First-Time Homebuyer
Brandon Morris searched for homes for more than two years, but when he proposed in December, his buying window began to shut.
Brandon, 28, a commercial lender with BB&T, and Jennifer, 28, a first-grade teacher at Christ the King School, closed on their home in July – two months before their September wedding. Brandon chatted about their home search, which included offers on two foreclosures before buying in Dunwoody’s Village Mill neighborhood.
Q: Why did your search last so long?
A: We were looking for the right combination of the right interest rate and the right house and the right location at the right price (their price range was $350,000-$400,000s). We knew there was a lot of inventory out there. We never got too attached to one house that we absolutely had to have.
Q: How did your search progress?
A: We looked in a lot of different areas and a lot of different types of homes … intown and further out in the suburbs. Ultimately, we wanted to make sure what we bought we could live in for five-plus years. That was something we wanted to live in as a family.
Q: Did you have a minimum number of bedrooms and neighborhood must-haves?
A: Three bedrooms, and swim and tennis.
Q: Even though it's a buyer's market, how did you witness the competition for the best homes listed?
A: The funny thing would be when we were sitting at work and all of a sudden an email would come across from Patty [Dawkins with Coldwell Banker] with "hurry" in the subject line. We would have to rush out during my lunch break.
Q: What did you learn while putting offers on the other two homes?
A: We had a couple of foreclosures (they were among five to six bidders). The thing we learned the most was despite what you hear, when that right property comes up, there are a lot of people out looking who are like us, looking for the right deal.
Q: What type of communities and homes did you find particularly in Dunwoody?
A: I think the issue we ran into in Dunwoody was the right-priced home in the right-priced neighborhood often wasn't updated enough or was a split level or a ranch (they preferred a two-story home) or not exactly what we were looking for from a features perspective.
Q: How fast did you bid on this home?
A: We had our eye on it for a couple of months and watched the price drop [it was originally $450,000]. The day the price dropped [to $399,000], we made an offer on the new price. The beautiful thing about this one was we were the only bidders.
Q: What tips would you give for negotiating a price?
A: We had a really clear idea of what we could afford. We weren't willing to go above it. We made an offer that was a little bit below that. For the second offer, we said, "Look, this is our best." It wasn't a hard negotiating tactic. It was the best offer we could make. Ultimately, I think [the sellers] realized the market was such that they needed to move on it.
At a Glance
Brandon and Jennifer Morris’ home, built in 1969 in Dunwoody’s Village Mill neighborhood, has four bedrooms, two-and-a-half baths and about 2,600 square feet. They purchased it in July. Homes in the neighborhood are listed from the mid $200,000s to high $300,000s.
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