Can You Find Your Dream Home in This Market?

Can you find your dream home in this market? Absolutely.

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“Can I actually find my dream home in this market, or will I have to settle?”

This might be the most common question we’ve received in 2020. During this crazy year, we can all agree that COVID has brought some extremely negative things into our lives. If you’re like us, though, you’ve also worked hard at seeing the gifts COVID has brought indirectly. With everything we’ve gone through, so many people now understand what kind of home they want to own if they ever have to quarantine again. If we’ve done it once, we may have to do it again, right?

Therefore, we’re seeing buyers prioritize more space, both inside and outside the home. For example, they’re realizing that they need not just one but multiple home offices. They don’t just need a basement; they need a finished basement. One of the gifts 2020 has brought us is greater clarity as to what’s important to our family and what we need in our next home. There’s nothing worse than buying a home and realizing it’s not suited to your needs. 

The second gift 2020 has brought us is low interest rates. A couple of our clients recently locked in rates near 2.6% and 2.7%, which is the cheapest money we’ve ever seen. This means fewer people have to settle on their next home because they can afford more of a home right now. If you buy a home now, it will cost you roughly $30,000 less than if you bought the same home a year ago. If you waited until now to buy, congratulations—you couldn’t have picked a better time!

"Now more than ever, buyers know what they want in their next property."

Also, COVID has caused virtual home tours to explode in popularity. You can see a 3D tour of almost any listing from anywhere in the world, which means you’re more able to pick and choose the homes you’re really interested in. 

When buying a home, most buyers traditionally have to concede on one of three things, and figuring out which of these concessions you’re willing to opt for right now will save you time, stress, and money down the road: 

1. Location. You may be dedicated to a certain location now, but if the perfect home at the perfect price came on the market somewhere else, would you be willing to move to a different neighborhood or district?

2. Condition. Most of us want to buy a renovated, move-in ready home. If a home came on the market that wasn’t in the best condition but was in the perfect location and priced perfectly, would you be willing to compromise? 

3. Price. If you have to pay a little more for a home that’s in great condition and situated in your desired location, would you do so?

Talking about these things with your agent is critical. Now more than ever, buyers know what they want in their next property. Will you have to settle in order to buy a home? We don’t think so. 

Give us a call if you’re ready to start your home buying journey this year or in 2021. We’d love to schedule a strategy session to help you find your dream home in this market.