by: Sue Fox, Broker/REALTOR ®

Spring has sprung! And if your plans include buying a new home in 2023, you can start by envisioning what kind of property you hope to find. Do you want a brand-new house with a sparkling quartz-topped kitchen? Or is your heart set on a vintage 1930s bungalow with built-in bookshelves? Can you imagine yourself living in downtown Durham? Or maybe a farmhouse on five acres in Hillsborough is more your speed. Do you even want a house, or would a townhome or condo better suit your needs?

It’s important to gather your thoughts before heading out house-hunting, especially in a market as competitive as the one we have in the Triangle. Here are three things to consider as you draw up your wishlist:

1. Give some hard thought to Must Haves vs. Nice-to-Haves. 

Real estate choices often involve compromise — like buying a home that needs a little updating but is located on a tranquil lane in the ideal school district. Or having the dream kitchen you’ve always wanted, but settling for a townhouse that costs much less than a single-family house. Think about past homes you have enjoyed, and whether you have a strong preference for new or old, attached or detached homes; how close you want to live to the urban center; and whether you are willing to buy a home that needs a little work. These decisions are important, especially in a tight market where knowing what you want can help give you an edge over less-informed and -decisive buyers. 

2. Be open to Strategic Trade-Offs

The Triangle is popular, and we have more folks moving here than leaving. In February 2020, before COVID hit, there were 7,454 homes listed for sale in the Triangle MLS. Today there are only 4,901 — a 35% drop. In coveted areas like Orange County, home to Chapel Hill and UNC, the number has plunged even more dramatically, from 342 homes for sale three years ago to just 101 now, a startling 71% decrease. Buyers who can be strategic and flexible have a real advantage over those who are determined to get every single item on their 20-point wishlist. 

For example, if you have a little extra cash and could stand spending a few weeks having the floors refinished and the walls painted before you move in, you could potentially avoid a bidding war. Let everyone else go after a cute, renovated cottage that’s bound to attract 10 offers and sell $50,000 over the list price. Instead, you could pursue a house with scuffed floors, dusty ceiling fans, and drab walls, and put $10,000 into it to make it a gem. The same goes for being open to different towns or neighborhoods, or various types of homes. I guarantee that you’ll be happily settled in your new place months (maybe years) before an inflexible buyer who lets opportunities pass by or gets repeatedly outbid chasing the most popular properties.

3. Tell Your REALTOR®: 

Sometimes I have buyer clients who hesitate to describe their wishlist because they don’t want to be “too picky.” But understanding what things are non-negotiable for you and communicating that to your buyer’s agent is critical. Sometimes we hear about properties before they hit the market, or we ask our colleagues to keep an eye out for homes that match your criteria. We network. We talk. We stay up late at night combing through databases. Sometimes we even find homes that are a little outside your parameters, but turn out to be perfect for you. 

It might seem hard to find exactly what you want in this crazy market, especially at an affordable price. But the more you can define what the right home means to you, the easier it will be for you and your agent to find the best contenders and pursue them with confidence. 

So get going on that wishlist, and then give Inhabit a call! 

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