The pressure is on as homebuyers. If you have been looking at homes recently or are interested in starting to look for a home in this market, you have probably felt the pressure to act fast. Currently, the market has slowed down a little bit but by no means is it slow. It has gone from selling homes in hours to selling homes in a couple days. This still warrants fast decision making skills.
How can you make such a large investment decision so quickly? It can seem daunting and some would even say crazy! The bottom line is if you know your home needs and wants prior to looking and have a trusted real estate team on your side, it is possible to make a sound investment decision quickly. Are you asking yourself the right questions? If you are working with us at Sly, chances are we are asking you questions to help you navigate your needs but you can ask these questions with your family unit too.
Question #1: Does the general layout fit your needs?
When asking yourself this question, focus on the square footage, bedrooms, bathrooms, and style that you are wanting. First of all, does it have enough space? Or does it have too much space? Depending on your buying needs and life stage, these answers will vary. Does the home have enough bedrooms for your family, roommates, hobbies, and guests? What about bathrooms?
If the home fits these general needs, then also ask yourself if the home is the style you are looking for. This question might not be a deal breaker, but it is worth asking when you are feeling rushed to make a decision. Did you really want an open concept? Do you prefer all of the bedrooms be on the main floor? Had you envisioned a kitchen island and the home doesn’t have one? While these questions are not necessarily ones that might make you change your mind, they are important to ask yourself. When expected to make such a quick decision, the needs are essential but the wants can be easily missed in the rush of it all.
Question #2: Do you like the quality of the home? Has it been well maintained?
These are questions that your real estate team can help you answer. As you walk through the home, do the light switches work? Is it clean? Do you see any areas that need immediate repair or were not well maintained? If you are working with us, Tony is your best friend here. His construction background helps each client to see potential issues that may need to be immediately addressed or addressed in the near future.
Finding issues in the home might not deter you from the property, but it is imperative that you know what you are getting yourself into. With the market the way that it is, it can be tempting to see the good and forget about any issues that might be more money or time for your family unit.
Question #3: Will it need work? Are you willing and able to do/hire the work?
Speaking of a well maintained home or potential issues, what is your capacity for house work? We can all believe that we have the time and expertise to fix our home issues, but sometimes that is not realistic. If there are some yellow flags on your walk through, assess whether or not it is a project you are willing and able to take on. This could be from a handyman perspective or financial perspective. You don’t want to spend top dollar in a competitive market on a home that has necessary improvements and then not have resources to complete the necessary repairs.
Questions #4: Does the house meet your top five must-haves?
We’ve talked a lot about important factors when walking through a home. Some of your must-haves might have been included (how many bedrooms, bathrooms, etc.). Make sure you have a list of your top five priorities in a new home and stick to those. Maybe a must-have is a home before your baby comes or before your lease is up. Maybe all of your top five priorities have to do with the space and function of the home itself. Whatever your list, don’t settle on the must-haves. There are times when it is necessary to settle, but your must-haves in an investment this large is not the correct time.
Take a Breath, Trust Your Gut, Trust Your Professionals
Buying in this market can be overwhelming. It can be disheartening, exciting, or almost seem impossible. At the end of a walk through in a potential home, make sure you take a breath, trust your gut, and trust your professionals. Yes, you will most likely need to move quickly, but there is always time for a deep breath. Your gut will help guide you and compare previous homes to this one. It will help you decipher if you could see yourself living here or not. Your professionals do this every day. We do this everyday. Asking questions of your professional team and trusting their feedback is going to help you make the best decision for you. Ultimately, the decision to make an offer is completely up to you and your family! It is an exciting time! Don’t be afraid to reach out to us at Sly Real Estate if you have any questions or are considering looking at homes soon!