December 6, 2022
Buyer’s Need to Make their Wish List
by Karen Daugerdas
There is no doubt that mortgage rates are higher now than they were last year. If you’re a buyer, 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. Don’t be tempted to stretch your budget, according to Danielle Hale, Chief Economist at realtor.com.
In other words, be aware of what’s a necessity for you and what’s a nice-to-have when searching for a home. The best way to determine this is to put together a list of desired features, your Wish List,for your home search.
The first step is to get pre-approved for a mortgage. Pre-approval helps you better understand what you can borrow for your home loan, and that plays an important role in how you’ll craft your list. After all, you don’t want to fall in love with a home that’s out of reach. Once you have a good grasp of your budget, you can begin to list and prioritize all the features of a home you like:
• Must-Haves – These are your absolute necessities. If a house doesn’t have these features, it won’t work. These could be things like the distance from work or family, number of bedrooms or bathrooms.
• Nice-To-Haves – There are things you’d love to have but can live without. They aren’t dealbreakers, but if you find a home that hits all the must-haves and some of the these, it’s a contender, like a home office, two-car garage, or a fenced-in yard for the dog.
• 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. Examples would be the modern farmhouse look or mid-century modern that you love, or multiple walk-in closets.
Finally, once you’ve created your list and categorized it in a way that works for you, give me a call. I’ll be able to help you refine the list further, coach you through the best way to stick to it and find a home in your desired area that meets your needs.