The Perfect Home is Waiting for You to Build It

There's no denying that mortgage rates and home prices are higher now than they were last year, and that's impacting what you can afford. On top of that, there are still fewer homes available for sale than the norm. These are two of the biggest hurdles buyers are facing today. But there are ways to overcome these things and still make your dream of homeownership a reality.

As you initiate a purchase this season, adopting a strategic approach is crucial. Take a close look at your wish list and assess the features you genuinely need in your next home versus those that would be nice to have. This will prevent exceeding your budget or excessively limiting your options in the quest for an ideal home.

Providing insight, Danielle Hale, Chief Economist at Realtor.com:

"In navigating this challenging housing market, the crucial factor for sound decision-making is maintaining a laser focus on your immediate and future needs. Equally important is resisting the temptation to exceed your budget, despite how enticing it may be..."

To pinpoint your essential needs, create a list of the features you desire. Then, categorize these features to facilitate the organization of your list. Here's an effective way to structure your checklist:

• Essentials: If a residence lacks these features, it won't align with your lifestyle and needs (examples: proximity to work or family, specific bedroom/bathroom count, etc.).
• Desirables: These are features you'd appreciate but could forego. While not essential, they add value. If a home meets all the must-haves and includes some of these, it becomes a strong contender (examples: an additional home office, a garage, etc.).
• Ideal Scenario: This is the space for envisioning grand possibilities. While not necessary, if a home within your budget encompasses all the must-haves, most of the desirables, and any of these dream state features, it stands out as a clear winner (examples: a pool, multiple walk-in closets, etc.).

Differentiate between your "must-haves" and "nice-to-haves." Prioritize features that are absolutely necessary for your comfort and well-being. While dream features are enticing, they shouldn't supersede your essential needs or push you beyond your budget.

While having granite countertops or a backyard pool would be desirable, both are elements you could potentially incorporate after relocating. Perhaps it's more prudent to concentrate on identifying unalterable aspects, such as location or a specific room count. Later on, you can consider upgrading or adding some of the other features or finishes you desire.

Sometimes the ideal home is the one you refine and perfect after acquiring it.

After organizing your list according to your preference, share your top priorities with your real estate agent. They can assist you in further refining the list, guide you on the best strategies to adhere to it, and locate a home in your area that aligns with your foremost requirements.

Bottom Line

Given the current affordability obstacles and constrained housing supply, it's essential to approach your home search strategically. Seek the assistance of a real estate agent who can guide you in finding a home that fulfills your requirements while remaining within your budget.