Home Buying decisions, tradeoffs and wishfull thinking

Decisions, decisions…

Home buyers searching for a new home tend to play a common game.

They don’t think it’s common, but just about every real estate buyer I’ve ever worked with has done it in some form or another.

The game goes like this; we look at 4 or 5 homes and out of each one, the home buyer selects a feature they like about the home.

For instance, the first home has a wonderful landscaped lot, but no view. House #3 is in amazing disrepair, but has a “knock your socks off view.” Home #4 has an unrealistic price, but has a close in location (yes, there is value there) but the home buyer doesn’t see it. So what do they do?

You guessed it.

They take the wonderful lot on house #1 and ask to move it to #5 with the better location, but instead of that view they want the “knock your socks off view” all of course with the lowest price of all!

We build a house that doesn’t exist!

If I were Samantha the witch I would wiggle my nose and make that happen. I’ve tried. My magical witch powers are rather limited.

When it comes time to make a decision, here’s a strategy to help.

Think about your hierarchy of needs (vs. wants) what is more important to you and what can you do without. I know we want it all, but the reality is, seldom can we have if all. Sooner or later we are faced with the reality of having to give up something, what will that be?

A close in location will most likely force you to give up more dollars that a further out location. Is it worth the commute? Think about the travel time away from home, gas expense and wear and tear on the nerves. How much is that worth to you?

Views are very subjective. In Colorado a view usually should have a mountain in it and that too comes with a cost. Why? Because given the choice most people will opt for the view. Thus increasing the value. You most likely will pay more for a house with a view, so will others.

Buyers ask me what to do all the time. My opinion has no value here, after all it’s your future home. True I will throw all the facts out on the table, but in the end the only opinion that matters is yours. I want you to be familiar with all the options and to be able to make an educated decision.

Part of the joy of living comes from making a decision that feel right. As always the choice is yours, what would you like to do?

PHOTO STORY: I shot this Buck tonight from the deck of House #1 while waiting for my client to arrive. He looked up at me and had to make a decision if I was friend of foe, run or continue grazing. Guess I passed the OK test. He continued to graze. Oh hum.