Agent Advice • August 17, 2023

7 Real Estate Marketing Tips to Kickstart Your Social Media

by Conor Breen

7 Real Estate Marketing Tips to Kickstart Your Social Media

In today’s fast-paced digital world, I understand the power of social media for real estate professionals like you. With the right strategies, you can harness the true potential of social platforms to boost your real estate business. In this blog, I’ll unveil seven essential tips that will help you kickstart your social media game and stand out in the competitive world of real estate marketing.

1. Define Your Target Audience:

Before diving into the world of social media marketing, it’s crucial to identify your target audience. Who are you trying to reach? Are they first-time homebuyers, investors, or luxury home seekers? Understanding your audience’s preferences, needs, and behaviors will enable you to tailor your content to resonate with them effectively.

2. Choose the Right Platforms:

Not all social media platforms are created equal. Different platforms attract different demographics and have unique features. For real estate, platforms like Facebook, Instagram, and LinkedIn can be highly effective. Facebook’s extensive user base allows for targeted ads, Instagram’s visual appeal is perfect for showcasing properties, and LinkedIn can connect you with professionals in the industry. Here’s a resource stating the best times to post to each social media platform.

3. Create Compelling Visual Content:

I know that real estate is a visual industry, and your social media posts should reflect that. High-quality photos and videos of your listings can capture the attention of potential buyers. Consider using professional photography or virtual tours to showcase the best features of each property. Don’t forget to include engaging captions that provide context and details about the properties.

4. Consistency is Key:

I believe that maintaining a consistent posting schedule is essential for staying top-of-mind with your audience. Create a content calendar that outlines when and what you’ll be posting. Consistency builds trust and keeps your followers engaged. However, remember that quality is more important than quantity—focus on delivering valuable content rather than overwhelming your audience with frequent posts.

5. Engage and Interact:

I understand that social media is a two-way street. Respond promptly to comments, messages, and interactions from your followers. Engaging with your audience fosters a sense of connection and shows that you value their input. Host Q&A sessions, polls, and contests to encourage active participation and gather insights about what your audience is looking for.

6. Utilize Hashtags Wisely:

I know that hashtags can expand the reach of your posts beyond your current followers. Research and use relevant hashtags that are commonly used in the real estate niche. For example, use location-specific hashtags, property type hashtags (#DreamHome, #LuxuryLiving), and industry-related hashtags (#RealEstateTips, #HomeBuyingAdvice). Find the best hashtags here.

7. Share Valuable Content:

Lastly, while showcasing your listings is important, I encourage you to go beyond that. Share informative and educational content related to real estate. This could include market trends, home improvement tips, financing advice, and more. By positioning yourself as a knowledgeable resource, you’ll attract followers who value your expertise.

Conclusion:

To sum up, with these seven real estate marketing tips, you’re well-equipped to kickstart your social media efforts and make a meaningful impact in the digital landscape. Remember to tailor your approach to your target audience, choose the right platforms, maintain consistency, engage with your followers, and provide valuable content. By weaving these strategies into your social media game plan, you’ll be well on your way to establishing a strong online presence and driving success for your real estate business.

Ready to take your real estate business to the next level? Start implementing these tips and watch your social media presence soar. Reach out to me for more helpful tips!

Home Ownership • Market Update • June 28, 2023

Lending Standards Are Not Like They Were Leading Up to the Crash

by Conor Breen

Lending Standards Are Not Like They Were Leading Up to the Crash

You might be worried we’re heading for a housing crash, but there are many reasons why this housing market isn’t like the one we saw in 2008. One of which is how lending standards are different today. Here’s a look at the data to help prove it.

Every month, the Mortgage Bankers Association (MBA) releases the Mortgage Credit Availability Index (MCAI). According to their website:

“The MCAI provides the only standardized quantitative index that is solely focused on mortgage credit. The MCAI is . . . a summary measure which indicates the availability of mortgage credit at a point in time.”

Basically, the index determines how easy it is to get a mortgage. Take a look at the graph below of the MCAI since they started keeping track of this data in 2004. It shows how lending standards have changed over time. It works like this:

When lending standards are less strict, it’s easier to get a mortgage, and the index (the green line in the graph) is higher.
When lending standards are stricter, it’s harder to get a mortgage, and the line representing the index is lower.

In 2004, the index was around 400. But, by 2006, it had gone up to over 850. Today, the story is quite different. Since the crash, the index went down because lending standards got tighter, so today it’s harder to get a mortgage.

