First-Time Homebuyer Tips for Western New York: Budget, Rates, and Why Losing an Offer Isn’t the End

HostFor this week’s Buffalo by Design segment, we’re joined by Austyn and Joshua from the Enas Latif Team with some expert insight into our local housing market. Hi, you two — thanks for joining me. Let’s start with some advice for someone considering buying their first home here in Western New York.

AustynI think the biggest thing is to start with education. It’s really exciting, and it’s so easy to download Zillow, go to a million open houses, and want to jump right in. But finding a realtor you know, like, and trust — who can sit down with you, explain the home-buying process start to finish, and set you up with a local lender to understand your purchasing power — will really set you up for success so you can make informed decisions.

JoshuaAnd talking to a local lender — they’re going to help you establish that budget and see what programs you may qualify for. That’s the most important part, because who’s making the monthly payment? It’s not us, it’s the buyer. One of the most important things for us is that you’re still able to live comfortably, whether that’s taking vacations or whatever it may be. Identifying that comfortable budget first puts you in the best position moving forward.

HostBudget is a major topic for any home buyer, but first-time buyers are trying to stay within their budget while interest rates are ever-changing. What advice do you have for navigating that?

JoshuaIt’s the same thing — talk to that loan officer to see what’s out there. Maybe the interest rate right now is scary, really high. But if you’re at a rate where you can still comfortably afford the mortgage, and rates go down and there’s an opportunity to refinance, that works out in your favor down the line. As long as it works for you right now and you’re still okay, that’s the most important part.

HostWhat about buyers who have lost out on several offers and are starting to feel discouraged?

AustynDon’t get discouraged. Losing out on a home doesn’t necessarily mean you’ve done something wrong. We’re in one of the most competitive markets in the country, and there may be 10 or 20 people bidding on a house. When you’re prioritizing your financial well-being — sticking to the budget you’re comfortable with and not stretching beyond your means — that may be the best thing for you.

JoshuaTrust the process. There’s a reason for everything. Maybe that house was perfect, but you never know what’s going to pop up a little later — maybe at a lower price, with you in a better position. That’s what I tell everybody: trust the process.

HostWhat should buyers and sellers understand about the current real estate market in Western New York specifically?

JoshuaIt’s very cyclical. We’re about to enter the darkest time of the year — you’re not going to be able to see a home past 5 p.m. You can’t see the roof; you might not know if a gutter is completely missing. That’s why the competition is so intense in the springtime.

AustynIt might take 60 to 70 days to close, and nobody wants to move in February in a potential snowstorm. That’s why the spring market is crazy. In the period we’re entering now, competition does go down a little. It depends, but now might be a good time, if you’re serious, to get a little more aggressive, because there may be less competition. And for sellers, pricing correctly from day one makes a big difference, because buyers shopping in the winter aren’t nonchalant about it — they have a goal in mind.

HostWhat should someone look for when choosing a real estate agent to represent them?

JoshuaSomeone who’s willing to set up a buyer consultation or seller consultation and actually sit down with you for however long it takes to answer any and all questions — to educate you on what to expect from start to finish, so there are no surprises. Nobody wants a surprise.

AustynAnd somebody you feel has your best interest. This is the largest financial transaction most people will ever make. We do this as our full-time job, so we’re constantly updated on training and the current market. Find somebody who’s in your corner, working for you 100% of the time — someone who will advise you to walk away if it’s not the right house.

HostIt’s inevitably stressful, but having the right agent can alleviate some of that.

JoshuaThat’s the goal — to take any stress we can off of you. That’s what we’re here to do.

HostWhere can our viewers go if they’d love to work with either of you?

AustynYou can call us, or find me on Instagram at House Hunting with Austyn.

HostThank you both for coming in and sharing great tips — maybe you just encouraged someone to look a little more aggressively now, and now they know who to go to. It’s spooky season, but they’ll walk you through it.

JoshuaWe’re trying to do all treats, no tricks this year.

HostViewers, contact the Enas Latif Team to take the stress out of buying or selling your home.

Transcript lightly edited for clarity.