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“That’s exactly the house I want at the price I want to pay but…”

By Richard Weisser

Real Estate Broker/Owner with Richard Weisser Realty

May 09, 2012 10:55 PM

Anyone that has ever sold real estate for a living has had this happen more frequently than you would expect:

A buyer views a house in their price range and deems it as perfect except for one minor issue…

They want the house to be somewhere else!

And even though the mantra of “location, location, location” has been chanted so many times that it is embedded in the psyche of nearly everyone, buyers often overlook the underlying principle that drives the value of real estate:

If more people WANT to live there for ANY reason, the property will cost more.

If more people DON’T want to live there, prices will be lower.

Even in a so-called “buyer’s market,” many people are looking for quality homes at fair prices. And competition for the best houses is intense.

So one has to either adjust their expectations or be willing to pay the market price for the property that they wish to make their home!

It is a simple principle that is often overlooked.

But it is an inescapable truth!

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Debbe Perry

Real Living Carolina Property - Morganton, NC

828.439.3084 Morganton/Lake James NC

Great teachable moment in this great post! The county I live in (Burke County NC) goes from about 1300 to 4000 ft. in elevation - try moving (or even building) one home exactly like another when there's no such thing as a flat lot! Not to mention municipalities vs. county, etc., etc.!

May 11, 2012 01:35 AM

Dana Hollish Hill

Hollish Hill Group, JPAR Stellar Living - Bethesda, MD

REALTOR * Broker * Coach

I just had clients who found the perfect house at a great price, but they want it to be 8 minutes closer to her office. They have not seen anything they like looking within the radius but up to $200,000 more than this house and they have been looking for a year.

May 11, 2012 01:36 AM

Cynthia Massari

Coldwell Banker Residential Brokerage - Hampstead, MD

Very well said. I see this all of the time. The same house in different counties or even in different parts of the same county can be tens of thousands difference in price.

May 11, 2012 01:46 AM

Sharon Vest

Century 21 JC Jones American Dream - Grants Pass, OR

Hello Richard,

What a concept that you must pay more to get better:) I just closed on a home for my buyer who had been looking for a month and low balling offers because he said "I am not going to pay full price, I am not going to spend all the money from my sale to replace my house", he wanted a steal. Well, needless to say we had looked and found homes that were great in all respects but he wanted to pay at least $20k under asking price! It did not matter what the asking was. The final deal, he paid full price for a home that had been on the market for one day in order to get into a preferred area, no time to dicker as he had less than 30 days to move!

Sometimes what buyers need to in order to get the location, location, location is education, education, education!

We too are in a sellers market with low inventory and I am Happy to be selling Grants Pass and all of Southern Oregon!

May 11, 2012 02:26 AM

Lyn Sims

Schaumburg, IL

Real Estate Broker Retired

Valid points that buyers often overlook. Like Carla eluded to, some of these buyers couldn't even afford to be in that particular neighborhood if the home was in pristine condition. Often time I even wonder why particular towns are favored over others.

May 11, 2012 02:27 AM

Menlo Park Real Estate and Homes for Sale

Wende Schoof - Menlo Park, CA

WendeByTheBay.com - 650.504.0219 - SF Peninsula

This is all so true! For 90% of my clients, location is the top priority. And when location means schools, the prices are significantly higher, $100k - $1 million higher!

May 11, 2012 02:29 AM

Tamara Perlman

Referral Network Inc. - Truckee, CA

"If we could only pick it up and move it to ..................... (other location). How many times have we all heard that? I've even said it myself a time or two!!!

May 11, 2012 03:47 AM

Anne Edwards Johnson

All City Real Estate - Austin, TX

Austin Realtor | HookemhomesATX (512)917-5260

I scratch my head over that same comment all the time and wonder why are we even looking outside of their first choice location. But they want to see everything!

