Why Picky Homebuyers Are Losing Out On Great Housing
If you’re looking to buy a home, it’s alright to think that you shouldn’t settle for anything less than perfect. However, being overly picky about a home is very unrealistic. No matter how much money you have or how many houses you see, there won’t be a house that will meet all your needs and wants. If you’re too detail focused, it can be hard to find a house in today’s market.
It’s alright to be picky, but being over the top is not. Here are reasons why you shouldn’t be picky in buying a house in today’s market:
Shortage of Inventory
In some States, there is a shortage of inventory which means that there are more buyers than sellers. In cases like this, homes usually sell higher than the asking price or may even pre-sell. In some instances a shortage of inventory can even trigger a bidding war among buyers so if you find the house you want, better snap it up quickly before you get into a multiple offer situation.
In fact in some major cities, home prices are going through the roof. Rent and median home prices are astronomically high. As more and more people move into a certain town or city, more housing will be needed and if there is a shortage, demand will go up and so will prices.
End Up Over Paying with New Build
Of course, there are sellers that are willing to accommodate your request for a finished basement or a powder room at the ground floor. However, don’t think that these additions are for free. Builders will generally charge you above the market price for upgrades such as countertops, backsplash, tiles, finished basement and so on. These are costs that are above their base starting price and you can end up paying for more than the cost of the home in most cases leaving you with little to no equity in the new build home in comparison to an older home.
Differentiate “Must Haves and Wants”
Believe it or not, there is no single house in the market that will have everything you want. In most cases you will have to compromise or maybe even renovate down the road to achieve your original goals. When you’re looking to buy a house it’s a battle between what you must have or the essentials and what you want like a laundry room on the main floor or upper level.
For example, if you have guests or family staying over often you may need an extra bedroom for them. Whereas, if you have a small family having a house with a fully finished basement does not make sense for your immediate needs and could be something for the near future. If you live closer to a park or in a colder climate having a yard as a must have may not make sense if the house meets your other criteria. There is also the additional benefit of low maintenance costs and not being able to utilize the yard space due to colder temperatures. It is important to weigh the pros and cons and decide between a must have and a want.
Overall
When it comes to buying a house, try not to be too picky. There’s no use searching for a “forever home” because your needs will change as time passes. In the case of starter homes, most people don’t stay there forever. In time, young couples will want more space as their families grow or they might decide to move to other cities due to work or other factors.
It’s good that you don’t want to settle on the first house you see. Do your due diligence and pick one that best suits your lifestyle. Keep the above factors in mind that houses can be improved and your needs will change.
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