“In today’s market, low inventory dominates the conversation in many areas of the country. It can often be frustrating to be a first-time homebuyer if you aren’t prepared.”
In today’s market, low inventory dominates the conversation in many areas of the country. It can often be frustrating to be a first-time homebuyer if you aren’t prepared. Here are five tips from realtor.com’s article, “How to Find Your Dream Home—Without Losing Your Mind.”
1. Get Pre-Approved for a Mortgage Before You Start Your Search
One way to show you’re serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage. Even if you’re in a market that is not as competitive, understanding your budget will give you the confidence of knowing whether or not your dream home is within your reach. This will help you avoid the disappointment of falling in love with a home well outside your price range.
2. Know the Difference Between Your ‘Must-Haves’ and ‘Would-Like-To-Haves’
Do you really need that farmhouse sink in the kitchen to be happy with your home choice? Would a two-car garage be a convenience or a necessity? Before you start your search, list all the features of a home you would like. Qualify them as ‘must-haves’, ‘should-haves’, or ‘absolute-wish list’ items. This will help you stay focused on what’s most important.
3. Research and Choose a Neighborhood Where You Want to Live
Every neighborhood has unique charm. Before you commit to a home based solely on the house itself, take a test-drive of the area. Make sure it meets your needs for “amenities, commute, school district, etc. and then spend a weekend exploring before you commit.”
4. Pick a House Style You Love and Stick to It
Evaluate your family’s needs and settle on a style of home that will best serve those needs. Just because you’ve narrowed your search to a zip code doesn’t mean you need to tour every listing in that vicinity. An example from the article says, “if you have several younger kids and don’t want your bedroom on a different level, steer clear of Cape Cod–style homes, which typically feature two or more bedrooms on the upper level and the master on the main.”
5. Document Your Home Visits
Once you start touring homes, the features of each individual home will start to blur together. The article suggests keeping your camera handy and making notes on the listing sheet to document what you love and don’t love about each property you visit.
Bottom Line
In a high-paced, competitive environment, any advantage you can give yourself will help you on your path to buying your dream home.
To view original article, visit Keeping Current Matters.
An Expert Gives You Clarity in Today’s Housing Market
The right agent can help you understand what’s happening at the national and local levels.
Leverage Your Equity When You Sell Your House
Record levels of home equity provide security for millions of families, and minimize the chance of another housing market crash.
4 Tips for Making Your Best Offer on a Home
When putting together an offer, your trusted real estate advisor will help you think through what levers to pull.
Could a Multigenerational Home Be the Right Fit for You?
Multi-generational home buying is a way for families to often buy a home that may have been previously out of reach.
Is It Really Better to Rent Than to Own a Home Right Now?
The reason homeownership is one of the best investments you can make is the wealth it helps you build.
An Expert Makes All the Difference When You Sell Your House
It’s important to work with someone who understands how the market is changing and what it means for you.