In a seller’s market, often potential homebuyers think that they will make an offer and deal with the consequences of what goes on later. Although inventory is low and houses are instead of going, going, gone, they are just gone, that does not mean that you don’t have the luxury of finding a home that not only suits your needs but also, one that is a good and sound investment. If you are going to put an offer on a home, don’t jump the gun due to competition. Making an emotional buy because you either love a house so much that you are willing to pay more or because you are just plain exhausted with the current market, doesn’t make good cents! These are things to really consider when you are viewing properties, even in the time-crunch scenario we are all feeling
Location, Location, did I Say “Location”?
When it comes to real estate it might sound like an adage, but it is true. There are many things that you can change about a home if you don’t like it, the location that it sits is not one of them. Even if you are getting tired of losing out and have a need to move quickly, settling on a location that is not ideal for you is not the answer. At a time when the market returns to normal, which it inevitably will, your poor location will not only not be so attractive to you, it won’t be attractive to potential homebuyers and you are going to lose! Location is one thing that you can’t ever budge on, no matter how frustrated you become.
Home Style and Size
Sure, in this atmosphere it might make sense to consider buying a home that isn’t exactly what you want and then redoing it to make it what you do. But the style and size of the home you look at are going to be important. We might have some really talented contractors in Summerville, but they are not magicians. Certain home styles can not be converted to be what you want and some size limitations are just that, limitations. So really consider if a home is a style that you can LIVE with and make sure the size is not a non-negotiable due to property restrictions or otherwise.
The market is fierce. With low inventory and a rash of people moving to the Summerville area, it might seem like you just have to pay whatever it is that you have to pay. Remember this, in a couple of years when this ride ends, you just might be upside down on your mortgage if you end up paying way more than a house is worth. Or, once more, if you set your budget outside of your comfort zone, if the ball drops out, you are entering dangerous territory. Don’t get caught up in the hype and end up paying more than you can, or more than a house is worth, not just today, but any day!
Things like appliances can always be upgraded, but they are expensive. So if you are already at the top of your budget and seeking a house that has about half of what you want amenity-wise, then you are going to have buyer’s remorse when all of those things you wanted to replace can’t be. Also, if you want to live in a community with a pool and hiking trails, don’t settle for one without them. There are a ton of options that you might not have considered like a townhome or condo, if they suit your needs, at least for right now.
Quality of the Schools
Along the lines of location, the quality of the schools is going to matter regardless if you have children now, you are going to have children, or you don’t have and don’t want. The reason is that the price and value of your home are always going to be determined by certain factors, one of them being the school district that your home is in. Sure, it might turn around, but maybe not in your lifetime. Make sure that you are living in an area that has a good educational system, otherwise, you might be stuck with a home that is worth way less than you want and/or sending your children to drive school.
Taxes and the Cost of Living
Luckily, the Summerville property taxes are much less than you would pay elsewhere around the nation, but they still vary depending on which house and where you choose to live. Tax rates are one thing that you are going to have to pay, even after you pay the mortgage off. You don’t want to be paying a large number of your monthly costs to taxes. Make sure that you figure in things like how much they are going to cost per month in all of your other considerations, before making an offer.
At Sea Turtle Properties, we feel your angst. We are out there every day trying to beat home buying competition alongside our buyers, but now is not the time to throw common sense out the window. You want to find a home, but you also don’t want to base that decision on emotions that can end up costing you more than you are willing to spend both monetarily and emotionally.
There is no doubt that you are in a time crunch, but that does not mean that you have to take less and pay more than you are comfortable with. We are here to help you navigate this difficult buyer’s market and to give you all the assistance you need to not only get through it but to get through it with a new home that you can live with and in. Contact us today if you are in the market for a new home and experiencing burnout, we can help!