As a homebuyer, you probably have a pretty good idea of what you’re looking for in a home, most do. However, with the limited amount of inventory in many areas, many prospective homebuyers are experiencing trouble finding a home in the East Valley, or around metro Phoenix that meets all the criteria on their wish lists. Also, today’s higher interest rates may be impacting what you can afford.
Today’s Arizona real estate market calls for two words that no homebuyer wants to hear: compromise and sacrifice. If you’ve been looking for your dream house for an extended period of time with no luck, you may want to take another look at your wish list and determine if you’re being too picky.
As a Homebuyer, What Do You 100% Need?
To help identify what you truly need, make a list of all the features that you want in your new home. Then break those features into the following categories:
- Must-Haves: Examples are number of bedrooms and baths, distance from work, good schools, a garage, etc. If the home doesn’t have these features, then it won’t work for you and your lifestyle.
- Nice-To Haves: These are the features you’d love to have but you can live without. Examples are granite countertops or a second home office.
- Dream Features: These aren’t necessarily features that you 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, you’ve hit the jackpot. These features could include a 3rd car garage, swimming pool, multiple walk-in closets, etc.
It’s important to set priorities and analyze which home features will actually matter to you in your day-to-day life and which ones won’t.
Your Perfect Home Could Be One That You Make Perfect After Buying It
There’s a saying in real estate that “there is no perfect home.” Every home has its pros and cons. It’s important to look beyond the cosmetics such as a worn carpet, or a paint color you don’t like. If a home has the features on your must-have and nice-to-have list, and there are no structural or major issues with the home, consider making the changes you want after closing. Kitchen cabinets and countertops, updated lighting, flooring, and appliances are all relatively easy and cost effective to replace.
Be sure to budget for any changes you may want to make after closing. Your real estate agent can recommend vendors and contractors who can supply estimates for the work you want done. Check with your lender to see if there are any loan programs that you could qualify for that let you roll the cost of renovations into your mortgage.
The Bottom Line
With the current affordability challenges and limited housing supply in Arizona, keep an open mind when looking for a house. Focusing too much on perfection can narrow your choices. It can lead you to pass over some good, suitable options in the hopes that something better will come along. Discuss your top priorities with your real estate agent. They’ll help you refine your list and help you find a home that meets your most important needs.
Contact the Donnelly Group
Struggling to find a home in metro Phoenix? Are you sure you’re getting the best advice from your buyer’s agent? Call the Donnelly Group at 480-792-9700. Contact us; our team would love to help you find the home that meets your needs today, with the scope to become your dream home down the line.