How Do You Know When You've Found "The One"?

How to Eye a Real Catch In The Real Estate Market

(inspired by all the love in the air this week . . .)

You’re on a mission to find your dream home. It’s the one you have thought about for years. The timing feels right. You’ve saved for your down payment. The Real Estate market is showing signs of a future recovery; so how do you know if the home you have your eye on, is really “the one”?  There are occasions albeit rare ones, when a buyer walks into a home and is overcome by love at first sight; where they open the door and say, “WOW! This is it! This is exactly what I have been looking for my whole life! Mr. Agent, write up the contract now, I’ve got to have this house.” The harsh reality is that most buyers are more methodical about their search, especially in a flat or down trending market which makes them really question if they are standing in a buying situation that is the perfect fit.  

After twenty-five years of working with buyers and recording hundreds of millions of dollars in sales, one thing I have figured out for certain is that what turns on one buyer certainly may have the opposite reaction for another.  A home and its location can appeal very individualistically.  To find that keeper, one must identify their top “must haves”. (Although, I do caution most buyers to have flexibility on this “must have list”.) When shopping in the beach cities like Manhattan Beach, Hermosa Beach, Redondo Beach and Palos Verdes, buyers quickly realize that due to the high price of Real Estate, fulfilling their entire “must have” list is a tall order. 

Can you imagine how many calls that come in from buyers who step foot in the South Bay and tell me “I can spend ONE MILLION dollars. I would like a very nice 4 or 5 bedroom home. I prefer a back yard big enough for a pool. I would like to have a sweeping view of the ocean while at the same time be walking distance to the beach. Oh, and I want the home to be in the best school district in the area.  In addition, I would like to offer 20% or 25% off the list price because everyone knows it’s a buyer’s market right now.”  It’s easy to lean back and let out a huge sigh of frustration, but after hearing that request no less than a thousand times in my career, I quickly learned it is just another opportunity to help a new client learn things about the market they just haven’t had the opportunity think about yet. Am I going to ask them to “settle” when they have held out for all these years for that dream of finding “the one”? Absolutely not. But I will help them look at their list and determine what is a reality for them and then I go to work finding it for them.

How do I help I this buyer identify the perfect home for them within the best possible parameters? It is critical process. There are 5 major key elements to focus on when choosing a home; the importance of each varies dramatically from buyer to buyer.

1.      Affordability

2.      Location                                               

3.      Size (both home and lot)    

4.      Timing

5.      Amenities  

Let’s examine affordability, you may be able to afford the most expensive home in town but it doesn’t mean that it is right for you. Maybe you can afford a 5 bedroom home but you have no intention of growing your family, and a 3 bedroom will suit you perfectly well.  When you analyze home size or lot size, you have to think about the future. Is your family shrinking or growing? What’s more important: location or house size; back yard size or home size? What makes you more comfortable; home size or condition? What about value or quality? Do you value peace and quiet or proximity to the city shops? There never is a right or wrong answer to these questions, though many will try to influence you; including brokers, family and friends. To find the right house, identify what’s important to YOU and seek out what you know is your personal best match.

Your list of amenities can range widely from quality of construction, architectural style, finish style and upgrades, special features like a built in home theatre or bowling alley. Don’t laugh: I just listed one with a two lane bowling alley complete with disco lights and a state-of the art sound distribution system similar to those found in a multi-million dollar night club.

Timing your home purchase is as important as any of the factors. When I refer to timing in this case I do not mean simply timing the market. It's about finding the ideal time for yourself. In other words, if you have outgrown your home, if you have been relocated, if you are downsizing or maybe just upgrading, then it may be time to make a move. Make sure you can afford what you are buying and buy when your needs to move exceed your desire to stay where you currently are.

My advice: when making your dream list, put an “F” next to the items that you are most willing to be flexible with, then share your list with your agent. Remain as flexible as possible; with prices as high as they are in the South Bay, finding  a home with absolutely everything you want is very challenging to say the least. What’s important to be aware of is that you most likely aren’t the only person operating off of a “must haves” list that looks like yours.  Chances also are that you aren’t the only qualified buyer, ready for a quick escrow either. If you are fairly picky and you finally see a home that seems perfect, there is a good chance you are not alone.  When you lay eyes a home that gives you the chills (in a good way), make an offer.

Don’t let it be the one that got away.

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Ed Kaminsky, top agent for Shorewood Realtors, services Manhattan Beach Real Estate, Hermosa Beach Real Estate, Redondo Beach Real Estate, Palos Verdes Real Estate, Torrance Real Estate, El Segundo Real Estate and all other South Bay Real Estate for home buyers and sellers.