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

Reblogger Lynn Ganster
Real Estate Agent with Morris Williams Realty 3068477

This is a super post about goal setting and how difficult it can be to achieve those goals.  It exemplifies compromise and the reality that there is only so much home, location, square footage and upgrade that money can buy in any price range.  I think you will enjoy it!

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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Rainer
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Dan Hopper
Keller Williams Realty Downtown LLC - Denver, CO
Denver Realtor / Author / Advocate/Short Sale

Lynn, thanks for re-posting Gail's story on looking outside a buyer's price range!  One of the worse things to do, is for a buyer to shop above their "loan approval" limit.  They do get sidetracked by those outside of their range.  Now, it is one thing to shop above your "wishful montly payment", especially, if you really do qualify for much more, but just wanted a lower payment.  You might discover for a little more in payment, you might get a much better value in a home!!

Feb 06, 2013 11:34 PM #1
Rainer
106,834
Lynn Ganster
Morris Williams Realty - Orlando, FL
P.A.

Thanks Dan and good point!  Rates are so affordable right now that you can get so much more for a slightly larger payment!

Feb 06, 2013 11:46 PM #2
Rainmaker
888,475
Gail Robinson
William Raveis Real Estate - Southport, CT
CRS, GRI, e-PRO Fairfield County, CT

Lynn, Thank you for reblogging my post and commenting on the original one!

Feb 08, 2013 12:14 AM #3
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Rainer
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Lynn Ganster

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