For many homebuyers and potential homebuyers, our market has presented some unique challenges. Strong buyer demand, low inventory of homes available for sale, and rising interest rates have all combined to require that buyers approach the market with a strategic mindset.
If you’re looking to buy a home soon, you may be wondering: just how would a real estate agent approach buying a home in this market?
Instead of looking at short-term comfort, a real estate agent would look for a home that provides the best long-term value. Real estate agents are all about finding the best, strongest investment. If you focus on finding a home that has the best long-term potential, you’ll find more personal and financial benefits as opposed to buying something that only works for the short term.
For example, let’s say you find a home that isn’t quite your forever home, but it has strong resale potential and is in an up-and-coming neighborhood. You can buy that home now and then leverage it to sell for a profit, and then use the profit to buy your dream home.
Or maybe you see a home that needs a little TLC but has the bones you’re looking for and is in a great location. With a little design and some good old fixing-up, you could have your dream home in a year or two!
Even though these scenarios might be uncomfortable in the short term due to renovations or a smaller space, you’ll be better off in the long run because they’ll allow you to get to your dream home! Conversely, if you find a home that works great in the short term but is in a bad location or isn’t big enough for your growing family, you won’t be in as strong of a position to get to your forever home.
In a market like ours, thinking ahead and considering the long-term value of each property is critical to finding the home that will be the best investment and serve you over time. It will also help you keep your options open.