Austin TX Real Estate - Hill Country Austin Lakeway Homes for Sale: Buyers Compromising on Their Homes

Buyers Compromising on Their Homes

Buyers are compromising on their homes?  Why can't I ever get a buyer like that?  I seem to always get the buyers who are looking for this and that and that over there, and they're never happy because they can't find everything they want in one house so they keep looking and looking, sometimes for months, sometimes for years.  Yes, I'm working with a handful of buyers who have been looking for a house for over two years.  Can you count how much money they're throwing away by continuing to rent all these months?

2006 Profile of Texas Homebuyers and Sellers found that though 40% of Texas buyers said that they found the exact home they were looking for, there were 6 common compromises that the remaining 60% of buyers make when purchasing their homes.  This list includes:

1. 17%- Size of home

2. 17%- Purchase Price

3. 14%- Condition

4. 14%- Lot size

5. 14%- Distance from work

6. 12%- Style of home (this must be from all those CA relos who don't like brick homes)

In my experience, with my clients, I would say distance from work would be rated higher because most won't compromise on price range which means they must go out further into the 'burbs to get what they want which takes them further from their jobs...

Do you see your buyers compromising on things, or are they waiting and waiting for the perfect house?

Comment balloon 7 commentsDonna Harris • March 16 2007 09:12AM

Comments

Hi Donna,

Good to see ya!  When we work with Buyers, one of the first things we try to educated them on is "The List".  We tell them that, unless they are rock stars and can get everything they want, they'll have to compromise on something.  That being said, we tell them to make up a list of what they absolutely have to have and a list of what they really "Want".  Once they examine the must haves, we tell them to shelf the "Wants" for another day once they get into their home.  That's when they can personalize it over time to be what they want.  This tactic usually brings them down to earth.  We're the experts and they generally want us to tell them the truth so that they can feel comfortable making their choices.  Thanks for giving us the opportunity to voice our opinion.

Lisa Hammerstein

Posted by Robert and Lisa Hammerstein -201-315-8618, Bergen County NJ Real Estate (Keller Williams Valley Realty) almost 12 years ago

Donna - great info in that suvey.  I'd bet buyers most everywhere pretty much compromise on the same thing.

Lisa - I love what you say to your buyers.  I'm going to borrow some of that and make it my own - I talk about the same thing, but I really like the way you wrote it.

Thanks,
Ann

Posted by Ann Cummings, Portsmouth NH Real Estate Preferrable Agent (RE/MAX Shoreline - NH and Maine) almost 12 years ago

Hi Ann!

We try to make it fun to put the buyers at ease.  Thanks Donna for your post!

 

Lisa Hammerstein

Posted by Robert and Lisa Hammerstein -201-315-8618, Bergen County NJ Real Estate (Keller Williams Valley Realty) almost 12 years ago
Everything in life is a compromise. No matter what price range they can afford they will have to compromise on the house they choose. Gentle nudging on our part will help them figure out their priorities but they have to understand from the start that the perfect house is not out there. Repeat after me. There is no perfect house. There is no perfect house. There is no per..................................
Posted by Greg Cremia (Shore Realty of the Outer Banks) almost 12 years ago

I agree, there is no perfect house.  I have a buyer I've been helping buy rentals for over two years.  They've bought one, back in Dec '04.  Ever since, they're looking for a "perfect" house though they're not even going to live it in.  This morning, they asked if they could see a house and I said no.  I put my foot down.  I told them there was no point looking at a house just to look at anymore.  I told them I know exactly what they're going to say about the house and that I can't take time out of my schedule to show them a house they're not going to buy.  She actually responded back thanking me for my  honestly and bluntness and putting them in their place, and that they're going to start looking at things in a different perspective from now on... that only took me two years to tell them!

I thought they would compromise on things, but they won't.  They're dead-set on their criteria, but I'm not longer going to show them houses just because they want to look at it.  It must meet all their criteria if they're not willing to budge!!

Posted by Donna Harris, Realtor,Mediator,Ombudsman,Property Tax Arbitrator (Donna Homes, powered by JPAR - TexasRealEstateMediationServices.com) almost 12 years ago

don't forget the people who want..... "the max we can qualify for"

i hear that way too often

Posted by Tom Burris, Texas/Louisiana Mortgage Pro - 13 YRS Experience (NMLS# 335055) almost 12 years ago

Hey Tom!  When rates hit below 5%, I told many people that this was the time to buy as much home as you'll think you're going to need for the next few years and not think about buying up in 3-4 years like some do.  That was the only time when I encouraged people to buy at their max amount.

I currently have a buyer under contract for $154k and they qualify for $175k.  I have another under contract for $339k and they qualified for $500k.  I closed one last week for $141k and they qualified for over $250k!!  I definitely don't like when people buy at the top price!!

Posted by Donna Harris, Realtor,Mediator,Ombudsman,Property Tax Arbitrator (Donna Homes, powered by JPAR - TexasRealEstateMediationServices.com) almost 12 years ago

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