What if I can’t find a house I like?
You’ve decided that it is time to buy a home. You have spoken with a lender to figure out what you can afford. You have saved the amount needed for the down payment on that amount. You have day dreamed about your home—its bedrooms, outdoor space, layout, fireplace, pool access… and now you have a list of items that you will need in your new home. So, what happens when you start looking and you don’t find a home that has all the things you need?
Kevin Vitali, a Realtor in Massachusetts recounts a situation he faced with one of his customers, “This year I have had two home buyers looking for 2 Bedroom and 2 full bath condominiums in Andover MA under $230,000. This home does not exist for these home buyers. The Massachusetts MLS data shows us that in the past two years not one unit sold that had 2 bedrooms and 2 full baths. So you have to ask yourself what is going to change that will make one of these condo’s show up in the next few months.”
It is certainly fine to want what it is that you want. No one can dispute that but by hopelessly chasing a home that doesn’t exist, that could waste your time and money. When you pour months into a home search it can definitely eat up a lot of your time but also the stress of looking for something specific and not finding it can lead to frustration. Could you imagine the frustration of being certain there are some mini snickers in the freezer but no matter how many times you look, they aren’t there? And then you factor in the waste of money… of course no one can predict the future but according to the article by Kevin Vitalli, over the past 100 years the real estate market has increased at an average of 3.1% annually.
He goes on to suggest that if you can’t find a home that meets your specifications of features, location and/or price that you find where you can make adjustments. Perhaps, you can up your price range. If that isn’t an option for you, widen your search location—are there other neighborhoods that you could look in, perhaps further out from the center of the city? Lastly, you could lighten up on the criteria. For example, that couple looking for the two bed, two bath condo if they could get away with a two bed, 1.5 bath condo then there are some available!
Don’t waste your time “chasing unicorns” when you can start making your dreams of becoming a homeowner a reality much sooner!
Still feeling unsure about the process or have some questions? That’s why we are here! Give us, at Stockton Mortgage Corporation, a call! With our 99% customer satisfaction rating you can count on us to guide you in the right direction! Stockton Mortgage Corporation 1-888-914-2276
Source: http://merrimackvalleymarealestate.com/are-you-chasing-unicorns/