How has the home buyer’s journey changed over the past decade and what do you need to know about buying real estate in 2022? In this episode of the Seattle Living & Wealth Building podcast, we break down the fundamentals of the home buyer journey. Tune in as we address the challenges home buyers have been facing since the pandemic, the various costs associated with buying real estate, the 3-phase process for buying your ideal home, and more!

Then, we call our friend Nick, who recently bought his first home with his wife, to describe his real estate buying journey and what he learned throughout the process. Do all properties look as good as they do online? How did your buying criteria evolve as time went on? What caused you to back out of your first contract? What was the biggest challenge you experience during the home buying journey and how did we help you overcome that? Tune in to hear Nick’s valuable insights!

Key Topics/What You’ll Learn:

01:40 - Introducing today’s topic

04:16 - How long is the typical buyer's journey in real estate?

05:08 - Why it’s important to know what type of buyer you’re working with

05:50 - What was your fastest closing?

07:07 - Buyers don’t usually know where they’re at in the buying journey… What factors affect that and how do you address that as an agent?

10:35 - Is there a formula for success? What does it take for buyers to succeed in the current real estate market?

13:45 - Trends & changes we’ve seen in real estate + mortgage, and Can we expect a housing market crash soon?

17:27 - The impact of high-balance conforming loans on home buyers

19:54 - Interest rates and real estate prices in Seattle in 2022

22:07 - What is an appraisal? & How to navigate challenges with home appraisal gaps

28:41 - Nick’s buying journey

46:03 - How do I get started on the home buying journey?

48:42 - Costs associated with buying real estate