The housing market may have more homes for sale than last year, but there is still a shortage compared to pre-pandemic years. According to the Monthly Housing Market Trends Report by realtor.com, there are 43.2% fewer homes available to buy than there were in 2017-2019. This means that buyers need to be strategic in their home search this spring by focusing on what they need versus what they want.
The first step to a successful home search is to get pre-approved for a mortgage, so you have a clear understanding of what you can afford. This will help you prioritize your list of must-haves, nice-to-haves, and dream features for your future home. Must-haves are essential features, nice-to-haves are desirable but not necessary, and dream features are additional luxuries that would make the home perfect.
Once you have your list, share it with your real estate agent, who can help you refine it and find homes that meet your criteria. In a tight housing market, it’s important to stick to your list and be prepared to act quickly when you find a home that meets your needs.
In summary, with fewer homes on the market, it’s crucial to prioritize your home search by focusing on your needs, getting pre-approved for a mortgage, and working with a real estate agent who can help you find the right home for you.
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