You’ve been searching the internet for new inventory and you’re just not seeing any home that you love. With inventory at a historic low and demand for homes incredibly high, you’re not the only one who’s struggling to find a home you really love and within your budget, considering you don’t want to buy a small Japanese tea house or the biggest home in the world. So, what can you do right now during this seller’s market when you just can’t find a home?
Don’t give up. You have options, probably more than you think. One of the most uncomplicated advice we can give is to wait, but we also understand that sometimes you can’t wait because you have a new addition in the family coming soon, or you’re relocating for a job, or you just need to move out of your old home. So, other than waiting, what can you do?
Expand your search.
We can sometimes get picky about searching for the perfect move-in-ready home that has all the amenities and features we’ve been dreaming of. A home is one of the biggest purchases you’ll make, and you want it perfect. But sometimes, that ideal home doesn’t exist. Make a list of necessities – how many bedrooms do you need, what’s your budget, etc.
What are some of the features you would really like to have but are ok with not having? Are some of those features something you can add to a house later on? Perhaps consider a different area of town or a smaller home. Change up your parameters and see if you’re able to find a home that can hit all of your necessities but perhaps not all of your “would-likes.”
Find a fixer-upper.
Ok, not everyone is as talented as Joanna and Chip and has the time and money to spend fixing up a house as they do. However, if you find a place that needs a few fixes here and there or a few alterations that aren’t going to be costly, don’t strike it off your list immediately.
Instead, take a closer look at the structure and layout of the home. What needs to be added or changed before it’s your dream home? For instance, if you really like the location and the number of bedrooms but wish that there was more openness between the kitchen and living room, do a little reconstruction and knock down that wall.
We, however, do caution not to get too caught up with doing a lot of fixing. Changing the structure and making too many changes can quickly turn into a huge investment that you might not see in a return when it comes time to sell. We recommend looking at houses that need a few minor changes here and there but mostly still aligns with what you’re looking for.
Look at new construction homes.
Sometimes people skip over new construction because they think they’re much more expensive than an existing home. While the sale price is higher, there is little chance you need to do big ticket renovations like a roof or HVAC replacement in the foreseeable future.
New construction homes are customizable and often built in up-and-coming neighborhoods. In addition, they’re made with the latest trends and energy-efficient materials and technologies.
How Marketplace Homes can help!
Depending on your financial situation, to secure a loan for a new construction home, you may need to sell your current home first. One of the biggest stressors our clients come to us with is matching the move-out and closing date of their current home with the completion and move-in date of their new construction. For that reason, our Guaranteed Sales Program is one of the most popular options people use.
Our partnerships with new construction builders across the country let us bypass the requirement of selling your current home first. Instead, we’re able to put the offer on your house for you. Then, when you’re approaching your move-in date, we get ready to sell your house. And, in the chance that we can’t sell your house by the time your new construction home is ready, we buy it ourselves.
The bottom line is buying a home is a huge investment, and you want to make sure that the one you pick is wonderful. In addition, you’re probably going to live in your new home for a while before you have to move again, so you don’t want to cut out any necessities (like an extra bedroom or home office space) if you need those things. Our experts can help you find what you’re looking for, so give us a call today!
Serena Yan worked as a digital content producer at Marketplace Homes in 2021 and contributed many insightful pieces of content to the MPH blog. During her time at Marketplace Homes, she researched the real estate market, analyzed trends to streamline Marketplace Home’s marketing strategy, and found ways to best engage target audiences. Through writing blogs with topics ranging from market trends to home living, she contributed a lot to the early stages of this blog. Thank you, Serena!