“I want a house just like this … but in better condition and in a better location … at the same price!”

By
Real Estate Agent with Better Homes and Gardens Real Estate Metro Brokers

“I want a house just like this … but in better condition and in a better location … at the same price!”How many times have we in the real estate business heard declarations like that? The client likes the essentials of the house, but they don’t like the area or the amount of repairs that need to be done.

We can always find a house in better condition and in a better location. But there is a price to be paid, because the value of real estate is directly related to these attributes.

There are only two choices for the buyer. Settle for less than you want or increase your price point.

Because the laws of supply and demand still hold true. More people want houses in good areas that are move-in ready, and are willing to pay for it.

And that’s a reality that cannot be overcome by wishing

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Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Barbara Martino-Sliva 08/13/2011 09:07 AM
  2. Gabe Sanders 08/15/2011 07:07 AM
Topic:
Home Buying
Groups:
"Whacked"!!!
The Lounge at Active Rain
Realtors®
Diary of a Realtor
Club Chaos
Tags:
buying a home
buying a house
location
condition

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Rainmaker
765,969
Carol Zingone
Berkshire Hathaway Home Services Florida Network Realty - Jacksonville Beach, FL
Global Realtor in Jax Beach, FL - CIPS, SRES

Richard, I alwasy seem to find the buyers who expect me to wave my magic wand to find them the perfect house, east of A1A (closer to the beach) with 2500 SF, granite, stainless steel, needs no work, not a short sale, and for less than $150K!!!

Aug 10, 2011 08:26 AM #1
Rainmaker
647,363
Barbara Hensley
RE/MAX Properties - Rockwall, TX
Homes for Sale in Rockwall County, Texas

Richard - good morning!  I think you have been working with one of my clients!  They are in the "wishing" stage - wanting it ALL at a cheap price!  Time to stop wishing and buy!  Have a great day!

Aug 10, 2011 08:27 AM #2
Rainmaker
254,308
Connie Goodrich
Keller Williams Realty - McKinney, TX
CRS ABR (McKinney Realtor)Texas

The "I wants" and "won't pay" seem to be a hurdle for a lot of buyers.  Also the wanting to jigsaw piece - I like this house, that view and the other pool.  Yes, you can find this combination but there is a price that comes with it.  I love to receive the email - I was driving around and I liked the following list of homes - they are not for sale but could you check on them for me .. I think they look gorgeous.  Yes indeed they do .. they are about $200,000 over your price range.  I tell my unrealistic clients they have a choice - either modify their expectations or come up with more money/ability to purchase more.  When they hit their financial ceiling then there is no where to go but to realization.  Very nice discussion post Richard.

Aug 10, 2011 08:36 AM #3
Rainmaker
542,243
Jill Sackler
Charles Rutenberg Realty Inc. "Said and Done!" - Merrick, NY
Long Island's South Shore Real Estate Agent

I really like your title. That about summarizes what they want.

Aug 10, 2011 08:37 AM #4
Rainmaker
531,686
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

Richard, it's not just the customer who wants that.  I do too, they'd better hope I'm tapped out because I've got dibs on those rarities too, however I'll often share them. 

Aug 10, 2011 08:48 AM #5
Rainmaker
1,446,393
Andrew Mooers
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

The price range dictates what you get for a prize in the cracker jacks box Mr and Mrs Real Estate Buyer. Unrealistic happens more these days as the entitlement, expectations get way way more grand than the size of the wallet they sit on.  Great point Richard.

Aug 10, 2011 08:48 AM #6
Rainmaker
223,277
Brenda Mayette
Miranda Real Estate Group, Inc. - Glenville, NY

GREAT post, Richard! Direct and succinct. I love it. This is a topic I repeatedly find myself visiting. It seems like such a basic principle... Funny how it's such a challenge for so many!

Aug 10, 2011 08:50 AM #7
Ambassador
1,591,325
Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

What non reality area of life are these buyers living in Richard? Your explanation to them about price is the truth. Maybe they need an ecomomics class. Beverly Hills prices are not the same as rural Nebraska. What do they not understand?

Aug 10, 2011 09:15 AM #8
Rainmaker
302,698
Terri Poehler
Realtor - Coral Springs, FL
Coral Springs Real Estate Agent

We have to educate the buyers. (sigh) Sometimes this means taking them out to see endless lists of properties so they 'get it'.

Aug 10, 2011 09:20 AM #9
Rainer
207,851
Ilona Matteson
Beach Realty & Construction on the Outer Banks of NC - Duck, NC
Ilona Matteson

Richard - Your magic wand must be in the shop!  :)

Aug 10, 2011 10:38 AM #10
Rainmaker
278,384
Carol-Ann Palmieri
RE/MAX Executive Realty, Al and Cal Realty Group - Franklin, MA
"Cal" the Real Estate Gal

This winter, I met a client that I sold a home to in 2002. (BTW, I am still their Realtor)  

She said, "remember when you sold us this."  I said "yes."

She said, after looking at many homes, I said to you, "you don't understand, these are not the homes I am looking for!"   

Apparently I replied, "No, you don't understand, this is all you can afford."      I don't remember saying that out loud, but she did...Yikes..... Must have been at my breaking point.  

She tells me those were the words she needed to hear...They picked another town and found the home they were looking for. 

Point being... nothing changes.   :)

Aug 10, 2011 12:19 PM #11
Rainmaker
601,130
Nancy Conner
Managing Broker - City Realty Inc - Olympia, WA
Olympia/Thurston County WA

And sometimes the only answer is a period of education by looking at what is out there at the price point the buyers can afford til the reality starts seeping in...

Aug 10, 2011 03:03 PM #12
Rainmaker
1,819,557
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

My dad had a saying for this kind of a buyer.  But it wasn't very nice so i won't repeat it.

Aug 10, 2011 10:19 PM #13
Rainmaker
511,401
Lisa Wetzel
RE/MAX Realty Affiliates - Carson City, NV
CDPE, SFR carsonvalleyland.com

Richard ... when all else fails ... be reasonable!  That will get them every time!

Aug 10, 2011 11:04 PM #14
Rainmaker
152,962
Kari A. Battaglia
RE/MAX Alliance Group - Venice, FL
Venice FL Realtor - RE/MAX Alliance Group

I have heard this too many times. Everyone knows that Florida was hit really hard by the real estate decline and for some reason many out of state buyers think they can get homes in Florida at a 50% discount off of list price and consequently will low ball many properties before realizing that is not the best strategy.  I recently had someone from Canada want a 4-5 bedroom home, newer construction, granite in gated community under $100,000.  That just does not exist anywhere that I know of. 

Aug 10, 2011 11:28 PM #15
Rainmaker
524,788
Dr. Stacey-Ann Baugh
Century 21 New Millennium - Upper Marlboro, MD
A doctor who makes house calls.

I think people have some unreasonable expectations about what their money can buy.  It's often very disappointing to them when they head out looking for the first time.

Aug 11, 2011 09:52 AM #16
Rainmaker
1,035,095
Gary L. Waters, Broker Owner Waters Realty of Brevard, LLC
Waters Realty of Brevard, LLC - Melbourne, FL
Personal Service, always.

Amazing how it is always the case - more for less! Buying a house is like shopping for steak...can't get burger for filet mignon prices!

Aug 12, 2011 08:38 AM #17
Rainmaker
2,019,408
Gabe Sanders
the BlueWater Realty team specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Richard, you hit this one right in the bulls eye.  I cant recall how often we've heard this.  And, so many just don't understand why the one in the better location, in better shape will cost money!

Aug 13, 2011 09:17 AM #18
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