It's pretty clear that mortgage rates and home prices have gone up compared to last year, and that's definitely affecting what you can manage to buy. Plus, there aren't as many homes up for sale as usual. These are the main challenges for buyers right now. But hey, there are ways to tackle these obstacles and still turn your dream of owning a home into a reality.

As you start thinking about buying a home this season, it's important to be strategic. Take some time to go through your wish list and figure out what features are absolute must-haves versus the ones that would just be nice to have. This way, you can prevent overspending or narrowing down your choices too much while looking for the perfect home.

““The key to making a good decision in this challenging housing market is to be laser focused on what you need now and in the years ahead, . . . Another key point is to avoid stretching your budget, as tempting as it may be . . .””

— Danielle Hale, Chief Economist at Realtor.com

When you're trying to figure out what you need, start by writing down all the features you'd like to have. Then, try splitting up those features into different categories. This will help you stay organized and get a clear idea of what you're looking for.

• Must-Haves – So, basically, if a house doesn't have the things that are important for your daily life - like being close to work or family, having enough bedrooms and bathrooms, and so on - then it's just not the right fit for you.

• Nice-To-Haves – These are the extra perks that would be awesome to have, but you could still do without. They're not crucial, but if you come across a home that has all the essential features plus some of these bonuses, then it's worth considering. For instance, think of things like a second home office or a garage.

• Dream State – This is the place where you can dream big! Remember, these aren't essential features, but if you come across a home within your budget that has all the necessities, most of the things you'd like to have, and any of these extras, then it's definitely a winner. Think along the lines of a pool, multiple walk-in closets, and so on.

If you're only looking to check out houses that have every single one of your dream features, you might be limiting your choices a bit too much. This could end up making your search tougher, both on you and your wallet.

Absolutely! So, while it would be amazing to have granite countertops or a backyard pool, those are things you could always consider adding down the road. The key is to prioritize factors like location, the number of rooms, and other aspects that you can't easily alter. Once you've found a home that meets those non-negotiable criteria, you can think about upgrading or adding the additional features you desire at a later time.

You know, sometimes the ideal home is the one you make perfect after you've bought it.

Once you've organized your list the way you like, chat with your real estate agent about your most important needs. They can help you fine-tune the list, guide you on how to stick to it, and locate a home in your desired area that meets your top priorities.

Bottom Line

With the way things are with prices and fewer houses on the market, it's really important to plan ahead in order to find a home that suits your needs and doesn't break the bank. I'm here to help you navigate through these challenges and find the perfect home within your budget. Let's chat and make this happen!