In this episode, Nathaniel and Tim shared their home purchasing journeys and discussed the emotional aspect of it. Nathaniel and Ying have decided to stick with the urban condo concept for its convenient lifestyle. Tim and Becca have chosen the traditional house route for the extra square footage and family BBQ time in the backyard. They all went through the emotional roller coaster, and have so far come up empty-handed in today’s insane housing market. Nathaniel has a couple of coping tips to share with you: one, look at your current living situation and ask yourself: what kind of square footage do I really need and/or want; two, make a “life events priorities” list, and see where the “new big house” sits; three, understand that if the listing price is already on the top end of or outside your budget, in today’s market, the selling price will likely be even higher. That will leave you little to no room for life's accidents like pay cuts, losing your job, unexpected kids, other investment opportunities, etc. Don’t make illogical decisions because of FOMO. Tim also added that it’s important to start this journey with the right expectations. The market is tough for buyers, don’t expect an easy search unless you have unlimited cash to burn. We always stress to our young clients the importance of financial planning before you are ready to buy: you plan well today to position yourself so that you can buy better tomorrow.
