Photo courtesy of Stephanie Robinson/Alisha Crossley Photography
Stephanie Robinson, a top-selling realtor in Mountain Brook, opens the door of a listing.
Buying a first home can be daunting, but for first-time buyers in Mountain Brook, the process comes with its own set of challenges.
Stephanie Robinson, a real estate agent with RealtySouth’s Mountain Brook office, said that despite the price point for Mountain Brook, she sees a number of first-time homebuyers.
“You just don’t ever know who’s coming in,” she said. “They might be people who have been putting themselves through medical school and finally have gotten a job, and they’re buying their first house here.”
One of the most critical first steps for new buyers is getting preapproved for a mortgage, according to Robinson.
“The first thing that they need to do is really talk to some good mortgage lenders and get preapproved so they know exactly what they can afford,” she said. “After they know what they can afford, they then step back and see what they’re comfortable buying.”
Once preapproval is in place, buyers should find a knowledgeable real estate agent who can help navigate the competitive housing market. Robinson encourages prospective homeowners to interview agents and find someone they trust to guide them.
“There are just a lot of moving parts these days, and to have somebody who can really help you in that area is great,” she said. “It’s so frustrating for some of these people to put in offer after offer and get beat out. But it always works out in the end — you end up getting the right house at the right time.”
First-time buyers in Mountain Brook face stiff competition from various groups, including downsizing retirees and grandparents relocating to be near family.
“A lot of grandparents are moving here to be near their grandchildren, so sometimes you’re competing with people who are older for the same house,” Robinson said. “And also older people who want to scale down and get a smaller house — that could be your competition too.”
Another challenge is the overall lack of housing inventory. Rising interest rates have kept many current homeowners from selling, limiting options for new buyers.
“If they’ve got a 2% interest rate or 2.5%, why would they want to step up to something that’s challenging for them to give up?” Robinson said.
In such a competitive environment, Robinson advises buyers to present strong, clean offers with minimal contingencies when possible and to be mindful that they are in a competitive market.
“A lot of people are inspecting homes before they make an offer, and some don’t get the house because other buyers waive the inspection.”
Despite the challenges, Robinson encourages first-time buyers to remain patient.
“You’re going to get the right one,” she said. “You’ve got to be patient, and it’s hard.”
Her best advice? Get preapproved, find a trusted agent and set realistic expectations.
“It’s sort of like getting married. You need to make sure it’s a good fit and that they’re listening to you and giving you guidance,” she said. “It’s a big purchase, no matter what price it is.”
