How to Prioritize Your Home Buying Goals in a Competitive Market

Isaiah Angeles • January 19, 2023

Purchasing a home can be a daunting task, especially in a competitive market. With so  many variables to consider, it's essential to recognize and prioritize your needs and desires when purchasing a home. In this blog post, we'll go over how to set priorities and focus on what matters most in a competitive market. 

Begin with Your Budget

Understanding your budget and financial situation is the first step in prioritizing your goals when looking for a home. One of the best ways to accomplish this is to speak with a mortgage lender about pre-approval for a loan before you begin looking for homes. This will help you understand how much house you can afford and set realistic budget expectations. This will also help you narrow down the list of neighborhoods and homes that are within your price range, saving you time looking at properties that are out of your price range.

Decide on Your Must-Haves vs. Nice-to-Haves

Once you've determined what kind of property fits within your budget, make a list of must-haves versus nice-to-haves. These are the features that are required as opposed to those that would be nice but aren't considered necessary for your ideal home purchase. It may be useful to divide this into three categories - needs/wants/luxuries - to help further refine your list and identify where cuts may be vital to get the most bang for your buck in a competitive market. 

Get Ready To Compromise 

Even if you have pre-approved financing, there is no guarantee that you will find exactly what you are looking for right away or at all - especially in today's competitive market. You may have to make some concessions along the way, but if you focus on what is most important, any concessions won't seem so bad. For example, if finding a property close to work is more important than having an extra bedroom or yard space, it may be worth sacrificing one or both in order to get closer proximity. Just keep in mind that no matter what compromises you make during the search, you will still find the right home for YOU!

A person is using a calculator while another person is writing on a piece of paper.

The take-away...

When it comes down to it, prioritizing your goals when buying a home shouldn't be too difficult because there are only so many variables to consider; however, determining which ones should come first (and second!) can be tricky depending on the circumstances of each individual buyer. Buyers will be better equipped for success in today's competitive housing market if they understand their budget from the start (including getting pre-approved), research must-haves vs. nice-to-haves, and are willing to compromise on some non-essential items. Best of luck!

A man and a woman are taking a selfie in front of their new home.

How to Make Your Home-Buying Experience a Success

By Isaiah Angeles • January 19, 2023
One of the most thrilling and rewarding experiences you can have is purchasing a property. Despite that, it is also one of the trickiest and scariest procedures. You need to know how to optimize your negotiating power and secure the best price in order to have the most positive home-buying experience possible. Let's take a look at how you can accomplish that.
A person is using a calculator with the numbers 0-9 on it

How do interest rates affect the real estate market?

By Isaiah Angeles • January 19, 2023
Interest rates play a crucial role in the financial market. They affect the cost of borrowing money, the return on investments, and the overall performance of the economy. In this blog post, we will take a closer look at how interest rates impact the interest market. When interest rates rise, the cost of borrowing money also increases. This means that consumers and businesses will have to pay more to borrow money from banks and other lending institutions. As a result, they may be less likely to take out loans for things like buying a home, starting a business, or investing in new equipment. This can slow down economic growth as consumers and businesses have less money to spend and invest. On the other hand, when interest rates fall, the cost of borrowing money decreases. This can lead to an increase in consumer and business spending, as well as investment in new projects. This can stimulate economic growth and create jobs. Interest rates also affect the return on investments. When interest rates are high, the return on savings accounts and other fixed-income investments is also high. This can be beneficial for savers and retirees who rely on the interest earned on their savings to supplement their income. However, when interest rates are low, the return on savings accounts and other fixed-income investments is also low, which can be detrimental for savers and retirees. Interest rates also have an impact on the value of stocks and bonds. When interest rates are high, the value of stocks and bonds typically falls. This is because investors can earn a higher return on their money by putting it into a savings account or other fixed-income investment. When interest rates are low, the value of stocks and bonds tends to rise. This is because investors may see stocks and bonds as a better investment than savings accounts or other fixed-income investments. In conclusion, interest rates play a significant role in the financial market. They affect the cost of borrowing money, the return on investments, and the overall performance of the economy. It is important for consumers, businesses, and investors to understand how interest rates can impact their financial decisions.