Two things you need to do when buying a home in a low inventory market.
As we enter the spring real estate market, I want to share some tips on balancing your wants and needs as a homebuyer, especially since inventory levels are still low in our area. While national statistics show a slow rise in inventory levels, it’s not yet reflected in our market. I’m optimistic, and I hope that we’ll still have this slew of inventory that we traditionally do, but as a buyer, your options are still limited.
To navigate this situation, the first step is to get pre-approved for a mortgage. This will help you determine how much you can afford and manage your expectations accordingly. Next, consider your must-haves, nice-to-haves, and deal-breakers. I suggest using the 80-10-10 rule, where 80% of the house meets your requirements, 10% can be changed to your liking, and the remaining 10% is something that may not be your favorite but can live comfortably.
“Consider your must-haves, nice-to-haves, and deal breakers. ”
Your must-haves are non-negotiable, such as a specific number of bedrooms, bathrooms, or locations. On the other hand, your nice-to-haves are things you can compromise on, like cosmetic changes, while your deal breakers are things you’re unwilling to compromise on. Knowing what these are to you is critical as it will help you take decisive action when considering a house.
Remember to balance your wants and needs based on your budget and use the 80-10-10 rule to find a home that meets most of your requirements. If you need help crafting your dream home list or have any questions, feel free to contact me