Loose Lending Standards Contributed to the Housing Bubble

One of the main factors that contributed to the housing bubble was that lending standards were a lot less strict back then. Realtor.com explains it like this:

“In the early 2000s, it wasn’t exactly hard to snag a home mortgage. . . . plenty of mortgages were doled out to people who lied about their incomes and employment, and couldn’t actually afford homeownership.”

The tall peak in the graph above indicates that leading up to the housing crisis, it was much easier to get credit, and the requirements for getting a loan were far from strict. Back then, credit was widely available, and the threshold for qualifying for a loan was low.

Lenders were approving loans without always going through a verification process to confirm if the borrower would likely be able to repay the loan. That means creditors were lending to more borrowers who had a higher risk of defaulting on their loans.

Today’s Loans Are Much Tougher To Get than Before

As mentioned, lending standards have changed a lot since then. Bankrate describes the difference:

“Today, lenders impose tough standards on borrowers – and those who are getting a mortgage overwhelmingly have excellent credit.”

If you look back at the graph, you’ll notice after the peak around the time of the housing crash, the line representing the index went down dramatically and has stayed low since. In fact, the line is far below where standards were even in 2004 – and it’s getting lower. Joel Kan, VP and Deputy Chief Economist at MBA, provides the most recent update from May:

“Mortgage credit availability decreased for the third consecutive month . . . With the decline in availability, the MCAI is now at its lowest level since January 2013.”

The decreasing index suggests standards are getting much tougher – which makes it clear we’re far away from the extreme lending practices that contributed to the crash.

Bottom Line

Leading up to the housing crash, lending standards were much more relaxed with little evaluation done to measure a borrower’s potential to repay their loan. Today, standards are tighter, and the risk is reduced for both lenders and borrowers. This goes to show, these are two very different housing markets, and this market isn’t like the last time.

Home Ownership • Market Update • June 20, 2023

Why the Median Home Price Is Meaningless in Today’s Market

by Conor Breen

Why the Median Home Price Is Meaningless in Today’s Market

The National Association of Realtors (NAR) will release its latest Existing Home Sales (EHS) report later this week. This monthly report provides information on the sales volume and price trend for previously owned homes. In the upcoming release, it’ll likely say home prices are down. This may feel a bit confusing, especially if you’ve been following along and seeing the blogs saying that home prices have bottomed out and turned a corner.

So, why will this likely say home prices are falling when so many other price reports say they’re going back up? It all depends on the methodology of each report. NAR reports on the median sales price, while some other sources use repeat sales prices. Here’s how those approaches differ.

The Center for Real Estate Studies at Wichita State University explains median prices like this:

“The median sale price measures the ‘middle’ price of homes that sold, meaning that half of the homes sold for a higher price and half sold for less . . . For example, if more lower-priced homes have sold recently, the median sale price would decline (because the “middle” home is now a lower-priced home), even if the value of each individual home is rising.”

Investopedia helps define what a repeat sales approach means:

“Repeat-sales methods calculate changes in home prices based on sales of the same property, thereby avoiding the problem of trying to account for price differences in homes with varying characteristics.”

The Challenge with the Median Sales Price Today

As the quotes above say, the approaches can tell different stories. That’s why median price data (like EHS) may say prices are down, even though the vast majority of the repeat sales reports show prices are appreciating again.

Bill McBride, Author of the Calculated Risk blog, sums the difference up like this:

“Median prices are distorted by the mix and repeat sales indexes like Case-Shiller and FHFA are probably better for measuring prices.”

To drive this point home, here’s a simple explanation of median value (see visual below). Let’s say you have three coins in your pocket, and you decide to line them up according to their value from low to high. If you have one nickel and two dimes, the median value (the middle one) is 10 cents. If you have two nickels and one dime, the median value is now five cents.

In both cases, a nickel is still worth five cents and a dime is still worth 10 cents. The value of each coin didn’t change.

That’s why using the median home price as a gauge of what’s happening with home values isn’t worthwhile right now. Most buyers look at home prices as a starting point to determine if they match their budgets. But, most people buy homes based on the monthly mortgage payment they can afford, not just the price of the house. When mortgage rates are higher, you may have to buy a less expensive home to keep your monthly housing expense affordable. A greater number of ‘less-expensive’ houses are selling right now for this exact reason, and that’s causing the median price to decline. But that doesn’t mean any single house lost value.

