quickly the market was moving, this was done very early to give us time to prepare and look. We still had 11 months left in our lease (but knew we would break it if our search went quicker).
I recommend that you begin the pre-approval process sooner than you think. You can work with an agent and get your ducks in a row before you start looking at homes.
How did you plan your finances?
I’m in the banking industry so I was very meticulous and self-motivated about financial planning. I talked to a lender early in the process to get pre-approved- this is much easier and faster then people think….don’t wait to do this! This helped us understand what budget range we would bring to our agent so that we could start searching for homes and have a good base for negotiation.
But don’t forget that as helpful as these professionals are, what they tell you that you can afford doesn’t take into account other big costs in your life, like breaking your lease, grad school, or other lifestyle habits and money that you want accessible.
Homeownership is not just the mortgage payment. There’s a lot of other costs of being a homeowner that you need to consider when budgeting for a purchase.
Take a more holistic approach and remember all the finances that go into homeownership and your lifestyle that will affect you. If you cushion at least a few thousand that you consider spent, beyond what money you plan to use for a down payment, you’ll feel less strapped when unforeseen costs come up after move in.
For us that was new furniture, some interior fixes, a Ring alarm bell, vacations we still want to go on, possibly breaking our lease, and other unforeseen variable costs.
[How to build wealth through home ownership]
Were there any stressful moments in the buying process?
Sometimes I think that being so hyper-aware of the market and finances stressed me out. I literally knew when the feds would meet to discuss the national interest rate. I had to keep being reminded that the cost of the house is the loan and not the interest rate. Don’t be so afraid of the rate because you can refinance! We’re definitely looking to do that when it goes down.
I was also stressed by the competition. I felt like I was low on the totem pole being young, competing against older buyers who might have more savings to negotiate over asking price….which is what these deals were starting to look like to win. Walking into open houses were so packed and we knew someone there would likely be writing an offer on the home that day.
What I would say to that is don’t be afraid to just put in an offer anyway. You have nothing to lose! And from Team Trimble’s perspective, it never hurts to gain exposure to what writing an offer entails.
Having gone through it once now, what would you change about the way you approach the next home you might buy?
Find a great agent. Start the process early. Don’t be afraid to put an offer in – you never know! And spend time understanding the background story of a seller – why are they leaving? Sometimes that can help you find a competitive edge when other agents don’t know this.
Are you happy and settled into your new home yet?
We are so happy with where we decided to buy. It still needs some work but it was more of a move-in home than I was expecting, so both Georgie and I got what we wanted! Our neighbors are so friendly and all the kids have already made us drawings and introduced themselves.
If you’re thinking about buying, reach out today to request your complimentary Buyer Guide and get the process underway. Our Buyer Success Program includes proven strategies and steps to get you into your first home!
Send us an email at teamtrimble@kw.com or call 262.271.3621.
