Why Setting a Realistic Budget Is Important

If you’re shopping for a home, it’s important to leave yourself a buffer of cash in your max budget. The market is competitive!

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When you’re in the market to buy a home, setting a realistic budget is very important.

Let’s say you set a budget of $225,000 and are looking for a home. If you look at homes that are priced for $225,000, you may find a home that has multiple offers. When there are multiple offers on a home that’s already priced at your max budget, you’ve got no chance. You don’t have the buying power to go any higher.

In this market, you need a bit of wiggle room.

We recommend giving yourself some buffer room. If your max budget is $225,000, cut off the home prices you are looking at to homes priced $220,000 and below. If you’re in a multiple offer situation, extra cash is always beneficial. When homes are selling in our market, they are selling for $5,000 to $10,000 over asking price.

If you find the home you love, you should go after it and not wait for someone else to get their hands on it. Give yourself that little buffer so you can feel confident when competing against multiple offers.

If you have any questions for us, don’t hesitate to reach out. We look forward to hearing from you.