Buying a home should be an exciting time in anyone’s life. This is true whether you’re single and reaching a milestone or you’re buying your first family home that you can call your own. However, purchasing a house in 2022 comes with significant new challenges that buyers should be aware of. Luckily, we’re here to give you be your guide, so you don’t have to figure it out on your own. Let’s take a look at the top 3 things buyers should know in today’s housing market.
1.- You’re at a Disadvantage
The sooner you accept that it’s a seller’s market, the better off you will be. This will help you decrease frustration and temper your expectations during the entire process. When we say that you’re at a disadvantage, what exactly do we mean? Well, since homes are selling for so much nowadays, seller’s get to literally pick and choose who they sell to. In fact, in most cases, a desired home in a great area will have multiple offers over asking price! As if it wasn’t difficult enough to get your offer accepted, there’s a new twist that you should be aware of. Currently, the newest trend has investors buying homes more than ever before. If you think it was difficult to out-bid your neighbors, imagine a big corporation that has a larger budget and no need for financing. We aren’t giving you this information to discourage you in your hunt for the perfect home. We simply want you to be prepared for the battle that lies ahead.
2.- Don’t wait for prices to drop
If you’re waiting for prices to drop, you may be waiting a while. We understand that this is a tough position to be in. There are lots of conflicting reports out there when you do research. We advise that you connect with a realtor or broker in your area that you can trust. By doing this, you’ll have real time information on the houses in your particular market. We fully understand that everyone is in a different situation. Some people can afford to wait for prices to drop while they live in a second home or occupy a room in their parents’ house. However, others don’t have to luxury to wait for a year or more. Most studies show that prices will remain high for a while so if you’re looking for a home and you find one that you really love, don’t be afraid to pull the trigger on a purchase… even if it means you have to overpay a bit.
3.- It can still be fun
Don’t let all of the hassle of buying a home in this market take away from the joy that you deserve. Trust us when we tell you that the home buying process can still be fun. There’s nothing like finding a home listed for less and showing up to realize that the listing isn’t a scam. Plus think about how great it will feel when you walk into your dream home and have that first “at home” feeling. There are moments when the realtor walks away and let you feel out the space that you can’t duplicate. Instead of being overwhelmed by the process ahead, look forward to beating the market and overcoming obstacles. If you are looking for some ways to make the home buying process fun and less stressful, here are some tips:
- Place a wager with friends and family on how long it will take to find a home.
- Host a happy hour or two at your current home to calm your nerves.
- Schedule viewings in neighborhoods you’ve always wanted to visit and get a taste of the rich and famous. This is ideal for anyone who works from home and has extra time on their hands.
Your dream home awaits.