The home search process can be a
trying one. There can be twist, turns, ups and downs. There can be multi
offer bid lost and homes sold before there is an opportunity to see them. Before buyers
get too discouraged with the process, they should consider a making a few
changes to their search.
The first change comes from a
heart to heart talk with a spouse, significant other, or even with oneself. Buyer need to
ask tough questions and give honest answers.
While it is nice to have two and
a half baths, could two baths suffice? Can the buyer live without a garage? These are all
questions and compromises that should be addressed before going any further
with a search. Theses answers will help broaden or narrow the search for
that one right home. Buyers need to have honest answers to the must have and deal
breaker questions in order to jump start their search.
Next, it is time to consider
homes that need some cosmetic work. Today's
marketplace is putting a premium on move in ready homes. This means that homes
that are showing a little wear and are a bit dated are not getting the same
level of attention as the move in ready homes do. A willingness to overlook
unsightly colors and bad carpets may allow a buyer the opportunity to find the
house of
their dreams at an affordable price. After some new paint and carpets,
that is. A buyer should be open to taking the equity that the seller left on
the table.
Next,
consider another neighborhood or town. If a buyer can't find their dream home in
the Windham Hill area, they should consider the River Road corridor. If the
home can't be found in Windham, a buyer should consider Raymond. Often times
the home of a buyer’s dreams is just a neighborhood or town away. Broadening
the search is a great way to find the right home. Another up side maybe a lower
price on the same home in a bordering town. Similar homes sell for
significantly different prices in Gorham and Buxton. A bordering town may offer
a buyer the economic ability to buy the home they want, but couldn't afford in
the first choice town.
Next, it is time to dig deep. Buyers may
need to tap all resources available for any and all extra money available. By borrowing
from friends and relatives, selling some assets, or raising cash in any other
way, a buyer may increase the price range they can search in. Sometime a
$10,000 bump in affordability is all it takes to make that dream home
affordable. With interest rates at historically low rates, buying as
much house as possible makes great sense.
Lastly, if all else fails,
buyers should consider extending their lease for six months.
It is a good time to take what
was learned from the current search (likes, dislikes, deal killers) and
reflect. These
reflective times should be used to refine the future search. This is also
a great time to save additional dollars to be used in the purchase of the
future home. Buyers should keep in close contact with their realtor during this
time, watching the market, watching mortgage rates, and watching for that dream
home to hit the market.
Good luck to buyers in their
search and as always use a qualified Realtor to find that dream home.
Rick Yost is a realtor, real
estate author and long time Windham resident. Rick can be
reached within all of your real estate questions at rickyost63@gmail.com.
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