The Perfect Home Might Just Be the One You Mold to Perfection
Look, the real estate game has changed. It's tougher out there with higher mortgage rates and home prices than we saw last year. What you could afford then isn't the same as now. Plus, there's a shortage of homes on the market, making things a bit trickier for buyers. But, hey, there's always a way to make your homeownership dream come true, even in these conditions.
When you're hunting for a house this season, you've got to be smart about it. It's crucial to scrutinize your wish list. Figure out what you actually need in your next home versus the fancy extras. This approach keeps you from blowing your budget or narrowing down your choices too much because you're hung up on finding that 'perfect' home.
Danielle Hale, the Chief Economist at Realtor.com, nails it:
“The key to making a good decision in this challenging housing market is to be laser focused on what you need now and in the years ahead, . . . Another key point is to avoid stretching your budget, as tempting as it may be . . .”
To get to the heart of what you really need, start by listing down every feature you're after. Break them down into categories like this:
Must-Haves – These are your non-negotiables. If a house doesn't have these, it's not even in the running. Think: distance from work, number of bedrooms, and so on.
Nice-To-Haves – These are the bonuses, not essentials. They're not dealbreakers, but they're good to have. If a house checks all your must-haves and some of these, you might be onto a winner. Examples? A second home office or a garage.
Dream State – Here's where you can dream big. These are the luxuries, not necessities. If you stumble upon a home in your budget that's got all your must-haves, a bunch of nice-to-haves, and even some of these, jackpot! Think swimming pools, multiple walk-in closets, you name it.
If you're only looking at homes with all your dream features, you're probably making life harder than it needs to be, both for yourself and your wallet.
Sure, granite countertops and a backyard pool sound awesome, but remember, these are things you can add later. Focus instead on what you can't change easily, like the location or the number of rooms. Upgrade the rest over time.
Sometimes the perfect home is the one you perfect after buying it.
Once you've got your list sorted, have a chat with your real estate agent. They can help refine your priorities and navigate the best way to stick to them. They're your ally in finding a home that ticks all your top boxes.
Bottom Line
Given the current affordability challenges and limited housing supply, being strategic is key to finding a home that fits your needs without busting your budget. Let's connect and make it happen.
