First, learn the difference between needs and wants as far as real estate options are concerned. It helps to imagine your dream house after downsizing. No, it won’t be the home you’re leaving behind, but it will be a home that will match your new life stage and your changing situation. So, for this dream home, regardless of whether it’s a smaller home or an apartment, let’s say it meets all your needs (e.g., no stairs, a guest bedroom) and wants (e.g., a small yard for gardening). Now, keep in mind that it’s rare for anyone to get exactly everything they want in a home, in the right neighborhood, for the right price. This is where the idea of needs vs. wants comes into play. You need to figure out exactly what you absolutely must have in your home search (a need) versus features that you’re willing to concede (a want). Consider making a list of your needs and wants and ranking how important each one is to you. Many times, you’ll realize that once you find your perfect house, it may not always check all your boxes, but it feels the most “right” for you.
TAKE YOUR TIME
While some buyers luck out and find the right home right away, this isn’t the norm, and you should be prepared for this process to take some time. Don’t settle early and don’t settle for a home that doesn’t seem right for you (especially if it doesn’t meet all your needs). According to the National Association of REALTORS® (NAR) most recent Profile of Home Buyers and Sellers, the typical search period is about 10 weeks for a buyer to find a home. Buyers generally looked at a median of 7 homes before finding a home they wanted to purchase.
FINDING “THE ONE”
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