Making Smart Home Buying Decisions This Spring: Balancing Your Wants and Needs

Spring is a great time to explore home buying, with the market offering up more homes for sale than there were at this point last year. Nevertheless, finding your dream home might still be difficult due to limited inventory and high competition among buyers. If you’re ready to make the jump into homeownership this season, it’s important that you go in armed with all the information necessary to build an offer package good enough to stand out in today's crowded market. With so much on the line—not only in terms of financial resources but also design preferences, commute considerations and lifestyle choices—it can be daunting sorting through what matters most and deciding where exactly you should draw those lines between wants or needs when setting out on your house hunting journey. As experienced realtors here at Your Home Sold Guaranteed Realty - The Watson Group, we've helped families of all shapes and sizes shop smartly throughout pandemic-era real estate boom times; let us provide some key insights about getting the best bang for your buck!

The State of the Real Estate Market This Spring

As this spring season rolls around, there is still an ongoing challenge present in the real estate market. Despite more homes being available than last year, overall supply remains low compared to pre-pandemic levels. This results in a shortage of housing being available for potential buyers on the market, consequently causing prices and competition to rise. It's going to be critical for those looking to buy a home to make wise decisions, understand their budgetary limits, and act quickly if they come across a listing that meets their needs. Experienced help from a trusted realtor can be key in navigating the current situation with success and finding your dream home.

Although there are now more homes for sale in comparison to the same period last year, it still falls short of pre-pandemic years. As reflected in the Monthly Housing Market Trends Report from realtor.com, the current housing market is still characterized by an undersupply of available properties.

“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.”

The ongoing housing crisis has had a major effect on the way we search for our dream homes this spring. With limited options available, those who distinguish between their wants and needs will be better equipped to locate the perfect property.

Tips for Prioritizing Your Home Buying Requirements

As a real estate professional, I understand that finding the perfect home can be an anxious and stressful experience. With an undersupply of homes available on the market these days, it’s important to have your priorities straight when it comes to selecting properties to consider. Make sure you make a list of must-haves -- budget, buildings codes, number of bedrooms/baths, and other criteria. Additionally, consider making a separate list of “would be nice” items - such as hardwood floors or energy efficient appliances - so you don't get caught up in minor details. Having a good understanding of what you're looking for and what is negotiable will help streamline the entire buying process!

The key to success with your home loan? Get pre-approved and gain an understanding of how much you are able to borrow. This will be a crucial factor when creating and organizing the list of must-haves for your dream home - so that you don't set yourself up for disappointment by falling in love with something beyond reach. To effectively decide on what features should take priority, jotting down all desired characteristics is highly recommended!

Here’s a brilliant way to contemplate them before you set off on your journey:

• Must-Haves– Unless a house possesses the attributes your life requires, it will not be suitable for you.
• Nice-To-Haves– Whilst these features can't make or break a deal, they are still great to have if you find them in the home of your dreams. If all your must-haves and some nice-to-haves match up with one particular property? It might just be the perfect fit for you!
• Dream State– Now is the time to go big. Even though these features may not be required, finding yourself a home with all your must-haves and most of your nice-to-haves plus any of these extras will guarantee you've made an excellent choice.

After you've made and organized your list, make sure to talk it over with a real estate agent. They can help you sharpen the details, support you in staying faithful to what is on your list and locate an ideal residence that fits all of your criteria close by.

Considerations When Comparing Different Homes and Neighborhoods

There are certainly a lot of homes available right now, but when considering the best fit for you and your family it can be overwhelming. I always advise my clients to carefully consider all aspects of a home and its neighborhood before signing on the dotted line. Factors like school district, convenience to grocery stores and public transportation, noise levels - these should all be taken into account so that you can make an informed decision about where you will be living for the foreseeable future. It's also important to remember that the current undersupply of homes means your choices might be more limited. However, if you take the time to thoughtfully evaluate every option that comes your way, you'll eventually find "the one" that perfectly meets your needs.

Weighing the Benefits and Drawbacks of Different House Features

As someone who is in the business of helping buyers purchase their dream homes, I can tell you that there are a few key features of a home that need to be outlined in order to make sure that it’s the right one for you. There are several benefits and drawbacks when it comes to things like location, square footage, market trends and more, so it’s important to weigh them carefully when making your decision. Knowing what tradeoffs you’re willing to make may help narrow down your choices as availability continues to be tight due to fewer houses being available than in pre-pandemic times. Before you sign on the dotted line, I recommend doing research into the different features offered by any home to ensure you make an educated decision about which house is best for you.

Protect Yourself Financially by Shopping Around for Mortgage Rates

If you're in the market for a new home, it isn't always easy to find a good deal. With fewer houses available than pre-pandemic, competition is high, and that can lead to inflated prices. Thankfully, there are ways to protect yourself financially and make sure you get the best rate possible. Shopping around for mortgage rates can help. Different lenders offer different terms varying on length of loan and interest rates, so it's important to talk to several different lenders and compare their options. It may require a bit more leg work but being informed can save you money in the long run. Do your homework before signing any papers and you'll be putting yourself in a much better financial position when all is said and done.

Making Sure You Have a Supportive Team in Place Throughout the Process

Navigating the real estate market can be a tricky business, which is why it’s essential to have a team that has your back every step of the way. From finding the right home to closing the deal, it's important to have experts who understand and can effectively navigate the current Monthly Housing Market conditions: from an undersupply of available homes melded with more competition than ever before. My job as a realtor is to make sure you’re getting the best possible deal; in order to do that, I need a solid support system in place. With my team of experienced professionals alongside us, we'll ensure that no stone goes unturned in this journey and giving us every opportunity to come away with a successful outcome.

Even with a competitive real estate market in this very unique spring, house hunting and making offers on homes is still possible. With the right attitude and preparation, you can make an informed decision while deciding what's best for you and your family. From setting parameters to decide which home features to prioritize and compare different homes in different neighborhoods, to shopping around for the best mortgage rates to make sure your finances are protected - the team at The Watson Group can equip you with the resources and guidance throughout the process. Together we'll help empower you to make smart decisions that prioritize both value and comfort so that when it's time to close, you have no regrets. Year over year, The Watson groupis committed to delivering top-notch real estate services – from finding a suitable home in today’s challenging market, all the way through closing on your dream home.

3-24-2023