Bidding wars. High prices. Low inventory. If you are searching for the perfect home in a tight market, it’s important to set expectations about what the coming months may hold.
You need to be prepared…
- …to lose out. Unless you are one of the lucky ones, in the hottest markets, the reality is you will not get the first house you bid on, or maybe the second, or even the third. Don’t put yourself in a place where you have gotten too set on one home.
- …to learn from these losses. Maybe you got beat out because you you weren’t flexible enough on a closing date? Maybe you didn’t include a personal note? Learn from each opportunity and hone your offer to be better next time.
- …for the long haul. Finding the right home can take months, and take a toll on you mentally and physically. Stay focused on your goal of finding a home that meets your needs and wants.
- …to shift priorities. Maybe the market has gone crazy and homes in your ideal neighborhood are pricing you out? Maybe if you moved a bit farther out you could find a home that is better suited? Once you are in the thick of things, you may find that your priorities have shifted. It’s okay to adjust.
- …to walk away. Don’t allow yourself to settle to the point you are giving up too many of your priorities just because of the grind of the search. This home will be a significant investment. Don’t feel pressured to spend more than you can afford, or give up things that are important to you. If you do, you may find yourself with buyer’s remorse down the road.
Putting yourself in the right frame of mind and remembering that reaching your goal can take time and effort may make the home buying process a little easier.