As existing inventories continue to drop in 2018, many buyers are discovering a difficult reality: the "home of their dreams" may not fit within their current personal budget. Aside from affluent buyers and some second-home shoppers, nearly everyone in the market is facing this challenge.
When a wish list is too long, it becomes nearly impossible to find every desired feature in a single property—especially when staying on a budget. To find success, you must shift your strategy.
Needs vs. Wants: The Essential Filter
I suggest that your initial list focus on what you actually need to live comfortably, rather than every feature you want.
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The Essentials: Number of bedrooms, school district, or a manageable commute.
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The Extras: Granite countertops, hardwood floors, or a finished basement (items that can often be added later).
An experienced real estate agent can help you determine if your list is realistic for your price range. By focusing on essentials, you put yourself in a much better position to secure a home you love at a price you can afford.
Standing Out in a Fierce Market
Buyer competition is currently fierce. In our local Columbia County market, you are likely competing against multiple other shoppers who want the same home you do.
The best way to stand out? The Pre-Approval Letter. While some call it a pre-qualification, having a formal letter from your lender demonstrates to a seller that you are financially vetted and only a few steps away from having a check in hand. In a multiple-offer scenario, this letter is often the deciding factor for a seller.
The Professional Advantage
Finally, don't go it alone. Having a professional Realtor as your buyer's agent is the key to navigating this process. From identifying "hidden gem" listings to negotiating in a high-pressure environment, your agent can be the difference between getting the keys to a new home or staying on the sidelines.
