Spring is the perfect time of year to make those big real estate decisions and start looking for a home. But with so many options and potential pitfalls, navigating the real estate market can be tricky. That's why we’re here - to help you understand that there are strategies that will make buying a home this spring smarter and less difficult than ever before. Whether you’re a first-time homebuyer or an experienced investor, let us guide you through the process step by step so that everyone involved benefits from your smart decision-making.
Recent data indicates that the current housing market still suffers from a lack of supply relative to pre-pandemic years. According to the Monthly Housing Market Trends Report released by realtor.com, there has been an impressive 43.2% decrease in available homes for sale since 2019. This means that prospective buyers are likely to find fewer houses on the market than in prior years, making it more difficult for them to find their ideal property.
This spring, the housing shortage has drastically changed the home-buying process for many prospective buyers. With fewer listings to choose from than in previous years and an overall lack of inventory, it is important for shoppers to prioritize their needs and focus on finding a house that meets their essential requirements as opposed to simply looking for features they may consider nice, but not necessary. To be successful during this time of limited options, buyers should dive deep into their research and pay close attention to details such as location, amenities, size, and price range when searching for the perfect home.
Securing pre-approval for a mortgage is an essential first step when looking for a home. Knowing your borrowing power helps to ensure that you don't become attached to a property that is not within your budget. To make sure you get the most out of your home purchase, it's important to put together a list of all the features you want and need. This should include all details and facts, as well as higher semantic richness so that you have the best information possible while making this important decision.
When it comes to finding the right home, it's helpful to break down the features into three categories: Must-Haves, Nice-To-Haves and Dream State.
Must-Haves are the basic requirements that a house must have in order for you to consider buying it - these are non-negotiables
Nice-To-Haves are features you would love to find in your home, but can live without if need be. These are not dealbreakers, but having them can make a house more appealing.
Finally, Dream State is where you can really allow yourself to think big. This includes any features that may not be essential but would be nice if found in your home - and if a property has all of the must-haves plus most of the nice-to-haves along with anything from the dream state list then it's an easy choice!
Before you begin your house hunt, it can be helpful to create a checklist of features that are important to you and organize them in an way that makes sense for you. This could include items like location, budget, size, amenities and style of the home. Once your list is complete,
discuss it with your real estate agent and they will offer valuable insight on how to refine the list further as well as provide guidance on the best strategies for finding a property in your desired area that matches all of your criteria. Your agent can also help you stay focused on sticking to your list so that you don't get distracted along the way and make decisions out of impulse or emotion.
Prioritizing what you need in a home is an essential initial step for anyone looking to purchase a property. It's important to do your research and consider what features are most important to you, such as location, number of bedrooms, style of home and more. Once you have identified your needs and wants, connecting with a local real estate agent can be a great way to expedite the process of finding the perfect house for your family. Reach out to us right away! Our team of highly qualified experts, each boasting years of invaluable experience in the property market, will provide you listings that match your criteria, as well as insider knowledge of the market that can help you secure the best deal possible on your dream home.
Don't miss out on an opportunity to have your dream home this Spring!