Desirable neighborhoods whose homes rarely come on the market can be a huge problem for buyers who want to live in them. I have one home like this on the market right now, very fairly priced at $326,000 and the comps to support the asking price.
Today I showed it to a buyer who just loves the neighborhood, has wanted to move into it for many years and kept trying to make the house fit her needs. It was like watching Cinderella try to squeeze her size 8 foot into a size 6 shoe.
She wanted to raise the floor in the sunken living room, fill-in the pool, move the washer and dryer into the garage so that she could use the very large utility room as an office and chip out the stone wall in the entry area.
However, she said, to do all these renovations, she would have to offer the seller a substantially lower price than was being asked to cover the costs of making the home work for her.
I had to explain to her that there are buyers out there who are going to be just fine with the features existing in the home and that this is just not the house for her. There is no way that the seller is going to reduce the price to accommodate the changes that she wants to make and to fill in a beautiful pool is throwing money away. The home is in excellent condition and move-in ready for the right buyer.
No matter how badly you want to live in a certain neighborhood, if the house is not right for you the seller will wait until the right buyer comes along. Sellers do not want to hear that they should reduce the price of their home because you want to take the savings and change the home to fit your needs.