The housing market in Colorado is on fire right now. I’m sure you’re aware of that if you’ve been looking for a new home recently. The demand far outweighs the supply, leading to a
5 Tips for What to do When You Can't Find a Home
Dated: April 27 2021
The housing market in Colorado is on fire right now. I’m sure you’re aware of that if you’ve been looking for a new home recently. The demand far outweighs the supply, leading to a competitive and pricey market. It can take people months or even years to find a home they like and have their offer be accepted by the seller. It can be frustrating! So if you’re in that middle state where you’re searching but can’t find a home, this blog is for you. Here are a few things you can do while you wait.
1. Get Pre-Approved
To be prepared, you can get pre-approved for a loan. That way, your financing is in order when you find your perfect home. It gives you an advantage over other buyers in the eyes of the seller. Being pre-approved is appealing to sellers because you can close on a loan faster. Out of all the offers a seller receives, the one with a pre-approval will generally be chosen first.
2. Figure Out What You Really Want
Having downtime in your home search isn’t a bad thing! It allows you to consider what you really want in a home. You might even find that your must-haves change when you have time to mull them over. Do you absolutely need a three-car garage or a finished basement? Maybe you decide you do. But think about what is on your “must-have” and “nice to have” lists.
3. Ask Your Network
Talk about your home search to family, friends, neighbors, coworkers, even your doctor. You never know if someone is thinking about selling or knows someone who is. Take advantage of every opportunity to network during your home search.
4. Expand Your Search
Expanding your search further from the neighborhoods you’ve been looking in could get you a home for a better price with more value. Homes closer to a city or in popular neighborhoods are the quickest to sell. If you expand your search, you’ll have more homes to consider.
You can also think about buying a different type of home. If you’ve narrowed down your search to townhomes, would a duplex or condo be a good alternative? Again, maybe it isn’t, and you have certain circumstances where you NEED a townhouse. But consider other types of homes while you’re searching.
The one area no one wants to hear about - budget. Is your budget too low for the market? It’s possible with how hot the prices are right now. If your budget is too low, it makes it much more difficult for you to decide on a home because you might be paying more than you budgeted for. Or, sellers aren’t accepting your offer because others are overbidding. If you need to rent for another six months to save, you might need to bite the bullet. And who knows? Maybe by then, the housing market curve will flatten, and you’ll be able to find and afford a great home.
5. Be Patient
It can be easy to settle when homes are going so quickly. You think, “This one is good enough. I need to get an offer in before it sells!” You don’t want that mindset to creep in. Discouragement and feeling like you need to hurry could be your worst downfall. Owning a home is a commitment and investment. You must be ready to spend at least a few years in a home, if not the 30-year mortgage term. If you don’t find anything worth putting in an offer on, it’s better to wait until the market calms down to resume your search. Be patient. Your dream home is out there!
If you feel stuck in your home search, contact us today. We’d be happy to help you find your perfect home. The Couture Group believes that a home is not a home because of its room dimensions or the color of the walls. A home is about how you “feel” when you walk through the front door and instantly envision your life here. The Couture Group looks forward to making your dreams a reality. Thank you for the opportunity to show you how we go above and beyond!
At The Couture Group we are a team of experienced and dedicated professionals who bring a wealth of knowledge and expertise to buying and selling real estate! Holly Couture founded The Couture Grou....
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