"It’s a seller’s market." You’ve likely heard this – repeatedly.
However, you need to find a home and it’s becoming extremely frustrating. If you spent any time searching home listings you’re probably finding little to choose from and when you do find one it already has an offer on it. Or, if you do get an offer placed it gets rejected and before you know it, you’re in a bidding war. Wasn’t this experience supposed to be fun? This is the feeling almost all prospective home buyers are currently facing.
Before you throw in the towel and give up, here are a few tips to help keep you going.
PERSEVERE because interest rates are going up and economic experts are not seeing them slowing down anytime soon based on what the Fed is forecasting. Interest rates on 30-year mortgages have increased an average of 1.5% since January 1st of this year. If you can get a deal done, it will save you money in the long run.
WIDEN YOUR SEARCH AREA. Real estate agents can be very helpful in understanding what you’re looking for in a home and the surrounding communities that might fit your needs better. Reasonable commuting is not the end of the world and in larger cities, public transportation is an option. Also, with rising housing prices, it would probably be a good idea to make your peace with the fact that you’re going to have to stretch your budget. One of the factors driving up housing prices practically everywhere is the work-from-home phenomenon produced by the pandemic. This moves the hot housing market to everywhere – people are no longer tied to large cities for the best jobs. They don’t have to report to an office so why not live where you want?
BE FLEXIBLE. Making concessions and signing contracts with no contingencies. We're not suggesting that you agree to anything but keep your end goal in mind. An example would be the home having oak flooring and you really prefer maple, but the house DOES have the number of bathrooms you need. A breakfast nook is fairly optional, but the required number of bedrooms is not. Cosmetic items in a home can be updated over time but the structural items are more difficult. Remember, the goal is to get into a new house that fits your basic needs and that you can afford.
With age comes perspective and generally, difficulties work themselves out. You may not understand why a specific home didn’t work out for you because you loved it. Hang in there, tomorrow may bring a new opportunity you never even considered. Five or ten years from now you may look back and know exactly why you ended up in the new home you chose and why it was the best option.
Author: Anne Pralle - "Keeping a Positive Attitude When Buying in Today's Market"
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