What to Do When You Can’t Find a House You Love: Solutions for Low Inventory

June 04, 2021

Finding a house can be a challenge, especially in a seller’s market. However, there are a few solutions to help make your dream a reality.

The real estate market ebbs and flows over time. Sometimes, there are more houses on the market than there are buyers looking for homes. Other times, buyers are chomping at the bit to find new listings.

While the latter can present some challenges for potential homebuyers, finding “the one” can be a tall order either way.

If you’re in the process of buying a house and are starting to get discouraged – don’t!

There are several solutions available, such as:

  • Searching in a new area
  • Renovating an existing home
  • Building a house

Whatever path you take to homeownership, just know the team at Waterstone Mortgage is here to assist every step of the way. Take a look at our tips!

House Hunt in a New Location

You might struggle to find a home you’re happy with if your search is too specific. By expanding your parameters, you’ll see homes you never would have been exposed to otherwise.

This could be as minimal as looking into the next town over, or as expansive as checking out an entirely new city or state. Real estate markets (read: pricing and availability) vary from location to location, so it might be worth checking out a new spot.

Plus, Waterstone Mortgage has the ability to lend in 48 states. So, if you decide to expand your search across state lines, have no fear. We have loan professionals all over the country ready to help.

Renovate Your Current Home

If you’re a repeat buyer looking to make a move, you may want to consider making renovations to your existing home.

First, think about why you want to move. If you’re looking to go from two bedrooms to five or relocate to a new city, renovating probably wouldn’t be a great option. But, if you wish you had two bathrooms instead of just one or want to add a flex room, those things are doable!

Other renovations that can transform your home include:

  • Upgrading your kitchen cabinets, counters, and/or backsplash
  • Adding an en suite master bath
  • Building out the backyard patio
  • Remodeling an existing bathroom
  • Adding built-in shelving to your closets or pantry
  • Finishing your basement

Next, think about the financial aspect. Contrary to what you might believe, you don’t have to pay for home renovations out of pocket or charge the expenses to your credit cards. Waterstone Mortgage offers several renovation loan programs – some of which you can bundle with your current mortgage. (Chat with a mortgage professional in your area to learn what renovations are eligible for each loan program.)

Buy a New House and Renovate it Right Away

Let’s say you find a house you mostly like, but you wish the main bathroom was a little bigger. Waterstone Mortgage offers several renovation loan options – like the HomeStyle® Renovation loan program – that allow you to take out one loan to finance the purchase of the home and any renovations you want to do immediately.

This includes basic renovations like a minor bathroom or kitchen remodel, all the way up to the most luxurious upgrades like adding a pool in the back yard. It allows you to really customize your new home – which can be a great solution for those struggling to find the perfect fit.

Build Your Home from Scratch

If you really can’t find what you’re looking for – and your budget allows it – consider starting from scratch and building your dream home. This process can take a bit longer than buying or renovating an existing home, but the pay-off is incredibly rewarding.

Building allows you to include everything on your “must-have” list, no holds barred. Your home can be completely tailored to you and your family’s needs.

At Waterstone Mortgage, our goal is to make the mortgage lending process as simple and seamless as possible for our customers. Construction loans are no exception. Our “Single Loan Close Construction Program” (say that three times fast!) offers one loan to cover the entire construction process, including the purchase of the lot, construction itself, and the mortgage after everything is finished.

Oh, and it requires just 5% down.

Minimal up-front costs, one closing appointment, a single loan to cover everything… Building your own home doesn’t sound half bad now, does it?

Whatever homeownership journey you’re on, just know you have options. Find a home loan expert in your area to get started and learn more today.