Despite the fact that there are more properties for sale now than at this time last year, there is still an undersupply, with fewer houses available than in more normal, pre-pandemic years. According to realtor.com's Monthly Home Market Trends Report:

“While the number of homes for sale is increasing, it is still 43.2% lower than it was before the pandemic in 2017 to 2019. This means that there are still fewer homes available to buy on a typical day than there were a few years ago.”

The current housing shortage has an impact on how you search for a home this spring. Buyers that analyze what is a must against what is a nice-to-have will be more successful in their house search with limited selections on the market.

The first step? Get pre-approved for a mortgage. A pre-approval for a loan gives you a clear idea of the amount you can borrow towards buying a home. Knowing your budget will allow you to prioritize what features you need and want in a house so that you don't get too attached to something you can't afford. It's essential in piecing together your list.

Here’s a great way to think about them before you begin:

• Must-Haves – If a house doesn’t have these features, it won’t work for you and your lifestyle.

• Nice-To-Haves – These are features you’d love to have but can live without. Nice-to-haves aren’t dealbreakers, but if you find a home that hits all the must-haves and some of these, it’s a contender.

• 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.

Talk to your real estate agent about the list you've made. They can help to sharpen it, provide advice on sticking to it, and find a home in your area that fits all the items on your list.

Bottom Line

Prioritizing what you require in a home is an important initial step in the buying process. If you're ready to find the right one for you, contact Lydia Gable Realty Group today!