Do you know what’s right around the corner? SPRING! You may be thinking, “what the heck…it’s freezing right now”, but you’d be surprised how quickly the spring market comes along each year. You don’t want to suddenly find yourself unprepared and unable to compete when spring comes around.
So, here are five things I strongly suggest doing if you are serious about buying a home in 2022:
1. FIND CLARITY
Take time to get very clear on what it is that you are and are not willing to live with. You need to identify what truly matters; what lifestyle you wish to have and focus on how you want to feel about your home. Take into consideration the low inventory and high asking prices we currently have in this market; it’s crucial to understand your criteria on price, location, and type of property you want to buy. Although you may really want a single-family home, you may find more options and less competition for a townhome or condo. What is most important to you? Know this before you start looking – trust me, you don’t want to learn this as you go as you may waste time and miss out on the right home for you.
2. SAVE
Buying a home can really add up quickly. It’s not just about saving enough for a down payment and closing costs, but also about being able to budget in repairs, basic furnishings, and other essentials you’ll need such as yard tools or garden equipment. Start being disciplined about saving right now as you will likely need more money than you might realize.
3. DON’T SPEND IT ALL
So, you’ve diligently saved money – don’t be tempted to bite off more than you can chew. This market is hot, and it can be easy to get caught up in the hype of multiple offers and a desire to win. My advice – search for properties at least $20k below your maximum budget. This way you’ll have some flexibility when making offers and the ability to leverage your purchasing power in multiple offer scenarios if necessary.
4. LESS CAN BE MORE
Don’t get caught up in square footage. Often, how a home is laid out is what makes a home feel larger or smaller. You can be in a big home with lots of square footage but have a layout that is choppy and not as functional as you’d like, and it’ll ‘feel’ less roomy. On the other hand, you might find a property that is smaller but has a very open and spacious floorplan, giving you a feeling of roominess. Don’t discount a home just because it doesn’t have exactly the amount of square footage you want; you could be missing out.
5. BE PATIENT
Buying a home can be challenging and stressful. Finding the time to look at homes, deciding what the right offer to make is, getting financially prepared, etc.…it can start to feel like a full-time job! Plus, the knowledge that this will probably be the largest purchase of your life can start to stress anyone out. Take a deep breath, take it one step and one day at a time. Remind yourself that in this market it may take a few offers to be successful, but with a trusted agent by your side guiding your every step of the way, you’ll soon be celebrating in your new home!
The most important thing to remember is by getting into the market now and deciding to buy a place that you can make your own will not only give you comfort but will start building you equity. Home prices and interest rates are forecasted to continue going up this year. Let’s talk and start planning now for the spring market.
Warmly,
Arynne Crane
PS – Want to get started with the home buying process ASAP? Click here to schedule a FREE real estate possibility call with me!
