Why It Doesn't Pay to Chase Your Forever Home

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Here's why it doesn't always hurt to settle.

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.

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.

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.

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