The Right Way to Balance Your Wants and Needs as a Homebuyer This Spring
The shortage of homes for sale continues, even during the increased availability that is being seen in comparison to this same time last year. The Monthly Housing Market Trends Report from realtor.com states that there are still fewer houses available than would be expected during normal, pre-pandemic market conditions.
“While the number of homes for sale is increasing, it is still 43.2% lower than it was before the pandemic in 2017 to 2019. This means that there are still fewer homes available to buy on a typical day than there were a few years ago.”
The current housing shortage can make finding a new home difficult this spring. By making clear distinctions between what is essential and desirable in a property, buyers can greatly improve their chances of securing the right house. Taking stock of your priorities will be key as options are limited due to the market situation.
The first step? Get pre-approved for a mortgage. Pre-approval helps you better understand what you can borrow for your home loan, and that plays an important role in how you’ll put your list together. After all, you don’t want to fall in love with a home that’s out of reach. Once you have a good grasp on your budget, the best way to prioritize all the features you want and need in a home is to put together a list.
Here’s a great way to think about them before you begin:
Finally, once you’ve created your list and categorized it in a way that works for you, discuss it with your real estate agent. They’ll be able to help you refine the list further, coach you through the best ways to stick to it and find a home in your area that meets your needs.