These Buyer Compromises May Be Worth It
March 10, 2016
Your home shoppers may have a long wish list, but when it comes to finding a home – particularly under the tight inventories prevalent in so many markets right now – the word “compromise” may need to enter the conversation.
Dana Gonzalez, a real estate professional in Denville, N.J., told realtor.com® that buyers need to expect to compromise on their wish list, especially in at least one of three categories: price, location, and size/style/upgrades. “If you get 80 percent of what you want, you’re lucky,” Gonzalez says.
Read more: Help Buyers Deal With Kitchen Compromises
The following are a few compromises that home buyers may find are worth making too:
“While they might want to find a home that is within walking distance to the downtown area with shops, restaurants, and public transportation, buyers do not want to compromise on their living space,” Suzy Minken, a real estate professional in Short Hills, N.J., told realtor.com®. “After all, they live in the home. Sometimes these homes are too small to fit their lifestyle needs, or the larger in-town homes are simply above their price range. So the dream of a walk-to-town location very often will get removed from a buyer’s must-have list.”
Those visions of a sweeping landscape or the outdoor pool with the hot tub may have to go once buyers see what’s available and the price. “When it comes to describing their dream home, buyers frequently say they want a large backyard,” Minken says. “When I ask my home buyers to qualify what they mean by a ‘large’ backyard, the answer is almost universally the same: ‘large enough to fit a swingset.’ … So that means they have more homes to choose from, especially when inventory is low.”
Home buyers may say they want a Craftsman bungalow but the asking price may be unrealistic for their budget. “Whether it be the architectural style of the house or type of kitchen counters, those things are one of the first things mentioned when clients tell me what they want,” says Amber Dolle, a real estate professional Sherman Oaks, Calif. “But when compromises have to be made and they’ve had time to look at homes for a bit and consider their budget, the home’s aesthetics usually are the thing they choose to overlook.”
Source: “5 Compromises Worth Making When Buying a Home,” realtor.com® (March 3, 2016)
Updated: June 18, 2018