Buying Real Estate Always Involves Compromise

June 15th, 2009 categories: Home Buyers

In this market, buyers have a lot of choices. But even in a down market, with many homes to choose from, home buyers have to make compromises.

Most home buyers that I meet have a list of things they want in a home. There are the “must-haves” and the “like-to-haves.” When we begin looking at homes and matching their “must-haves” to their price range, compromises are needed.

I often tell clients, “even people looking at million-dollar homes need to make compromises.” It’s not only about price range.

Part of buying a home is education…showing buyers their options to prepare them to make a decision and make compromises. If you spend $300,000, you can get what you want but you only have $250,000 - let’s find a home that gives you most of what you want. What can you give up?

For example, I had a buyer looking for a home in one school district in West Hartford. Because the district was popular and most of the homes out of their price range, I also kept my eyes open for something outside the area. When they saw the house, it needed work but had everything else they were looking for - except the school. They compromised.

I had another buyer adamant about not looking at raised ranches. A raised ranch in great condition came on the market in the area they wanted to buy in, it was a great price and when they walked in, they loved it. Not the style they were looking for but the layout worked for them.

One more…I had a buyer who really wanted to live in Glastonbury. They were looking for a house that had a large lot, was private and updated. A house came on the market in Southington that met all their criteria…except it wasn’t in Glastonbury. They bought it.

Even I have made compromises in buying…I’ve settled for a location I didn’t like in order to have the house I wanted. I’ve also settled on a house I didn’t like to be in the location I wanted. In both cases, I made it work and loved both houses in the end.

This market can lull you into thinking that there is an endless supply of houses and only one of them will be perfect. In reality, most buyers could be happy with a number of homes. The real issue is timing - buyers will find the right house when they’re ready to compromise.