Many people have a mental picture of what they want their new home to look like when they buy. But their picture may not always match the reality of what they can buy.
If a buyer has the picture of an isolated cabin in the woods and moves to South Florida, reality will probable be difficult to deal with.
What are some of the Reality Factors a Buyer will need to work with?
There are 3 Main Factors that Buyers will need to deal with realistically:
2. Price Point
3. Fit and Finish
Location can be a very important part of the selection process. Many times travel time to work or school can be extremely important and may even be non negotiable.
But Reality says that Location can have a big impact on Price Point and Fit and Finish. The ideal location may be in an area where homes sell for $600,000+ but the budget is $250,000.
Price Point is often a fixed amount that has been capped by the Lender. Based on the Buyer's debt to income, the Lender sets the limit they will provide a mortgage for.
Fit and Finish would include the size and condition of the house. A large family that needs 4 bedrooms may have a difficult time finding a house in the location and price point they are in. This factor also considers the state of repair of the house. The right location and price may bring a house that would need some fixing up. This affects the budget and would have to be discussed with the Lender.
When buying a home Reality will often be a major factor.
In today's market where prices are on the rise and inventory is low, the pool for selection can be very difficult.
The result is that the buyer will probably need to adjust the picture in their mind to fit the reality of the local market.
With only 3 major factors involved, buyers often will need to change the location or the fit and finish.
This is why it is so important to work with a knowledgeable real estate agent who is very familiar with the market.
Find an agent that will listen carefully to you as you describe your needs in housing. A good agent will work hard to help you find the best match in your home search.
If you are looking for your Dream Home in Southwest Florida, John Wiley is prepared to help you understand the local market and find the best match for you.
For more information on Southwest Florida Real Estate visit John's website today: Mr-Florida-Real Estate