Friday, March 24, 2017

Home Buyer Tips: Sometimes Buyers Must Revise Their Expectations

No matter how much you wish for steak there are times when you have to settle for a burger.  Such a time is when you are down to six bucks and payday is a week away!   

The same goes for buying a house.

Yes, I know a house is a much more significant purchase than a burger but the point is the same.     Tastes and desires will have to be moderated based on the available budget.

Home prices in Brevard County have risen significantly over the past few years as the market recovered from the last collapse.  But buyer acceptance of the recovery has been lagging a bit.

When do buyers recognize the market recovery?  Many times it is when they go shopping for a home in Brevard County.  Just a few days ago I read an article about whether one can buy a home in Florida for $100,000.  It is possible but not likely!

Median sales price for single family homes in Brevard County was $205,000 in February 2017 (up from $165,000 1 year earlier).  At the same time the number of new listings was down over 10% in February 2017 from a year prior. 

So what should a buyer do in the current market?  Well, if the budget is limited then the expectations must be changed. 

What expectations should a buyer consider changing?   It depends on the goal.   In general consider a location change very carefully.  In real estate there is one thing that can't be changed - the most important factor, location.

One day in the future every buyer will become a seller.  The most important factor when selling is location.  The impact location has on price today will probably exist when selling.

Consider size, age, amenities (pool, fireplace) as possible concessions.  There are benefits to home ownership so even if its not the perfect house the right house will still work well.

Just as a burger will solve a hunger issue for a period of time so will a smaller, less expensive home.  

Ready to buy a home in Melbourne, Florida?  Call or text me at 321-693-3850 if I can help.