Why You Shouldn't Look at Homes Outside Your Price Range

Reblogger
Real Estate Agent with Duffy Realty of Atlanta & Rainmaker Realty

There are so many days I wish I could scream this advice off a mountain top. Great example and advice about avoiding disappointment from Gail Robinson.

Original content by Gail Robinson RES.0772823

I'm working with a lovely young couple.  They did what most buyers do before they sign up with a real estate agent.  They did their research on the Internet and then they went to Open Houses.  They even got a pre-approval letter before coming to me.  They did everything right, except one thing.  They went to an Open House outside their price range.  And, they fell in love with the home.  They asked me to go see it with them today. 

The husband said, this is exactly what we are looking for, except in a different price range.  Uh oh!  The wife is very specific about the location she wants.  It's an excellent location with good resale value.  It has the school system they want.  This ideal home is in that area.  So if we can't go to a less expensive area, how can I help them find a home just like this one for less?  I explained the dilemma to them.

To complicate things, it is a home of amazing quality, craftmanship, and unique charm.  A high end builder built this custom home using the touches he uses on homes twice as expensive.  

I feel bad for them, because they have really fallen in love and now they will feel like they are settling when they purchase their first home, instead of feeling excited about it.  They don't want a starter home and don't plan to move again, so this makes it particularly frustrating.

The lesson learned from this is to figure out your price range early.  Not just what you qualify for in terms of a mortgage  (they could qualify for a loan for this home), but what you should spend on housing given your lifestyle and plans.

 

Fairfield County CT Real Estate 

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Posted by

Rhonda Duffy

Duffy Realty of Atlanta

678-366-7846

#6 Ranked Agent in U.S. for Sold Properties, #10 Ranked Agent in U.S. for Listing Portfolio, #1 Ranked Agent in Georgia, 8 years in a row for Sold Properties.

Comments (4)

Dan Hopper
Dan Hopper - Gold Way RE - Westminster, CO
Denver Broker / Real Estate Advocate

Always a fun challenge for us, Rhonda!!  Most of the times My first reaction is, "Yes, and I would like to be taller, too".  Reality sometimes is difficult for young buyers to grasp when they believe that anyone would feel like they are the special buyers that a seller will lose their mind to reduce a price for them so they can buy!!

Feb 05, 2013 01:15 AM
C. Lloyd McKenzie
Living Albuquerque - Albuquerque, NM
Living Albuquerque

Excellent Reblog.  I missed it the first time around .  Have a great week!

Feb 05, 2013 02:27 PM
Charles Stallions
Charles Stallions Real Estate Services - Pensacola, FL
800-309-3414 - Pensacola, Pace or Gulf Breeze, Fl.

Some will never learn no matter how much or far you shout it. Thanks for the repost

Feb 11, 2013 11:42 AM
Kevin S. McCullough
McCullough & Associates Realty, Inc. - Trinity, FL
Broker

Yep....good stuff here.  

Jan 14, 2015 01:39 PM