Balancing Your Wants and Needs as a Homebuyer This Spring
While there are more homes for sale now than there were at this time last year, there’s still an undersupply, with fewer houses available than in more normal, pre-pandemic years. In other words, balancing your wants and needs as a homebuyer this spring will help you find a beautiful home to purchase. The Monthly Housing Market Trends Report from realtor.com puts it this way:
“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.”
Verify your mortgage eligibility (Nov 23rd, 2024)
The current housing shortage has an impact on how you search for a home this spring. With limited options on the market, buyers who consider what’s a necessity versus what’s a nice-to-have will be more successful in their home search. This type of focus means that while you may not get everything you want you will get what you need.
As you’re searching for that house that has all you need, and most of what you want, you should also get pre-approved for a mortgage. Pre-approval allows you to make an offer that a seller will take seriously and helps you better understand what you can borrow for your home loan, and that plays an important role in how you’ll prioritize what you absolutely need in a home from what is a want.
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 need and want in a home is to put together a list.
Verify your mortgage eligibility (Nov 23rd, 2024)Here’s a great way to think about them before you begin:
- Must-Haves – If a house doesn’t have these features, it won’t work for you and your lifestyle.
- 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 State – 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.
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.
Bottom Line
Prioritizing what you need in a home is a critical first step in the buying process. Almost as important is getting pre-approved for a mortgage so you’re in the best position to make an offer when you find the home you want to buy. The Executive Financial Group is your resource for personalized mortgage solutions, fast customized quotes, great rates, & service with integrity.
If you’re ready to start your search for your new home let’s connect and, for no charge, get you pre-approved for a mortgage.
