I just got off a phone with a potential buyer who was searching for a home to buy. Their “needs” list in a new home was quite unrealistic. I asked her how long she has been searching for a home to buy…. her answer was two years!! She was very frustrated and was blaming all these agents that wouldn’t help her in the search to buy a new home.
Searching for a home to buy, where does fantasy begin?
We all want what we want, I get that. But does what you want actually exist?
As real estate agents we have a general idea of what you really want is doable or a fantasy. But we also have the tools to back it up.
So many times when I start working with a buyer with difficult or even impossible demands when they are searching for a home to buy, I turn to the history in the Massachusetts Multiple Listing Service. You can follow the link to learn more about the MLS.
But, basically, the MLS is where agents turn to warehouse their homes for sale to all the agents across the state. Through different means that inventory trickles down to the home buyers so they can access any home that is for sale. This is the big benefit to home buyers searching for a home to buy. What you don’t probably realize is that all that data when it is sold and is compiled any any agent can look at past history.
Searching for a home to buy, where does reality lie?
What did this buyer want? They wanted:
A 3 bedroom 2 full bath home in Andover with a half acre of land for under $300,000. They have been looking and looking. They have to have 2 full baths and it has to be Andover because of the school system. Well I looked back at the history of the MLS for 3 bedroom homes with 2 full baths for under $300,000, I didn’t even use a half an acre of land because I already had a good idea of how difficult this would be. So I searched back three years, guess what I found?
Zero homes sold in the past three years that fit that criteria! In that same 3 years there are only 12 homes that sold under $300,000. And let me tell you when you are buying in the b0ottom 10% of a market a market those home have a serious location, condition or appeal deficiency. The are certainly not very desirable homes for most buyers. What is this data telling us? Ms. Buyer we are in a housing market that is only going up, based on historical sales, you are not going to find what you want.
Searching for a home to buy, sometimes requires compromise
So what to do! Well many times searching for a home to buy will require compromises. A skilled buyers agent will help you find your compromises and find alternatives. Ok, school system is important, let me help you find a school system that is acceptable where you can find a home that will suit you. Or maybe a condo is an alternative….. maybe you can jump up another $50k or a 100k. The compromises are certainly personal but if you want to buy a home their is one out there for you.
The end of the story
Back to Mrs. Buyer. There didn’t seem to be anything I could say that would change her mind about having to rethink her housing goals. But the data doesn’t lie. I will probably be on her list of greedy agents that doesn’t want to help her, while in reality I gave her some valuable data she could sink her teeth into.
Is your home search grounded in reality or fantasy?
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This post, Searching for a Home to Buy, Where Fantasy Begins and Reality Ends, was provided by Kevin Vitali of EXIT Group One Real Estate. I have over 13 years of experience helping buyers achieve their housing goals. If I can naswer any questions or provide you with any data please call me at 978-360-0422.
