The current housing market has many buyers and potential buyers frustrated. As prices drive higher and inventory seems nonexistent, they are feeling like something has to give…this bubble has got to burst.
According to the National Association of Realtors chief economist, Lawrence Yun, in a recent Axios.com story, we are not in a bubble. “It is simply lack of inventory,” Yun says. For some context, we turn to Realtor.com, where they note that the total number of active listings is down 54 percent from this timeframe last year. This is driving prices higher, especially from bidding wars on the inventory that becomes available.
While buyers work with local real estate agents to navigate the housing market in their area, they can also use this extra time wisely. Okay, yes, we know, you didn’t ask for this extra time but we are trying to look on the bright side. This time can be spent planning, preparing and saving. Use it to create a wish list and to ask yourself some important questions that might normally get overlooked during a typical home search.
You can use this thorough questionnaire we found in a Zillow blog post from last year. It focuses on questions homeowners or potential homeowners should ask when thinking about their living space – both inside and out. Also, what is most important when it comes to a neighborhood and community?
Yes, we know many have asked these questions before, but have you really considered your answers? Have you written them down, and revisited them to see if your feelings have changed? Zillow’s post proposes this question, for example: “If money were no object, what’s the one feature your new home would have?”
A beautifully landscaped yard or patio
A garage or workshop
An extra unit or space to rent out
A dedicated home office
A master bedroom with bath
If I had asked myself this question last year, my answer would have been a large, covered patio area to extend our living space outside. However, after a winter that saw my husband and I working from home and our boys with virtual school days, I’d lean towards a dedicated home office space. Somewhere we could have privacy when on a call or the ability to focus, on say writing a blog post.
Patience will be key in the current market, but the list of questions is long. Really take your time to consider everything, including what you can’t live without and what you’re willing to sacrifice in order to make a move.