Though 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. 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.”
As a result of the ongoing shortage of available housing, the approach to searching for a home this spring will need to be adapted. Homebuyers will have a higher chance of success by prioritizing their needs over their wants, given the limited options in the market.
To start the home buying process, it is crucial to obtain pre-approval for a mortgage. This will provide clarity on your borrowing capacity and prevent the risk of falling for a property that exceeds your financial means. Once you have established your budget, the next step is to create a comprehensive list outlining the essential features and desirable aspects that you seek in a home. This will enable you to prioritize your needs and wants effectively.
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 deal breakers, but if you find a home that hits all the must-haves and some of the 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.
Ultimately, after drafting and organizing your list according to your preferences, it is recommended to share it with your real estate agent. They will be able to provide valuable insights and guidance.
In conclusion,
The crucial initial phase in the home buying process involves prioritizing your requirements. If you're prepared to commence the search for your ideal home, it is recommended to seek the assistance of a local real estate agent.