The housing market goes through ebbs and flows of inventory levels. During a time of high buyer competition and low housing supply, you might find your home search a little more difficult. There will likely be fewer options in your price range and more buyers looking at the same house. If you’re searching for a home during a time like this, there are several ways you can help make the house hunting process smoother.
- Consider ways to expand your options
When there are fewer choices on the market, you might want to ask yourself some of the following questions:
- Am I willing to explore other communities?
- Could I live with less square footage?
- Which home features (interior or exterior) can I live without?
- Have I considered fixer-upper homes?
When you make an investment as large as a home, you want it to be perfect. But in a competitive market, you might have to use a little more imagination. If a home is in a great area but doesn’t have all the features you want, consider exploring your renovation loan options. Location is the largest feature you can’t renovate in a home. So, exploring homes that are in a good location but don’t have everything you want is a good way to expand your search.
- Avoid financial predictions and guessing
Finances are one of the biggest stressors for many people. While setting and sticking with a budget might sound simple, it tends to get more complicated the further you get into your search – especially for first-time home buyers. You’ll likely want to compare scenarios and evaluate different options in your head. But this can get overwhelming. If you have a mortgage expert you can trust, try to ask them as many questions as you need. Feeling like you’re trying to figure it all out alone can start to take a toll. In addition to using us, you can compare different scenarios on our mortgage calculator.
- Work with trusted housing and financial experts
Buying a home can oftentimes feel more overwhelming than you predicted – especially when you’re tackling it on your own. By working with a real estate agent and loan officer, you not only get expert advice, but you also can feel the relief of not having to worry about so many different moving parts. People use wedding planners for a reason. That same reason is why people use REALTORS® and loan officers. Consider us your dream home buying team.
- Don’t speed up your timeline
In a busy market, you may feel pressured to make quick decisions. But at the end of the day, you need to be ready to buy a home in order to sign a mortgage. Not only does it need to be the right home, but it also has to be the right time. If you’re not 100% confident in your decision, then it’s probably best to slow things down and take a step back. This doesn’t mean you need to call off your home search completely. Maybe just put a pause on it.
No matter where you are in the home buying process, we’re always here to lend a hand. Let us know if you would like to talk more! For more helpful tips from our partners at NextMortgage, check out their website.