What happens when as a house hunter, you run out of homes to see?
A seller’s market can be a hard time for homebuyers. With fewer properties on the market, more buyers than sellers, and housing prices on the increase, it can be easy to get discouraged.
The frustration hits especially hard when you have already endured a few rounds of multiple offers and you have yet to acquire the home of your dreams.
Let’s take a look at four ways you can break through a house shopping plateau.
1. Reconsider Geography
At the beginning of your house hunting journey, you probably had a pretty clear idea of where you wanted to live. The ideal neighbourhood, the perfect schools, all the amenities.
However, if you are frustrated with your house hunting experience it may be time to reconsider your geographic boundaries.
If you find yourself laser focused on a specific neighbourhood, perhaps consider expanding your horizons. Are there other neighbourhoods in the area that could do the job equally well?
For example, if your ideal home in Oakville was originally to be in West Oak Trails, would Bronte Creek do the job just as well? With only Bronte Road separating these two very similar neighbourhoods, you could benefit from all the same amenities and many of the same schools.
On the other hand, if your focus is already quite broad within a suburb, are there other suburbs you might consider if it meant finding the perfect home? If Milton was your initial choice, would you consider Georgetown or even Cambridge instead?
There are benefits to this approach beyond just getting you closer to your dream home. You may discover that in modifying your suburb choice just a little, you could actually get more house for less money.
2. Review Your Budget & Requirements
Whether or not you have already experienced an unsuccessful multiple offer scenario, budget will be top of mind for most buyers.
Consider what things may have changed since you made the initial decision on how much to spend on a home. Perhaps your requirements for the home have evolved and you determined that the large backyard is no longer important.
It may be time to have a fresh look at how your current wish list fits in with your budget. For example, now that you have a better sense of the market and the cost of homes in your ideal area, is your dream home still within reach based on your wish list?
Consider what alternatives may exist for home styles. If you realized in the house hunting process that interior space is most important to you and the outdoor space can take a back seat, what doors might that open? Consider including in your search a semi-detached or townhouse option, or perhaps a detached home in a more rural area.
If you were initially seeking a specific style of home but as a result of your soul searching and research have decided you can be more flexible, talk to your REALTOR® about expanding your search to different types of housing designs.
3. Evaluate Timeline
As you started your home search, you likely had a clear idea of when you were hoping to move.
Consider the reasons why. It may have been about timing it to the school year, for example. With so much at-home learning now this may no longer apply.
Perhaps you simply needed more space and simply wanted to solve the problem as soon as possible. Maybe there are other ways you can reimagine new space in your current home so that you can be more comfortable in the meantime.
Whatever the reasons behind your timeline, it is entirely possible that some of the reasoning that went into that decision may no longer apply.
4. Rethink Your Perspective
Stressful situations can cloud our thinking. If you have been through unsuccessful multiple offers on more than one property and are finding yourself anxious and under pressure, it may be time to take a moment.
Drill down into the geography of your dream home. Imagine what possibilities might exist by thinking completely outside your preferred area, budget, or housing style.
Evaluate if a slight modification to one or more of these might be a good fit for you.
Expanding the horizons of your thinking when it comes to your dream home may do more than just expand your housing search. Taking this small action may just empower you to see things you did not see before.
Remember, house shopping is supposed to be fun!
Talk to your REALTOR® about what alternative options may exist that can help you get into just the right property for you and your family.***
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