A buyer I was working with gave me a detailed list of requirements they were looking for in a home: neighborhood, price, size, condition, bedrooms, features, etc. When we started looking in their specified location, they weren’t quite enamored with the quality they were finding. After driving around on their own though, they found that they liked the selection in an adjacent neighborhood. So now they decided to keep their criteria but move their search to a new location.
I responded: “You don’t get to pick the neighborhood. The neighborhood picks you.” The reason this area is more appealing to the buyers is because the homes are more expensive, even for the exact same house. You have to be willing to change at least one more piece of the equation:
- Are you willing to spend more money?
- Would you be open to something smaller?
- Do you mind doing work on a home or looking at something more dated?
Not surprisingly they didn’t want something smaller, they didn’t want to do any work, but they did want the nicer area. So since they could afford it – you guessed it – they spent more money.
If you’re looking for a home there are four variables for every home search:
All four of these have to achieve a balance or equilibrium for a search in order to have a reasonable chance for succeeding. When you start your search, don’t work on a detailed list. Keep it simple and focus on these four items and you will see how easily it comes together and what kind of home is right for you.