There is still a shortage because there are fewer houses for sale than in normal years before the pandemic even though there are more houses for sale now than there were at this time last year. Here’s what Realtor.com has to say about buying a home in Spring 2023 in their Monthly Housing Market Trends Report :
“While the number of homes for sale is increasing, it is still 43.2% lower than it was before the pandemic in 2017 to 2019. This means that there are still fewer homes available to buy on a typical day than there were a few years ago.”
Buying a Home in Spring 2023
The lack of homes on the market right now will affect how you are buying a home this spring. Because there aren’t many homes on the market, buyers who think about what they need and what would be nice will do better in their search.
How do we start? Get pre-approved for a mortgage. Pre-approval helps you figure out how much you can borrow for your home loan, which is important when putting together your list. You don’t want to fall in love with a home that you can’t afford. Once you know your budget well, making a list of all the features you want and need in a home is the best way to figure out their order of importance.
Here’s a great way to start thinking about them:
- Must-Haves: A house won’t work for you and your way of life if it doesn’t have these things.
- Nice-To-Haves: These are things you’d like to have but don’t need. Nice-to-haves aren’t deal-breakers, but if a home has all of the must-haves and a few of these, it’s a strong candidate.
- Dream State: This is a place where you can think big. Again, you don’t need these features, but if you find a home in your price range that has all the must-haves, most of the nice-to-haves, and any of these, it’s a clear winner.
Lastly, once you’ve made your list and put it into groups that make sense to you, talk to your real estate agent about it. They can help you make the list even more specific, give you advice on how to stick to it, and find a home in your area that fits your needs.
Thinking about buying a home this spring? Send us a message and get a copy of our Spring 2023 Home Buying Guide.
More resources for your homeownership journey:
- How Much Do You Need To Save For a Downpayment
- Pre-Approval in 2023: What You Need To Know
- 9 Home Buyer Tips
- Making The Right Move: A Checklist For Homebuyers