Especially in today's market across the country, buyers of real estate properties have more inventory to choose from than before. The prices have remained relatively attractive and sellers understand that it takes "more" incentives to sell than ever before. As an example, here in the Frisco TX real estate market, many sellers began to "update" their homes to compete with "newer" built ones and offer features such as granite countertops, stainless steel appliances, fresh paint and flooring. Yes, all in the name of selling. Thus, in this market, buyers have more options than before to find a great real estate transaction.
However, no matter how "great" a deal you can find, understand that a successful purchase for you have to come with realistic expectations. Regardless what the housing market situation is, expectation of reality is key in successful buying.
With that in mind and if you are a buyer in the new home construction market, you could build "almost" any house you want. It does not NOT come with a price tag though. Whether you build with a custom home builder or a tract home builder like D.R. Horton and Fox and Jacobs, you will pay for everything that you put into the house. Down right to the last "upgrade" you want for the house. Setting the custom home-build jobs aside, let's discuss home building with a tract home builder (which is more common here in the Frisco TX real estate market).
You pick the floorplan you like, you pick the plat you like and off you go to the Design Center. There you have an overwhelming task of selecting the colors of the bricks, mortar, tiles, paint, flooring, cabinets, countertops, etc. If you did not like one thing, you could almost change it. At a price, of course! And that is the catch. It is almost impossible to say that you built a highly upgraded property for pennies on the dollar. The economics just do not and cannot support it. It's like trying to make believe that 1 + 1 = 3. So, if you are a new construction home buyer, you CANNOT have it ALL: price and house.
If you want to purchased an existing property, then you too CANNOT have it all. Know that these houses are already built. Depending on your price range, location and year built, some houses just do not have the amenities or floorplans like the newer ones do: the open and spacious concepts. If you fall into this category, you need to set your expectations so that you do not become frustrated in the house-hunting process. Some items of an existing house are NOT fixable (such as moving structural walls) or COST too much to do that the economic costs offset the possibility of changing them.
So, what could you do?
Again, you must set your expectations against what is offered to you. Understand that there MUST be a compromise. Make a list of items you call NEEDs, WANTs, WISHes. Categorize these items. As an example:
| NEEDs |
WANTs |
WISHes |
- 4 Bedrooms with 5 bathrooms
- Located within these boundaries/ areas
- School District
- Detached-garage with workshop space
|
- Granite countertops
- 5-in hand-scrapped hardwood floors
- Gameroom/ media room
- Carrie Bradshaw (SEX-AND-THE-CITY) master closet
|
- Swimming pool with spa
- Outdoor backyard living space
|
No house will have EVERYTHING YOU WANT, WHERE YOU WANT IT. It is almost impossible to find that perfect house. (If you did, then BUY it!) Hence, the more you understand your needs and wants, the closer you would be able to achieve your goals. Most likely, you will have to compromise and purchase a house that has ALL of your NEEDs, SOME of your WANTs and A COUPLE of your WISHes. All at a reasonable price, acceptable to you.
Yes, even in today's market, Buyers CANNOT have it ALL: House and Price. You can come pretty darn close though - if you know where to look!
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I proudly serve and sell real estate in the northern suburb cities of the Dallas metroplex. If you are thinking about purchasing or selling your home in neighborhoods of Frisco, Plano, Dallas, McKinney, Allen, Little Elm, Prosper, Celina, Richardson, Dallas M-Streets, Dallas White Rock Lake area and other surrounding areas and more importantly, want to work with a local area expert, contact me immediately.
It is a competitive market, hence it is important that you choose to work with the realtor who knows these communities like none other. I employ a systematic market approach in selling your home - an intentionally unique proposal that most real estate agents do not use. If you care to be on your way to a successful closing, contact me immediately to see how different my proposition will be.
Contact:
Loreena Yeo
Realtor®/ Broker of 3:16 team REALTY
loreena@loreenayeo.com
Note: All contents are original. Consider subscribing to my blog for fresh business ideas, often creative and unique. It is my intentions to bring you effective blog contents that will could make you feel that it was worth your time to subscribe.
Copyright © 2008 by Loreena Yeo (3:16 team REALTY). Buyers Cant Have It All.
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Very very well said Loreena. I'm dealing with some challenging people at the moment who have a huge sense of entitlement. Sometimes I feel like asking them where this money tree of theirs is.
R