Your Dream Home is not in this Price Range, but your Starter Home is.
I was speaking with one of our agents this last week who was feeling a bit discouraged, as were her clients.
She has several first-time buyers that she is helping, and each had looked at a dozen homes, with several unsuccessful offers so far.
All of these buyers were not finding what they were looking for, they all had clear expectations for what they wanted, yet all were hampered by a budget that would not buy much of a starter home much less their dream home.
They had looked at so many homes and were discouraged to see that many of their “dream homes” were being sold before they could tour them, and others before an offer could be written up.
And still her buyers were not happy with any of these homes enough to jump on them and put in a full price offer, and all their lukewarm offers were turned down quickly.
All of these buyers were looking for their Dream Home and were critical of every flaw in these old and inexpensive homes.
Yet they continued to tour more, expecting to find their Dream Home in the next home toured.
Unfortunately, all were in the same budget range, not the range were Dream Homes exist, yet a respectable range where starter homes do exist.
Clearly the Expectations Talk was overdue, the difference between what they can afford versus what they dream of.
It is important to not spend beyond your means, I can respect that, yet to expect sellers to sell their dream home to you for a reduced price, is not very realistic.
Sometimes we do need to put our Dream Home on hold and invest in what you can afford, a Starter Home.
A starter home that can be purchased for a modest price, fixed up over time, equity built up, then sold when it is worth more; the owner is in a better financial position and ready to upgrade to something closer to their Dream Home.
Time to stop looking for an $80,000 Dream Home, face reality, and invest in an $80,000 Starter Home.