The real estate market over the past few years – dare I say real estate’s COVID years – have been a lot of the same for all parties involved: record high home prices, lack of inventory and crazy bidding wars. All of this brings feelings of uncertainty and doubt for sellers and buyers, and sadly we can’t say it will be changing soon. So, how do you prepare for an anything goes market?
Being cautious and prepared for whatever comes your way is the golden rule. Something Real Estate Editor Clare Trapasso learned during her first home search. She shared her story in a recent post for Realtor.com. A MUST read if you are considering buying this year!
She writes about her confidence going into her search. She knew what to expect; heck she’d been writing about the market conditions and she was ready. But as Trapasso writes, “That optimism abruptly evaporated once we made our first offer on a house—and were promptly outbid by about $100,000.”
She goes on to admit that she realized covering this housing market would be nothing like actually entering the fray. After a long search and lots of disappointment, Trapasso and her partner closed on their home just outside of New York late last year. What lessons did she learn from her search?
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Homebuying can take an emotional toll
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You’ll likely have to make some compromises
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Buying a home can be terrifying financially
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Don’t settle for the first mortgage you’re offered
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Don’t move money around, close bank accounts—or buy a new iPhone
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Property taxes can add quite a bit to your monthly mortgage payments
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Set some extra cash aside for your first few months in your new home
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Expect the unexpected
If you are considering buying, read through each of Trapasso’s lessons. They are a true first-hand account of a home search and her story provides insight that will help you prepare. After reading, if you are ready to start the journey of buying a home, sit down with a local realtor; someone who can guide you through the market during this unprecedented time.
