There’s a reason some buyers struggle to purchase a home more than others do. They want the home they buy to be the one they live in forever, so they have a specific list of requirements to check off before making an offer.
It’s not uncommon to go into a home search with the goal of finding your forever home. But here’s why you may want to change that approach.
Table of Contents
It’s a tough housing market
Right now is not an easy time to buy a home. There’s a very limited supply of available homes on the market, and the pickier you are, the more challenging it may be to find a home that fits your wishlist.
That’s one reason why you may be better off putting the idea of a forever home out of your mind and focusing on one that works for you for the next few years. If you refuse to budge on what you’re looking for, you may spin your wheels during your home search and wind up with nothing to show for your efforts.
We don’t know when housing inventory will open up, but so far this year, sellers have been slow to list their homes. Given the uncertainty surrounding the pandemic, that could remain the case for the remainder of the year and even beyond. So you may want to change your mindset a bit and allow yourself more flexibility with what you’re looking for.
► Buy or rent? Where starter home mortgage payments cost less than rent
► How to navigate a hot housing market: Tips when buying and selling homes
Your plans could change
You may be pursuing a forever home thinking you’ll one day have a large family to fit into it. But that may not happen if your needs and wants change down the line. That’s why if you find a home that works for you in the near term, it could be worth it to jump on that opportunity rather than hold out for a better one.
Don’t miss out
Owning a home could be your ticket to financial stability. And that’s why it could pay to purchase a home you know will work for you in the near future.
If you manage to find a home with an affordable mortgage that’s in a neighborhood you know you’ll enjoy living in, then you may not want to pass that up simply because you don’t see yourself living there forever. You never know how your circumstances might evolve over time, and you might regret giving up the chance to buy a great home.
Remember, just because you buy a home, it doesn’t mean you’re stuck there for the rest of your life. People buy and sell homes all the time. Rather than fixate on whether a given home is really your forever home, ask yourself if it works for you for the next five years. If the answer is yes, you may want to put in an offer, especially in today’s tight housing market.
A historic opportunity to potentially save thousands on your mortgage
Offer from the Motley Fool: Chances are, interest rates won’t stay put at multi-decade lows for much longer. That’s why taking action today is crucial, whether you’re wanting to refinance and cut your mortgage payment or you’re ready to pull the trigger on a new home purchase.
Our expert recommends this company to find a low rate – and in fact he used them himself to refi (twice!).
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.
The Motley Fool is a USA TODAY content partner offering financial news, analysis and commentary designed to help people take control of their financial lives. Its content is produced independently of USA TODAY.
