While we have seen an increase in home inventory this last year, “it is still 43.2% lower than it was before the pandemic in 2017 to 2019” (realtor.com). With this housing shortage, we must change our thinking when searching for a home this spring.
When looking for a home to purchase this spring, buyers must balance what they want versus what they need in their next home. While most of us have an idea of our ideal dream home, sometimes that vision can be too large or expensive for our current budget. Deciding which features are must-haves and which can be compromised is essential to get the best value for your money.
The First Step
Pre-approval is the first step you should take. Knowing how much you are approved for will give you an idea of what type of home and location fits within your budget.
Make a List
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 assemble a list. What are your:
- Must-Haves: These are the features you must have in any home you consider buying. These could include a certain number of bedrooms, a backyard, or a specific location.
- Nice-to-Haves: Anything not on your must-haves list can be moved to the nice-to-haves list. This is where you should prioritize essential features and which ones can be compromised if necessary.
- Dream Features: You would love to have these features but understand they may not be available within your budget.
When shopping for a home, it is necessary to remember this list and stay focused on the items that matter. Once you’ve created your list, 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.
Ultimately, it is essential to remember that what you are looking for in a home must be based on your current budget. Shopping with an understanding of how much you can spend and what features you can realistically get for that price will ensure you get the best value when purchasing a home this spring.
The exceptional customer service that Liz provides will establish the groundwork for a relationship with her clients that will continue into the future when you’re ready for your next home or when friends and family come to join you in your new home town.
Please contact Liz, she will take the time to get to know you and assist you in finding a home that best fits your lifestyle needs.