- Remember your budget. Overspending on a home is a good way to regret your buying decision. Lay out a budget you are comfortable with (even if your lender tells you that you can qualify for a higher mortgage than you feel comfortable with), and look at homes within that price range. In the current market, homes typically sell within 1-3% of asking price. It is generally not worthwhile to look at homes priced at $550,000 when you cannot, or don’t feel comfortable, paying over $500,000.
- Know your timeline. In the current market (with low inventory) it may take 2-3 months to find a home you are happy with. The average escrow takes 30 days, whether you are paying cash or applying for a mortgage.
- Opt for quality over quantity when house hunting. The more options we have, the harder it is to make a decision, and the more confusing the search options become. It is harder to compare prices v. amenities, easier to nitpick all the options and harder to be fully satisfied with any of them.
