The Best-Kept Secrets for Buying a Home in 2021

In the opening scenes of 1991’s Terminator 2: Judgement Day, protagonist and hero Sarah Conner’s voice can be heard narrating over the charred remains of humanity:

The future, always so clear to me, had become like a black highway at night. We were in uncharted territory now, making up history as we went along.

Navigating life in 2021 — while might not be Terminator-dramatic — it definitely feels like uncharted territory. Each day brings a new bit of news, a surprising outcome, and many unexpected twists and turns. Nowhere has that sentiment been more true than in the real estate market. 

The 2020 coronavirus pandemic changed the entire landscape of home buying and selling, as agents scattered to adapt their processes to fit a socially distant world. The pandemic’s uncertainty and the economic fallout led interest rates to hit rock-bottom levels, and homeowners rushed out to lock in new rates.

The result of this real estate one-two punch was a market that has been hot for sellers. With limited availability on the market, buyers are being forced to get creative with their buying powers. 

While finding a new home in Amarillo, Texas isn’t impossible right now, it has gotten a bit more tricky. To find the right home and land a contract, you'll need the right strategy. At Llano Real Estate Group, we're committed to helping buyers find new homes for sale in Amarillo and the surrounding region. Here are our best-kept secrets for buying a house in 2021.

5 Tips for Buying a New Home in 2021

If you're looking to buy a home in 2021's unique seller's market, it's essential to come equipped. Here are five tips to help you buy a home in 2021:

1. Expand Your Horizons

With the availability of homes on the market seeing the lowest rates in years, you must set your expectations for where you'll look for a home for sale. Likely, the neighborhood you've had your eye on in Amarillo won't have any homes for sale currently — and any that pop up will go fast.

To find the right home, it may be helpful to expand your horizons and consider other parts of the region that have homes on the market. You never know — you may find your new favorite neighborhood you never knew existed!

2. Build Out Your Mortgage Limits

The less availability, the higher the price for homes. However, lower interest rates can make it tempting to try and snag a home at a price that you really can't afford.

Before you find yourself in over your head with mortgage payments, do your research and make sure you select a home in a price range you can comfortably afford. Use an online mortgage calculator to calculate your current debt-to-income ratio and use that to guide your mortgage expectations. 

2020 taught us that life could change with a sneeze. Don't let yourself get caught with a mortgage that you can't afford to keep up with should the unexpected happen.

3. Don't Forget Property Taxes

Not only will you need to pay your mortgage, but you'll want to take taxes into account when buying a home. Make sure to do your due diligence to learn what the property tax rate looks like for homes for sale in Amarillo and surrounding areas. 

If you want help calculating your expected costs, partner with an experienced real estate expert like the team at Llano Real Estate Group. Our skilled agents have plenty of experience selling homes in the area and can help you calculate your expected costs.

4. Prepare To Fight For Your New Home

With such a limited inventory of homes for sale in Amarillo, you have to be prepared to duke it out with other buyers for the home you want to buy. Come to the table expecting to meet other offers head-on, and consider sweetening the pot with various offer-boosting ideas.

One of the best ways to give your offer the punch it needs to beat out the competition is to come ready with a pre-approval letter. Pre-approval shows sellers that you're good for 

your word with a lender's confidence already giving you their stamp of approval for a potential mortgage. This can help sellers feel confident that their process won't fall through with you as a buyer. 

You may find that sellers put the ball back in your court and ask for a second offer. Work closely with your agent to decide if you're willing to pay more and determine an upper limit for how high you'll go with an offer. The higher your bid, the higher your mortgage (See Tip #1).

5. Be Patient & Wait For The Right House

Today's unique market saturation can cause any potential buyer to stress out over the buying process. However, the best tip for buying a home in 2021 is this: Keep your head, and be patient!

With mortgage rates staying relatively low and the season turning from winter to summer, more homes will begin to come out on the market. This will add to the availability of new homes to buy. If you stay persistent and continue to make qualified offers on homes in your region, you'll undoubtedly find the right house for you.

Keep your eyes peeled for homes that may be a little bit outside your usual checklist of must-haves, and consider what it would look like to buy and renovate to fit your needs. The more creative you're willing to be in the process, the more likely you are to end up finding the perfect home for you!

Let Llano Real Estate Group Help You Buy A Home In 2021

2020 was a year unlike any other, and 2021 continues to surprise us. If you're ready to jump in and find a new home in the Amarillo, TX area, partner with a team that has the skills and resources necessary to help you buy with confidence.

Our team of real estate experts at Llano Real Estate Group has over 40 years of experience connecting buyers and sellers with outstanding homes in the Amarillo, TX, and greater panhandle area. Our team will walk you through the steps to buying a home in 2021, and we'll help you through the process as you find the perfect home for you and your family.

You can build a custom Llano home for only $5000 down. Select your lot from one our developments, and you’ll be enjoying your new home in just a few short months.

To learn more about homes for sale in Amarillo, reach out to our team today at (806) 392-9912 or email info@llanoregroup.com.