Buying a Home in this CRAZY Market
Buying a home in this crazy market has been rough! Multiple offers, selling way over asking price, waiving contingencies and more! All of this has made finding your first or next home a challenge in the central Indiana housing market.
Instead of putting your search on hold because you feel beaten down, go into it with a strategy! Failing to make a plan prior to searching for your home will likely just have you end up frustrated.
Wants vs Need in Buying a Home
We all know that “Needs” are a requirement – can’t live without.
“Wants” on the other hand, are nice to have but could be added later on or even done without.
To really get down to the nitty gritty, you have to be honest with yourself, first. We all want to come away with a new home that checks all the boxes – both wants and needs.
However, in a tight inventory, CRAZY market, the reality is, most homes – as they are, don’t check all the boxes. Becoming clear on your wants vs your needs – what is necessary vs what would be nice – is imperative before you ever start viewing homes.
For instance, some buyers say they have to have “X” square feet in their new home.
However, when digging deeper, that number is really more of a guide. If the home has nice sized rooms and all the rooms you want/need, the actual square footage doesn’t really matter… Don’t disqualify a home because it’s under 2,500 sf. You might lose out on your perfect home!
Likewise, if you have a family of 6+, a second bathroom or at least a half bath in addition to a full is very much a need! Unless you have the means to add one quickly, you should probably not look at homes with only one bathroom.
Where to Start
Are you handy? Do you have a budget you can use for upgrades? Are their items you envision for your home that you can add later?
Start with your “Needs.” Things like:
- # of Bedrooms
- # of bathrooms
- Location (close to school/work?)
- # of levels (do you need a level home to get around easier?)
Amenities are more of wants. Things like:
- Granite/solid surface countertops
- Fenced in yard
- Newer windows
- Flooring type
- Lot size
These are things that lots of people want but aren’t necessarily “needs.”
Reality vs What it Could be in a CRAZY Market
Now really look at your lists… consider each item and what could be changed to make it work for you and what couldn’t be changed no matter what.
- Location – School District has to be_____ but commute to work could be up to 45 mins.
- Prefer neighborhood but on a nice size lot in a rural area with other homes could work
- A bonus room could be used for another bedroom or living space
- Adding solid surface counters later on could work
Remember, don’t let aesthetics or easy fixes stop you from buying a home. Painting and replacing flooring is pretty affordable and can help you put your personal touch on your new home!
A few years ago, we bought a house. It had most of what we wanted but lacked one big want/need: a fenced yard. We have dogs and wanted to be able to let them out to run and play as well as potty. A fence would’ve been great!
However, we didn’t want to give up the home simply because it didn’t have a fence. It checked all the other boxes! So we bought the home and took the dogs out on a leash and on walks for exercise. A couple of years later, we added the fence! Now, our home is perfect for us and our four-legged friends!
CRAZY Market Challenge
Finding and buying a home can be challenging and especially so in a CRAZY real estate market. But, by drilling down to your wants vs needs – creating a strategy plan – you can actually open up your search to more homes that might work for you and/or your family with a bit of personalization.
Having a strategy is a need! We’re happy to guide you on this journey!