With the real estate market changing so drastically in the past 1.5 years, many home buyers have had to become more realistic in the expectations and desires when it comes to the features they want to have in the home they buy. Being able to buy a home now includes the challenges of having a decent and steady income, better-than-average credit scores, and more money for a down payment.
However, when making such a huge investment, many people don’t want to give up their “dream home” ideal and all of the many features they want to include. Some people want to have 3 full bedrooms and a separate office set up to work from home. Others may want to buy a home in an affluent neighborhood. Still others may want outdoor features, such as a pool, a screened-in porch or an outdoor workshop.
These features are more than reasonable, but compromises should be considered because home inventory is low, which promotes multiple offers
and bidding wars. Average home prices have come down, but they still have not returned to affordable pricing in a “normal” real estate market. Lots and land are scarce for building a new home, and the new home building process definitely takes more effort than buying an already-built home.
Home buyers should set reasonable expectations for the features they want. One of the ways to do this is to make 3 lists: a list of what you have to have, a list of what you would like to have, and an “everything included” – a list of everything you want in a home. Different items and features may move from one list to another as you start to really break everything down and prioritize it. Also, when you start to do your home tours, you may find a home on your have to have list with a few features from your like to have list. You may even get a couple of items from your everything included list as well.
It might be beneficial to consult with a real estate agent to help you with these lists because they may be able to tell you what’s already on the market or available in certain neighborhoods or areas.