When you see the stories in the media that prices are falling later this week, remember the coins. Just because the median price changes, it doesn’t mean home prices are falling. What it means is the mix of homes being sold is being impacted by affordability and current mortgage rates.

Bottom Line

For a more in-depth understanding of home price trends and reports, let’s connect.

Buyers • June 13, 2023

Your Needs Matter More Than Today’s Mortgage Rates

by Conor Breen

Your Needs Matter More Than Today’s Mortgage Rates

If you’re thinking about selling your house right now, chances are it’s because something in your life has changed. And, while things like mortgage rates are a key part of your decision on what you’ll buy next, it’s important to not lose sight of the reason you want to make a change in the first place.

It’s true mortgage rates have climbed from the record lows we saw in recent years, and that has an impact on affordability. With rates where they are right now, some homeowners are deciding they’ll wait to sell because they don’t want to move and have a higher mortgage rate on their next home. As Danielle Hale, Chief Economist at Realtor.com, explains:

“. . . homeowners who locked in a 30-year fixed rate in the 2-3% range don’t necessarily want to give that up in exchange for a rate in the 6-7% range.”

But your lifestyle and your changing needs should matter more. Here are a few of the most common reasons people choose to sell today. Any one of these may be more important than keeping your current mortgage rate.

As Ali Wolf, Chief Economist at Zonda, says in a recent tweet:

“First-time and move-up buyers are both active . . . the latter driven by life changes. Divorce, marriage, new higher paid job, and existing home unsuitable all referenced.”

Relocation

Some of the things that can motivate a move to a new area include changing jobs, a desire to be closer to friends and loved ones, wanting to live in a dream location, or just looking for a change in scenery.

For example, if you live in suburbia and just landed your dream job in NYC, you may be thinking about selling your current home and moving to the city for work.

Upgrading

Many homeowners decide to sell to move into a larger home. This is especially common when there’s a need for more room to entertain, a home office or gym, or additional bedrooms to accommodate a growing number of loved ones.

For example, if you’re living in a condo and decide it’s time to seek out a home with more space, or if your household is growing, it may be time to find a home that better fits those needs.

Downsizing

With inflation driving up everyday expenses, homeowners may also decide to sell to reduce maintenance and costs. Or, they may sell because someone’s moved out of the home recently and there’s now more space than needed. It could also be that they’ve recently retired or are ready for a change.

For example, you’ve just kicked off your retirement and you want to move to somewhere you can enjoy the warm weather and have less house to maintain. Your new lifestyle may be better suited for a different home.

Change in Relationship Status

Divorce, separation, or marriage are other common reasons individuals sell to buy different homes.

For example, if you’ve recently separated, it may be difficult to still live under one roof. Selling and downsizing may be better options.

Health Concerns

If a homeowner faces mobility challenges or health issues that require specific living arrangements or modifications, they might sell their current home to find one that works better for them.

For example, you may be looking to sell your home and use the proceeds to help pay for a unit in an assisted-living facility.

With higher mortgage rates, there are some affordability challenges right now – but your needs and your lifestyle matter too. As a recent article from Bankrate says:

“Deciding whether it’s the right time to sell your home is a very personal decision. There are numerous important questions to consider, both financial and lifestyle-based, before putting your home on the market. . . . Your future plans and goals should be a significant part of the equation . . .”

Bottom Line

If you’re ready to sell your house so you can make a move, let’s connect so you have an expert on your side to help you navigate the process and find a home that can deliver on what you’re looking for.

Market Update • June 12, 2023

Are Home Prices Going Up or Down? That Depends…

by Conor Breen

Are Home Prices Going Up or Down? That Depends…

Media coverage about what’s happening with home prices can be confusing. A large part of that is due to the type of data being used and what they’re choosing to draw attention to. For home prices, there are two different methods used to compare home prices over different time periods: year-over-year (Y-O-Y) and month-over-month (M-O-M). Here’s an explanation of each.

Year-over-Year (Y-O-Y):

This comparison measures the change in home prices from the same month or quarter in the previous year.For example, if you’re comparing Y-O-Y home prices for April 2023, you would compare them to the home prices for April 2022.
Y-O-Y comparisons focus on changes over a one-year period, providing a more comprehensive view of long-term trends. They are usually useful for evaluating annual growth rates and determining if the market is generally appreciating or depreciating.

