For Buyers, First-Time Home Buyers, Move-Up Buyers, and Buying Myths
Despite the increase in available homes compared to last year, the housing market remains tight, with fewer properties on offer than in pre-pandemic times. Realtor.com's Monthly Housing Market Trends Report states:
"Although the number of homes for sale has risen, it is still 43.2% lower than it was during 2017 to 2019, prior to the pandemic. Consequently, there are fewer homes available to purchase on an average day than a few years ago."
The ongoing housing shortage influences how you approach your home search this spring. To ensure success, homebuyers must distinguish between essential features and those that are simply nice to have, given the limited options available.
First and foremost, obtain mortgage pre-approval. This will provide clarity on your borrowing capacity for a home loan, which significantly influences your list of desired features. After all, it's best to avoid falling for a home that's beyond your means. Once you have a clear understanding of your budget, compile a list of priorities for your ideal home.
Consider the following categories when creating your list:
- Must-Haves – These are non-negotiable features crucial for your lifestyle. If a house lacks these, it's not suitable for you.
- Nice-To-Haves – Desirable but not essential features. While not dealbreakers, if a home meets all your must-haves and includes some nice-to-haves, it's a strong candidate.
- Dream State – This category is where you can think big. These are aspirational features that aren't necessary, but if a home within your budget has all the must-haves, most of the nice-to-haves, and any dream state features, it's a clear winner.
After crafting your list, share it with your real estate agent. They can help you refine it further and provide guidance on adhering to your priorities while finding a suitable home in your area.
In SummaryDetermining your needs is a crucial first step in the home buying process. If you're ready to find the perfect home for you, reach out to a local real estate agent.
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