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. 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
Sometimes people skip over new construction because they think they’re much more expensive than an existing home. While that’s true for the most part, the high demand and low inventory are pushing the cost of an existing home pretty darn close to the cost of a new build. Plus, low-interest rates give people that extra boost in their budget to afford a new construction home when they couldn’t before.
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. The best part of all is that everything will be brand new in a new construction home, so you’ll be living virtually maintenance-free, at least for the first couple of years.
However, there is still competition for new construction homes, and wait lists are longer than usual due to increasing lumber prices and decreasing workforces. So although your chances of securing a new construction home are going to be better than finding that perfect move-in-ready existing home, some things might still give you a few bumps in the road.
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 don’t want to risk buying a home that you end up hating. 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. In the scenario that none of our options work for you, the best thing you can do is wait. Eventually, the competitive seller’s market will come to an end, and you will find a home you love. But the worst-case scenario is that you jump ahead of yourselves, and you move into a house hastily and end up being miserable.
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