Low Inventory? Refine Your Search!
Though there are more homes for sale now than there were at this time last year, there are still fewer homes available than in more normal, pre-pandemic years.
“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.” – Realtor.com
The current shortage of homes on the market will impact how you search for a home this spring. With limited options on the market, prioritizing is the key to success! Buyers who go into their search with a clear priorities are going to be more successful.
First Priority: Get Preapproved for a Mortgage!
Pre-approval helps you better understand what you can borrow for your home loan, and that plays an important role in how you’ll put your list together. 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 want and need in a home is to put together a list.
Here’s a great way to think about them before you begin:
- Necessary – If a house doesn’t have these features, it won’t work for you and your lifestyle.
- Extra Goodies– These are features you’d love to have but can live without. Extra Goodies aren’t dealbreakers, but if you find a home that hits all the must-haves and some of the these, it’s a contender.
- Dream Home – 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.
Once you’ve created your list and categorized it in a way that works for you, discuss it with your real estate agent. The more clarity you can bring to your Realtor©, the better. They’ll be able to help you refine the list further 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 the buying process. If you’re ready to find the one that’s best for you, call on the Realtors© at Butch Whitfield Group to help guide you through the process!
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