Month-over-Month (M-O-M):

This comparison measures the change in home prices from one month to the next. For instance, if you’re comparing M-O-M home prices for April 2023, you would compare them to the home prices for March 2023.
Meanwhile, M-O-M comparisons analyze changes within a single month, giving a more immediate snapshot of short-term movements and price fluctuations. They are often used to track immediate shifts in demand and supply, seasonal trends, or the impact of specific events on the housing market.

The key difference between Y-O-Y and M-O-M comparisons lies in the time frame being assessed. Both approaches have their own merits and serve different purposes depending on the specific analysis required.

Why Is This Distinction So Important Right Now?

We’re about to enter a few months when home prices could possibly be lower than they were the same month last year. April, May, and June of 2022 were three of the best months for home prices in the history of the American housing market. Those same months this year might not measure up. That means, the Y-O-Y comparison will probably show values are depreciating. The numbers for April seem to suggest that’s what we’ll see in the months ahead (see graph below):

That’ll generate troubling headlines that say home values are falling. That’ll be accurate on a Y-O-Y basis. And, those headlines will lead many consumers to believe that home values are currently cascading downward.

However, on a closer look at M-O-M home prices, we can see prices have actually been appreciating for the last several months. Those M-O-M numbers more accurately reflect what’s truly happening with home values: after several months of depreciation, it appears we’ve hit bottom and are bouncing back.

Here’s an example of M-O-M home price movements for the last 16 months from the CoreLogic Home Price Insightsreport (see graph below):

Why Does This Matter to You?

So, if you’re hearing negative headlines about home prices, remember they may not be painting the full picture. For the next few months, we’ll be comparing prices to last year’s record peak, and that may make the Y-O-Y comparison feel more negative. But, if we look at the more immediate, M-O-M trends, we can see home prices are actually on the way back up.

There’s an advantage to buying a home now. You’ll buy at a discount from last year’s price and before prices start to pick up even more momentum. It’s called “buying at the bottom,” and that’s a good thing.

Bottom Line

If you have questions about what’s happening with home prices, or if you’re ready to buy before prices climb higher, let’s connect.

Market Update • June 8, 2023

This Real Estate Market Is the Strongest of Our Lifetime

by Conor Breen

This Real Estate Market Is the Strongest of Our Lifetime

When you look at the numbers today, the one thing that stands out is the strength of this housing market. We can see this is one of the most foundationally strong housing markets of our lifetime – if not the strongest housing market of our lifetime. Here are two fundamentals that prove this point.

1. The Current Mortgage Rate on Existing Mortgages

First, let’s look at the current rate on existing mortgages. According to the Federal Housing Finance Agency (FHFA), as of the fourth quarter of last year, over 80% of existing mortgages have a rate below 5%. That’s significant. And, to take that one step further, over 50% of mortgages have a rate below 4% (see graph below):

Now, there’s a lot of talk in the media about a potential foreclosure crisis or a rise of homeowners defaulting on their loans, but consider this. Homeowners with such good mortgage rates are going to work as hard as they can to keep that mortgage and stay in their homes. That’s because they can’t go out and buy another house, or even rent an apartment, and pay what they do today. Their current mortgage payment is more affordable. Even if they downsize, with today’s higher mortgage rates, it could cost more.

Here’s why this gives the housing market such a solid foundation today. Having so many homeowners with such low mortgage rates helps us avoid a crisis with a flood of foreclosures coming to market like there was back in 2008.

2. The Amount of Homeowner Equity

Second, Americans are sitting on tremendous equity right now. According to the Census and ATTOM, roughly two-thirds (around 68%) of homeowners have either paid off their mortgage or have at least 50% equity (see chart below):

In the industry, the term for this is equity rich. This is significant because if you think back to 2008, some people had to make the difficult decision to walk away from their homes because they owed more on the home than it was worth.

But this time, things are different because homeowners have built up so much equity over the past few years alone. And, when homeowners have that much equity, it helps us avoid another wave of distressed properties coming onto the market like we saw during the crash. It also creates an extremely strong foundation for today’s housing market.

Bottom Line

We are in one of the most foundationally strong housing markets of our lifetime because homeowners are going to fight to keep their current mortgage rate and they have a tremendous amount of equity. This is yet another reason things are fundamentally different than in 2008.

Home Improvements • Home Ownership • April 7, 2023

The Best Smart Home Speakers for Your Modern Home

by Conor Breen

The Best Smart Home Speakers for Your Modern Home

smart speaker home audio

As technology continues to evolve, the demand for smart home speakers has significantly increased in recent years. These speakers have revolutionized the way we interact with our homes, making it easier to control our appliances, play music, and even connect with our loved ones. In this article, we’ll be taking a look at some of the best smart home speakers available on Amazon, to help you make an informed purchase decision. If you need a crash course in Smart Homes, start here.

