It could be that spending months inside your house during the Covid-19 pandemic has inspired you to make your home buying dreams a reality. You are probably wondering how you can get started on this all important major purchase. Before you enlist the help of a real estate agent, we have some tips from top agents, to give you a sense of what the market is like across the United States, and some insights that can help you in the search for your first home with a better awareness of the 2021 market.
Focus on your dreams and expectations
The first step to land your dream home is to know what you’d like that home to look like. With a clear picture of the features that you are seeking you can have a better understanding of your budget. This will help you focus in on homes that will be the best fit, without getting distracted by homes that may be a waste of time. Some considerations are the number of bedrooms and bathrooms that you need, any specific kitchen amenities like a double oven, and whether you want a backyard to take full advantage of your home’s outdoor space. In 2021, a functional outdoor space tops the list of what homebuyers are looking for, and you may find yourself in competition with other buyers for homes with this amenity. You can also have two lists with ‘must haves’ and ‘nice to haves,’ to give you a wider range of options, especially if you are on a tight deadline and budget.
Across the United States, real estate agents are talking about a 2021 market trend that is making home buying a little trickier than in years past: a sellers’ market. With more home buyers as people are leaving cities for suburbs, and a lack of supply, a sellers’ market is in full force, where there are not enough homes to keep up with the demand. One of the situations that this can create is a bidding war, where you might find your dream home, but then need to compete with other buyers, perhaps even offering over the list price, to close the deal. This means you’ll want to study the market closely and take into consideration what percentage over the list price you might need to pay. A home value estimator can come in handy to see what comparable homes like the one you are interested in might be selling for.
Hire an expert
The number one tip for searching for your first home in the 2021 market, or anytime, is to remember that you don’t have to do it alone. Hiring a real estate agent to serve as your advocate and to help you understand the market is one of the most important steps to ensure success. Ideally, you want to hire an agent who has experience in your targeted neighborhood and in selling and buying homes comparable to the one that you have in mind. Asking friends or other trusted sources for a referral can save you the time and hassle of trying to find someone from an internet search alone.
Buying your first home isn’t going to happen overnight, but with some basic knowledge of the market and a strategy, you can be on your way to moving into your dream home in no time.