There’s no denying mortgage rates and home prices are higher now than they were
last year and that’s impacting what you can afford. At the same time, there are still
fewer homes available for sale than the norm. These are two of
the biggest hurdles buyers are facing today. But there are ways to overcome
these things and still make your dream of homeownership a reality.
As you set
out to make a purchase, you’ll want to be
strategic. This includes taking a close look at your want list and
considering what features you really need in your next home versus which ones
are nice-to-have. This want and need list will help you avoid
overextending your budget or limiting your pool of options
too much because you’re searching for that perfect home.
Before you
start your home search, make your needs, and wants list. From there, work to
break those features into categories. Here’s a great way to organize your list:
- Must-Haves –
If a house doesn’t have these features, it won’t work for you and your
lifestyle. Some examples would be… distance from work or loved ones,
number of bedrooms/bathrooms. - Nice-To-Haves –
These are features you’d love to have but can live without. Nice-to-haves
aren’t dealbreakers, but if you find a home that hits all the must-haves
and some of these, it’s a contender. - Dream Items –
This is where you can really think big. Again, these aren’t features
you’ll need, but if you find a home in your budget that has all the
must-haves, most of the nice-to-haves, and any of these, it’s a clear
winner.
While you’d
love to have everything on your list, most are things you could potentially add
after you move. Instead, it may be best to focus on finding the things that you
can’t change like the location or the number of bedrooms. You can always upgrade
or add some of the other features or finishes you want later.
Once you’ve
categorized your list in a way that works for you, we will discuss your top
priorities and refine it based on current market conditions. We’ll then find a
home in an area that meets your top needs.
With the
current affordability challenges and limited housing supply, you’ll want to be
strategic so you can find a home that meets your needs while staying within
your budget. Let’s connect to make that possible.
Remember,
sometimes the perfect home is the one you perfect after buying it.