Unless you’ve been living under a rock, you know that homes have been selling quickly and with multiple offers. Why would anyone want to buy a house right now? Homeownership has always been a good investment, even when the market gets tough. However, many buyers are getting tired of all the competition, so I want to talk about how you can succeed in today’s environment.
Over the past 30 years, we have seen an annual increase in home values of about 3% to 5%. Some years we saw no growth, and in others, we saw more than usual. In 2020 and 2021, we saw huge price increases. Prices have climbed as much as 10% to 20% in some areas. So how do you succeed and survive as a buyer in a market like this?
"Make your move and be diligent about your needs."
Your mindset should be your first priority. You should have clear expectations when you go to look at a home. These can be hard conversations, but concrete market statistics and analysis can make them easier.
You should also review what it will take to make your offer win. You might need to rethink your housing needs and target either a smaller home or a larger mortgage. That can give you a cushion to compete in multiple-offer situations.
I’ve heard many buyers say they want to wait for prices to come down. That’s interesting because what if prices don’t ever decrease? You might end up waiting quite a while. I always recommend thinking about what's more important to you. You can’t really time the market; there is no such thing. My suggestion would be to make your move and be diligent about your needs.
If you’re thinking about making a move, or if you just have some questions about real estate, feel free to call or email us. We would love to hear from you.
