Striking a Balance: Prioritizing Your Must-Haves and Nice-to-Haves This Spring

Are you planning to buy a home in Maine this spring? If so, you're likely to encounter a housing shortage that may impact your search. According to the Monthly Housing Market Trends Report from realtor.com, although there are more homes for sale now than at this time last year, there's still an undersupply with fewer houses available than in more normal, pre-pandemic years. They note that:

"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."

So, how can you increase your chances of success in your home search? The key is to prioritize your needs versus your wants. With limited options on the market, it's important to consider what's a necessity versus what's a nice-to-have. This means that buyers who take this approach will be more successful in their home search.

The first step is to get pre-approved for a mortgage. By doing so, you'll have a better understanding of what you can borrow for your home loan, and this will play an important role in how you'll put your list together. After all, you don't want to fall in love with a home that's out of reach. Once you have a good grasp of your budget, it's time to prioritize all the features you want and need in a home by putting together a list.

Here's a great way to think about them before you begin:

• Must-Haves – These are features that a house must have to work for you and your lifestyle.
• Nice-To-Haves – These are features you'd love to have but can live without. Nice-to-haves aren't dealbreakers, but if you find a home that hits all the must-haves and some of these, it's a contender.
• Dream State – This is where you can really think big. Again, these aren't features you'll need, but if you find a home in your budget that has all the must-haves, most of the nice-to-haves, and any of these, it's a clear winner.

Once you've created your list and categorized it in a way that works for you, it's time to discuss it with your real estate agent. They'll be able to help you refine the list further, coach you through the best ways to stick to it and find a home in your area that meets your needs. And remember, with the current housing shortage in Maine, it's important to act quickly and be prepared to make a competitive offer when you find the home that's right for you.

Looking for expert guidance in your Maine real estate journey? Contact me today to get started on finding your dream home.