Balancing Wants vs. Needs

It’s no secret that there is still an undersupply compared to where things were before the pandemic.  In fact, the number of homes for sale is still roughly 43% lower than it was pre-pandemic.

What does this mean if you are looking to make a move this spring?  With the limited options on the market, it’s more important than ever to consider what is a “necessity” versus what is a “nice-to-have”.  The most efficient way to prioritize all the features you want and need in a home is to write out a physical list.  Break it into these three categories:

Must-Haves:  If a house doesn’t have these things, it simply will not work for you and your lifestyle.  These features are dealbreakers.

Nice-to-Haves: These are the things you’d really love to have, but can live without if necessary.  These are things that aren’t dealbreakers, but if you find a home that has all your must-haves as well as some of these items, it’s certainly a contender.

Dream-Haves:  This is where you get to really dream big.  Again, these are features that are not dealbreakers whatsoever, but they would be ideal in your dream home.  If you are able to find a home that has all your must-haves, most of your nice-to-haves, and any of your dream-haves, it’s clearly a winner.

Having this kind of list that you can share with your agent is a great tool to help you in your home search.  I personally use the Seth Lejeune Group Buyer Questionnaire with my clients. In fact, some of you reading this might have even used it.

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