It can be tough finding a home. This especially holds true in today’s tight housing market where inventory is scarce. As a homebuyer, you want to ensure that you make a sound investment and avoid any potential pitfalls along the way.
Buying a home is a serious undertaking, so it’s natural to have concerns going into the process. Whether you’re a first-time buyer or a seasoned homeowner, understanding and overcoming these concerns will empower you to make well-informed decisions and find your perfect home.
In this article, we will be discussing more about the top common concerns of homebuyers today.
1. Finding a home within budget
One of the homebuyers’ top concerns is that home prices have skyrocketed. So it’s not surprising that 41% of buyers surveyed said finding a home that fits their budget is challenging. It’s essential to determine how much you can afford before starting your search. Considering factors such as income, credit score, and existing debts is definitely a must.
If you’re worried about going over budget, use a mortgage calculator to figure out how much house you can afford based on the funds you have saved for a down payment. Here’s a link to a mortgage calculator from one of our preferred local lenders, Jennifer Queen.
Keep in mind that your housing costs should be 30% of your take-home pay or less. That 30% includes not just your mortgage payment, but also other set expenses like property taxes and insurance.
2. Overpaying for a home
A good 38% of buyers are worried about paying more for a home than it’s really worth. And in today’s market, that may be inevitable. No matter where you buy, you’ll likely pay more for a home right now than what it would’ve sold for a year ago.
In order to avoid overpaying, you have to understand the fair market value of the property you’re interested in. This is where your real estate agent can help! Together we will research recent comparable sales in the neighborhood. We look for properties with similar characteristics, such as the number of bedrooms and bathrooms, square footage, and amenities. By comparing these properties’ prices, we can ascertain the fair market value of the home.
If you’re still unsure about the property’s value, getting a professional home appraisal is essential. Appraisers conduct a thorough evaluation of the property’s value based on its condition, features, and comparable sales data. The appraisal will provide an unbiased assessment of the property’s worth, giving you peace of mind in your decision-making process.
3. Finding a home in an appealing neighborhood
37% of buyers are worried about finding a home in a neighborhood they want to live in.
Finding a home in an appealing neighborhood goes beyond the physical attributes of the property; it involves discovering a community that aligns with your lifestyle, preferences, and long-term goals.
Since inventory is so limited, you may want to expand the scope of your search and research several neighborhoods to give yourself more options. You can utilize online resources and real estate websites to gather information about different neighborhoods. However, the best resource is your real estate agent who will ask you the right questions to help you find the best neighborhood and home.
Finding and buying a home can definitely be a nerve-wracking experience. If any of the above concerns apply to you, let’s connect and address them so you don’t regret your home purchase.
Take action today to avoid missing out!