Dear Storage Seeker:
My husband and I are looking for a new home in the Dallas-Fort Worth area and have had a challenging time. Prices have skyrocketed, seemingly overnight, and competition is fierce. We aren’t sure how much to spend, or even what it is we want. Quite honestly, this experience has been a whirlwind. Please help us! We’re getting stressed!
Sincerely:
Looking for a Home in Texas.
_________________________________________
Dear Looking for a Home in Texas,
If you are searching for a new home, there’s no doubt about it: the market is aggressive, to say the least. No matter where you live, home prices have shot up exponentially across the country, as supply is low and demand is high. People in what were once affordable areas, such as DFW, are now in bidding wars, trying to land any home they can as inventory flies off the shelves.
Regardless of whether you have just started hunting or have been at it for quite some time, you have likely heard that this market is truly unprecedented. As such, it has been difficult for many people to find and close on a home. You are not alone here! Before you head out, consider the following:
1.) Know your budget and stick to it.
As a rule of thumb, your housing payment should never be more than 28% of your total monthly income. This includes property taxes and insurance (both of which will increase annually). So, as you begin your search, make sure that you are looking well below your price point. This way, you can increase your price range if need be (whether raising your offer or looking for something more updated).
2.) List your negotiables and non-negotiables.
Determine what it is you NEED from a home, and what it is you WANT. A need: 3 bedrooms, 2 baths. A want? A media room. This way, if a home checks off all of the NEED boxes, you can put your offer in. While you should take the house’s condition and potential work into consideration, you do have to act by placing a bid right away.
3.) Rent a self-storage unit nearby.
A sale can happen very fast, sometimes leaving people in a bind if they aren’t ready to move into their new place in time. Renting self-storage makes your interim living arrangements more manageable. Plus, it will make your current home appear more spacious as potential buyers walkthrough. With affordable pricing and locations in almost every city, renting one is a breeze (without breaking the bank).
Kenny Guinn once said, “There is something permanent, and something extremely profound, in owning a home.” And he couldn’t be more right! Home is where your best memories will be. It is also where you will build a lifetime of happiness together.
Though the market is hot right now, be wise – knowing that the right home will present itself in due time. Plus, if you keep your budget in mind, list your negotiables and non-negotiables, and rent a local storage unit, you may find yourself landing your dream home faster than you would have thought.
Happy hunting!
How to find a new home in an aggressive market
