Starting Over: Signs Your Home Search is Stuck
No one claimed that finding the right home was easy, but some challenges may be too hard to overcome without restarting the process from scratch. From unreliable realtors and major repair issues with properties to not being honest with yourself about budgetary limitations, here are some tell-tale signs that your home search needs a fresh start.
Is Your Realtor Listening?
It might be time for a change if your realtor is showing you homes that don’t meet your needs, are far outside your targeted areas or exceed your budget. The same goes if you’re having trouble getting in touch with them. A realtor should serve as your advocate, someone who does everything in their professional capacity to find your dream home. Any deviation from those goals might signal that they only care about your commission, not your long-term comfort.
Know What You Want and Can Afford
A realtor will only understand what you want in a new home if YOU know what you want first. If you have a home buying partner, iron out every detail, from square footage to layout, well ahead of contacting a realtor. After all, confusing or conflicting desires might lead realtors to not taking you or your search seriously.
And, if you notice that your offers are being rejected without a counter-offer, you might want to reevaluate what you can reasonably afford. Be sure you’re shopping within your budgetary limitations, not hoping for a deal by making low offers on expensive homes. Consider expanding your list of neighborhoods too. By limiting yourself to one specific area, you can drastically slow down a home search.
Don’t Ignore Red Flags
You want a dream home, not one that turns into a nightmare. Even if the process is going slower than desired, don’t just jump at the first property that feels like a fit. Make sure an inspection doesn’t reveal significant foundation, structural or electrical problems. If it does, and if the owner failed to disclose that information, it might not be worth pursuing—even at a discounted price.
Other red flags to look for are appraisals that are lower than your offer, homes that have multiple claims of ownership and deed restrictions that could affect your long-term comfort. Lastly, if any construction has been done without necessary permits, be wary—your town or city could cite you for property code violations. It doesn’t matter if the prior owner was the one who did the work without permission, you’re the one who will have to pay if they find out.
No matter what’s been slowing your search down, we hope you get unstuck soon and find the right home. We at Open Mortgage are always here to discuss your financing options after you do. Visiting OpenMortgage.com today is a great way to learn about our services and to start talking with home-financing professionals.