Don't Over Compromise In A Competitive Market
Buying in a competitive market can be frustrating. Inventory is sparse so there isn't much to choose from. When a fitting home becomes available there are others searching just as intently. Offers are made. Someone will buy it, but only one, not all of the people seeking the same type of property. This routine can repeat itself in what seems to be an endless loop. Enter exasperation. What to do?
The first step in buying a home is to identify what you want in a home, establish your wants and needs. As search frustration builds it is tempting to compromise those wants and needs. That is a good time to review them for accuracy. Was it more of a wish list? Are there things on your list that you hope to get, but can live without? Are you clear about what you are asking for? It is not uncommon to see Buyers asking for 1 to 5 acres very happy on a half an acre. They didn't realize how big an acre is, they just knew they wanted more land than what they had.
As you review your wants and needs, don't compromise those that are truly important to you and your lifestyle, or intended lifestyle. If you have 5 children don't accept a 3 bedroom unless the rooms are large and can be partitioned, or you can readily add on and not compromise your budget, cash on hand and the aesthetic appeal of the home. Additionally, a one bathroom home will require a family planning coordinator to get everyone through and out the door in the morning. If you love to cook and entertain don't accept the Pullman kitchen. You'll dislike it immediately and curse it every time you throw a party.
What is a reasonable compromise? Letting go of something that won't have a negative impact on your lifestyle. For example: tile counter tops instead of granite, two car instead of three, dining room too small for grandma's hutch but the hutch could be located in another area of the home, buying near a storage facility instead of having your RV in the yard, buying with a HOA that is reasonable in operation and of nominal cost instead of ruling out the neighborhood, moving to a different school zone, landscaping deficiencies or extravagances can be mitigated, open floorplan vs. defined rooms. Colors can be changed. Carpeting can be changed.
Your home is your castle, your base of family operations. You will spend a lot of time in and around it. You will laugh and cry in it. Make sure there is more of the former than the latter. If you identify your anticipated lifestyle over the years that you will live in the home, and set your wants and needs accordingly, you will be happy in your home. Once you've done that, reviewed it, confirmed it, and know in your heart that it is accurate make sure your Agent knows what is important to you. Armed with that knowledge they won't delay contacting you when the right home comes on the market.
Our Advice: If your wish list isn't working it may be time to tell your Agent the items that you would compromise on. It is important to identify what you can "fudge" on so they know where you are flexible. During all of this, keep your eye on the end goal, buying home that works for you while prices and interest rates are still as good as they presently are. Make a list of what you absolutely must have or want, and a secondary list of what you would really like to have. It will help as properties come up. Perhaps, the location will offset some of the items you would need to compromise on.
Be firm in your resolve of the essentials and flexible in the optional items. Be diligent in your efforts and be patient. A month or two of longer searching and tendering offers to get what you really want is nothing in the context of the years that you will be living in the property. Look at the reality of your situation, not the emotion, and you'll be rewarded with happy, a nice emotion.
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