May 11, 2012 03:52 AM

Noelle Hettlinger Til

Rodeo Realty - Fine Estates - Los Angeles, CA

Your Los Angeles Realtor

Glad to hear that we all deal with the same thing. This is helpful to read about everyone's different ways to handle it. If you want THE location, you will pay more or you need to make a compromise on other items. Here in Los Angeles, people pay a premium for good public schools and top neighborhoods-- like everywhere else. I think people don't like the word compromise or simply choose to believe that the perfect deal will "eventually" come on the market... as if they would be the only ones putting in an offer if indeed that home ever came up! I guess it is up to us to keep educating those clients and hopefully it'll click.

May 11, 2012 04:31 AM

Marte Cliff

Marte Cliff Copywriting - Priest River, ID

Your real estate writer

I agree with the Christensen Team - If you don't want to live in an area, don't look at homes in that area.

I can identify with those buyers - I've seen many homes on lots in town that I would love if they were moved to the middle of 10 or 20 acres somewhere. Not possible - we had to build our own.

May 11, 2012 06:21 AM

Gene Riemenschneider

Home Point Real Estate - Brentwood, CA

Turning Houses into Homes

How true. The houses around here might cost 7 figures 50 miles away, but here they are very affordable.

May 11, 2012 11:01 AM

Nancy Middleton

Counselor Realty, Inc. - Excelsior, MN

Nancy Middleton, Counselor Realty, Minnetonka, MN

Excellent Blog, Richard, that brought forth so many comments about similar experiences that have been going on for the agents and will probably continue to do so. We need to get more educated Agents out there giving better realistic information about false expectations and the importance of the realities that come into play with the options that have to be considered. If only, if only, if only......

Nancy Middleton, Realtor, CRS -Keller Williams Realty, Lake Minnetonka Center, Wayzata, MN
nancy@nancymiddleton.com -

May 11, 2012 11:40 AM

Fred Sweezer Sr. CMI, LLC.

Hud Certified 203K Consultant - Long Beach, CA

HUD 203k Consultant

That is what make Real Estate a Professional Career, finding clients that perfect home located in the perfect location at the perfect price.

May 11, 2012 07:03 PM

Bob Miller

Keller Williams Cornerstone Realty - Ocala, FL

The Ocala Dream Team

Hi Richard, the flip side is also true. If we could move the seller's house we could get a lot more!

May 11, 2012 09:22 PM

Debra Chiarello

Retired

Deb Chiarello

Great post! Sometimes buyer expectations are a bit unrealistic, to say the least. Wouldn't it be wonderful if we could always meet every expectation of our clients and deliver them a castle in a qreat neighborhood, for the price of a cottage in the country!

May 12, 2012 02:26 AM

Gary & April Greer

Realty ONE Group Southwest - Temecula, CA

Real Estate Professionals

Great point. We always tell people that the only thing we can't change is the LOCATION! You are stuck with that for sure.

May 14, 2012 03:30 AM

Bryan Robertson

Los Altos, CA

I've had this happen many times and yet the big issue then becomes price because the perfect house in the perfect location often comes at a higher price tag. When that happens I try to get the buyer to focus on priorities so they can make an appropriate trade-off.

May 15, 2012 12:38 AM

Marnie Matarese

DWELL REAL ESTATE - Sarasota, FL

Showing you the best of Sarasota!

Living on the gulf coast of Florida, you can only imagine how many times we hear this lament! Most homes would be triple the price if they were on the water but try to get the buyer to grasp that concept!

May 17, 2012 02:44 AM

Kasey & John Boles

Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID

Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

I so often have buyers that want to mash three homes together for the "perfect home" but you are right, I also have people often say, "if only this home was here or there" they would want it. -Kasey

Oct 07, 2012 12:40 PM

Wayne B. Pruner

Oregon First - Tigard, OR

Tigard Oregon Homes for Sale, Realtor, GRI

If they don't like the location, why were they even there?

Oct 30, 2012 01:51 PM