In this 3-part series, we’re sharing stories from Millennial first-time home buyers. Paul Salley shares his experience buying a home for his family. He highlights resources that helped with their home buying process, and why they ultimately chose a new construction home.
Millennials Speak Out!
According to Zillow Group’s Consumer Housing Trends Report, some 42 percent of those looking to buy a home are first-time homebuyers. Some 42 percent of those buyers are Millennials. With the Millennial generation being a dominant piece of the housing market puzzle, what makes them different from their older generation counterparts? Three of REAL Trends’ Millennial team members talk about their home-buying experiences. [Part 1 of 3 – Read Part 2 (Working with an Agent) and Read Part 3 (Rent or Buy)]
Housing Experiences: New Construction
Paul Salley, 32, director of business acquisition
Married to Rachel and dad to Kaden, Gavin and Rigby
A few years ago, I started the overwhelming task of finding my young family’s first home. I was as green as they came when I started the home-buying process. However, I did know who to turn to for advice and help to navigate these uncharted waters—a real estate agent.
My wife and I had our first child (one of three boys) and wanted to establish roots and live the American Dream.
I researched various terms I had only heard about in passing conversations, such as mortgage, interest rate and mortgage insurance. Feeling overwhelmed, frustrated and confused about the entire process, I knew it was time to turn to an expert. This expert was someone I went to church with who was a real estate agent. He had assisted my sister-in-law’s family in buying and selling a home.
Our agent, Dan Park with Madison & Company Properties, explained the process from start to finish. He then helped us look for a home within our budget that offered the amenities we wanted.
The way our real estate agent approached finding our home was very thoughtful and methodical.
In the end, my wife and I settled on a new construction home. The appeal of being the first to live in a brand-new home, along with the corresponding warranties, provided us with peace of mind. Dan was instrumental in aggressively negotiating with our homebuilder to a price point that was within our budget.
When the day came to meet with our homebuilder to sign paperwork, we were told (as an unexpected surprise) that the price we agreed upon was contingent on putting more money down. Being first-time homebuyers and recent college grads with an infant, we didn’t have anything else to put down. Dan once again came to our rescue, and, in the end, the homebuilder waived their desired addition to our modest down payment.
It’s almost been five years since we built our home. I can say with confidence that without our REALTOR®, we would still be in our cramped apartment. I am grateful for the advice, experience, expertise and friendship that our real estate agent brought to the process of buying a home. What seemed like a potentially horrible experience turned out to be one of the best experiences of our lives.
Our family has now almost doubled, and we’re starting the process of finding our next dream home. We will once again work with our REALTOR® to help us find a new home and help us sell our current home.
This article originally appeared in the November 2017 issue of the REAL Trends Newsletter is reprinted with permission of REAL Trends, Inc. Copyright 2017.