Amazon Echo Studio – The Ultimate Smart Home Speaker

The Amazon Echo Studio is a must-have for anyone looking for an all-in-one smart home speaker. With its sleek design, powerful sound quality, and intelligent voice assistant, Alexa, it’s no wonder why the Echo is one of the most popular smart speakers on the market. With Dolby Atmos and spatial audio processing technology, the Echo Studio far surpasses it’s predecessors. Its features include the ability to make calls, play music, control your home’s lighting, and even order food. Plus, with the ability to connect to other smart devices, the Echo Studio can truly transform your home into a smart oasis.

Check price on Amazon

Sonos One (Gen 2) – Superior Sound Quality

The Sonos One (Gen 2) is another top-performing smart speaker, known for its exceptional sound quality. Its features include voice control with Amazon Alexa or Google Assistant, wireless streaming, and compatibility with other Sonos speakers, amplifiers, and subwoofers. Plus, the sleek design and compact size make it a great addition to any room in your home.

Check price on Amazon

Wonderboom 3 – Bluetooth Speaker

The Wonderboom 3 is a highly portable Bluetooth speaker that boasts a bigger, 360-degree stereo sound that is crisp and bassy. With up to 14 hours of battery life, this speaker can be taken anywhere, even in the shower, and is waterproof, dustproof, and floatable. It can also be doubled up for stereo sound and is made with recycled materials. Overall, the Wonderboom 3 is a durable and highly portable Bluetooth speaker with impressive sound quality, making it an ideal companion for various activities.

Check price on Amazon

Bose Home Speaker 500 – Best for Audiophiles

The Bose Home Speaker 500 is a top-performing smart speaker, perfect for those who prioritize exceptional sound quality. With its powerful drivers and room-filling sound, it’s a great addition to any audiophile’s home. The Home Speaker 500 also features Amazon Alexa and Google Assistant voice assistants, allowing you to control your music and other compatible smart devices with ease.

Check price on Amazon

Marshall Acton II – Bluetooth Speaker

The Acton II is a compact speaker that produces a powerful and well-balanced sound through three dedicated class D amplifiers. Despite its small size, it can fit into any space. With Bluetooth 5.0 technology, you can enjoy wireless stereo sound. The speaker features classic Marshall details, including a textured vinyl covering and the iconic script logo, as well as a brass plate that pays homage to the brand’s over 50 years of loud.

Check price on Amazon

Conclusion

In conclusion, smart home speakers have become an essential part of modern homes, making it easier to control our homes and connect with our loved ones. The Amazon Echo Studio, Sonos One (Gen 2), Wonderboom 3, Bose Home Speaker 500, and Marshall Action II are all excellent options for those looking to enhance their at-home listening experience. Each speaker has its unique features and benefits, so it’s important to consider your specific needs before making a purchase. With any of these options, you’re sure to transform your home into a smart oasis. Check out some more of my blogs for other Home Improvement ideas!

Sellers • March 30, 2023

Selling a Home in Today’s Housing Market: Tips and Strategies

by Conor Breen

Selling a Home in Today’s Housing Market: Tips and Strategies

If you’re planning to sell your home in today’s housing market, you’re probably wondering how to get the best possible price for your property. With so many factors to consider, from the state of the economy to the condition of your home, it can be a challenge to navigate the market and come out ahead. However, with the right approach and a few key strategies, you can maximize your chances of selling your home quickly and for a great price.

Set the right price

One of the most important steps you can take when selling a home in today’s housing market is to set the right price. While you may be tempted to aim high in the hopes of getting a better deal, this can backfire and leave your property languishing on the market for months. Instead, work with a trusted real estate agent to determine the fair market value of your home and price it accordingly. This will not only help you attract more potential buyers, but it will also help you avoid overpricing your home and turning off interested parties. Try out our Home Estimate Tool to see an approximate value of your home.

Highlight your home’s best features

Another important strategy when selling a home in today’s housing market is to highlight your property’s best features. Whether you have a large backyard, a gourmet kitchen, or a spacious living area, make sure to showcase these aspects of your home in your marketing materials. This can help you stand out from the competition and appeal to buyers who are looking for specific features in a property.

