Question Details

Ruthless, Other/Just Looking in 60558

What price range do people look at - narrow or wide?

Asked by Ruthless, 60558 Sun Jul 29, 2007

Would a buyer look at $500k-$1mil or just $700k-$800k? How far do they upgrade price-wise from selling a home to buying another? Would someone selling a $400,000 buy a $500,000 or a $800,000 home?

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I think most buyers look in a pretty specific range. Most seem to either want to buy as much home as they can afford or they pick a payment they feel comfortable with and use that as a guideline. Occasionally I'll have clients who truely can look in a pretty wide range, but once they start looking they tend to narrow it down. There usually seems to be break in certain ranges and once they find the size or features they want then they'll stick in that range. Also once the see a few places they get a feel for size and tend to stay in a certain size range as long as it meets price. I'd be surprised if people stay in 500k-1m very long. They'll probably look at 3 types 500-600 700-800k and 900-1M to see what each range gets them and then pick one. My clients tend to move up by about 50%. Someone in a 400k moves to 600K, someone in 500k moves to 750k, etc. Rarely do I see the price double unless one of the couple was not working and has now returned to work.
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1 vote Thank Flag Link Sun Jul 29, 2007
Bruce Lynn, Real Estate Pro in Coppell, TX
My first-time buyers tend to skim the very top of their pre-approval limit since properties are just so spendy in Portland now. That factor makes it difficult to get something reasonably nice while still being affordable to the average buyer. Seasoned buyers usually have a specific HOME in mind, so they are all over the map when it comes to what they might pay.
1 vote Thank Flag Link Sun Jul 29, 2007
That might have a lot to do with where you are. We are on the NJ Shore, a short ferry ride from downtown NYC (Wall Street.) It is not uncommon for us to see buyers move from 500K to 800K- 1M, but I don't know that is the case everywhere. Not everyone in this area does that! We have many happy homeowners well under those price points. We just don't find it unusual when a buyer does make a substantial upswing. We always work with our buyers to get them prequalified, so our efforts are in the right direction.

I suspect the price jumps and price ranges might be narrower in some other markets. We have a lot of homes in the price range you are discussing. In other areas, where that price range may be appealing to a smaller segment of the total buyer market, I would guess there might be incremental moves.
0 votes Thank Flag Link Sun Jul 29, 2007
Deborah Madey, Real Estate Pro in Red Bank, NJ
it depends entirely upon the buyers motivation and pocketbook! No rules of thumb apply here...
0 votes Thank Flag Link Sun Jul 29, 2007
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