In markets where there are fewer homes for sale, prospective home buyers might have to look around a while before they find a home that fits their lifestyle and checks off the right boxes on their wish list. This can be frustrating. But, if you know what to expect and have a plan to deal with it, it doesn’t have to be. So what do buyers who have been looking a while do when they can’t find a home that works?
Well, according to one recent survey from the National Association of Home Builders, the majority of buyers say they practice patience. In fact, 51 percent of respondents said they’d just continue looking for the right home in the same location. If you’ve run out of patience, however, you can also try looking in a different neighborhood. Expanding your search area will give you more options and you may stumble upon a neighborhood you hadn’t consider that ends up being a perfect fit. Other survey participants said they’d be willing to look at smaller or older homes, though only 19 percent said so.
Nothing is Perfect
Still, rethinking your list of must haves and deal breakers can help you see your current options in a different light. Finally, 16 percent said they’d up their budget and look at more expensive homes, which is a fine strategy if you can afford it. See the detailed article on how to find the right home from the National Association of Home Builders here. (source)
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