Make necessary repairs and improvements

If your home has any major repairs or issues that need to be addressed, it’s important to take care of these before putting your property on the market. This can include everything from fixing leaky pipes to repainting the walls to replacing old appliances. Not only will this make your home more appealing to potential buyers, but it can also increase its overall value and help you get a better price when it comes time to sell. If you have repairs to make, RealVitalize can help you defer certain costs until after settlement.

Stage your home for success

Staging your home can also be an effective way to increase your chances of selling your property quickly and for a great price. This can involve everything from decluttering and depersonalizing your space to rearranging furniture and adding decorative touches. By creating a welcoming and inviting atmosphere, you can help potential buyers see themselves living in your home and encourage them to make an offer.

Work with a trusted real estate agent

Finally, one of the best ways to navigate today’s housing market and sell your home successfully is to work with a trusted real estate agent. An experienced agent can help you set the right price, market your property effectively, and negotiate with potential buyers to ensure that you get the best possible deal. They can also provide valuable insights into market trends and buyer preferences, helping you make informed decisions throughout the selling process. I am always available to talk, so don’t hesitate to Contact Me.

In conclusion, selling a home in today’s housing market requires a careful and strategic approach. By setting the right price, highlighting your home’s best features, making necessary repairs and improvements, staging your space, and working with a trusted real estate agent, you can maximize your chances of success and get the best possible price for your property.

Buyers • Market Update • March 16, 2023

What Buyer Activity Tells Us About the Housing Market

by Conor Breen

What Buyer Activity Tells Us About the Housing Market

Though the housing market is no longer experiencing the frenzy of a year ago, buyers are showing their interest in purchasing a home. According to U.S. News:

“Housing markets have cooled slightly, but demand hasn’t disappeared, and in many places remains stronglargely due to the shortage of homes on the market.”

That activity can be seen in the latest ShowingTime Showing Index, which is a measure of buyers actively touring available homes (see graph below):

The 62% jump in showings from December to January is one of the largest on record. There were also more showings in January than in any other month since last May. As you can see in the graph, it’s normal for showings to increase early in the year, but the jump this January was larger than usual, and a lot of that has to do with mortgage rates. Michael Lane, VP of Sales and Industry at ShowingTime+, explains:

“It’s typical to see a seasonal increase in home showings in January as buyers get ready for the spring market, but a larger increase than any January before after last year’s rapid cooldown is significant. Mortgage rate activity this spring will play a big role in sales activity, but January’s home showings are a positive sign that buyers are getting back out there . . .”

It’s important to note that mortgage rates hovered in the low 6% range in January, which played a role in the high number of showings. What does this mean? When mortgage rates eased, buyer interest climbed. The jump in home showings early this year makes one thing clear – while rates may be volatile right now, there are interested buyers out there, and when mortgage rates are favorable, they’re ready to make their move.

Buyers • March 15, 2023

Balancing Your Wants and Needs as a Homebuyer This Spring

by Conor Breen

Balancing Your Wants and Needs as a Homebuyer This Spring

Though there are more homes for sale now than there were at this time last year, there’s still an undersupply with fewer houses available than in more normal, pre-pandemic years. The Monthly Housing Market Trends Report from realtor.com puts it this way:

“While the number of homes for sale is increasing, it is still 43.2% lower than it was before the pandemic in 2017 to 2019. This means that there are still fewer homes available to buy on a typical day than there were a few years ago.”

The current housing shortage has an impact on how you search for a home this spring. With limited options on the market, buyers who consider what’s a necessity versus what’s a nice-to-have will be more successful in their home search.

The first step? Get pre-approved for a mortgage. Pre-approval helps you better understand what you can borrow for your home loan, and that plays an important role in how you’ll put your list together. After all, you don’t want to fall in love with a home that’s out of reach. Once you have a good grasp on your budget, the best way to prioritize all the features you want and need in a home is to put together a list.

Here’s a great way to think about them before you begin:

Must-Haves – If a house doesn’t have these features, it won’t work for you and your lifestyle.
Nice-To-Haves – These are features you’d love to have but can live without. Nice-to-haves aren’t dealbreakers, but if you find a home that hits all the must-haves and some of the these, it’s a contender.
Dream State – This is where you can really think big. Again, these aren’t features you’ll need, but if you find a home in your budget that has all the must-haves, most of the nice-to-haves, and any of these, it’s a clear winner.

Finally, once you’ve created your list and categorized it in a way that works for you, discuss it with your real estate agent. They’ll be able to help you refine the list further, coach you through the best ways to stick to it and find a home in your area that meets your needs.

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