Instead of looking for your dream home, you may want to consider other options.
It’s no secret that buyers are having a difficult time finding homes in today’s market. Prices have skyrocketed due to high demand and low inventory, and it seems like the problem just keeps growing. Buyers are constantly asking me about what they can do to win without paying tens of thousands of dollars more than what a home is worth, so let’s talk about some strategies.
In past videos, I’ve discussed how to find unknown or “coming soon” homes—everyone flocks to the brand new listings, after all. You can look at homes that have sat on the market for a while, homes that are overpriced, or homes that need some repairs. Instead of searching for a move-in ready home, you might want to consider taking the “non-dream home” approach.
Here’s an example: I had clients who lived in a one-bedroom apartment for years, and then they’d committed themselves to buying a three-bedroom home. There were options out there, but my clients quickly realized they were getting priced out of the market due to rapid appreciation. They decided they’d stay in their apartment, save up, and try again in a year or two.
Unfortunately, the market’s moving so fast that it’s incredibly difficult to save as fast as homes are appreciating. People who wait could find themselves in a similar or even worse situation down the road. So, I spoke with my clients and explained their situation—they’re already willing to live in a one-bedroom apartment, so why not look for a one- or two-bedroom home instead? It’s not ideal, but it allows them to have a better quality of life, take advantage of appreciation, and earn equity in the coming years. Then they could leverage their equity into finally buying the home of their dreams.
Here’s the big question of the day: Are you willing to rework your home buying goals, or are you going to give up on having a home entirely?
If you’d like to learn more about finding a home in today’s market, or if you have any questions, feel free to reach out to me. I look forward to hearing from you soon.