March 19, 2023
Though there are more homes for sale now than there were at this time last year, there’s still a persistent undersupply of available homes for sale with fewer houses on the market 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.”
Due to the current housing shortage, how buyers search for a home this spring will be impacted. With limited options on the market, buyers who consider what is a ‘necessity’ versus what is a ‘nice-to-have’ will be more successful in their home search.
The first critical step? Get pre-approved for a mortgage. Pre-approved buyers better understand what they can borrow for a mortgage which plays an important role in determining how to form a workable list. Upfront objectivity regarding wants and needs will help to ensure that you don’t fall in love with a home that’s actually out of reach. With a good grasp on the budget, the best way to prioritize all the desired features that are critical, helpful or would-be-great-if-possible is to create a physical reference list.
Here’s a great way to think about the list as 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 dealbreakers, 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.
Finally, once you’ve created your list and categorized it in a way that works for you, discuss it with your real estate agent. They’ll be able to help you refine the list further, coach you through the best ways to stick to it and then find a home in your area that meets your needs.
Bottom Line
Prioritizing what you need in a home is a critical first step the buying process. If you’re ready to find the one that’s best for you, feel free to contact us for a local market information about Chicago’s North Shore, North and Northwest Suburbs or use our complimentary Free Relocation Service for a referral to an area expert in your desired area.
Courtesy of Keeping Current Matters