Home Buying in 90016>Question Details

Frustrated H…, Home Buyer in 90016

Should we just place a bid on a house that we would settle for considering its a buyers market?

Asked by Frustrated Home Buyer, 90016 Mon Apr 26, 2010

We have been on the search to purchase our home, but have not succeeded are agent told us that it is a buyers market so they sugested to put offers on homes that we like. My question is should'nt I fall in love with the home that we will be paying for the rest of our lives almost, or would you suggest that we just put an offer on what we would settle for considering there are so many people purchasing?

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Dear Frustrated:

Do not, I repeat, DO NOT, let your agent pressure you into making offers, just for the sake of making offers. Remember, your agent works for you, not the other way around. You might want to remind them of that fact.
Now, regarding your purchase. You have used the word home. When someone refers to the purchase they are about to make as their home, then it sends a clear signal that you intend to live there, maybe even raise a family there.

So my recommendation is, put the emphasis on the things you cannot change, either at all or easily. For example, shop for a great neighborhood. This means different things to different people and you can decide what makes a particular area a great neighborhood. It might be the schools, or the parks, or the people who live next door, or the fact that everyone parks in their garage. You need to be really clear with your agent regarding these factors. Next shop for the right home configuration. If you want a single story house, don’t even waste your time looking at two story homes. If you need four bedrooms, why look at two bedroom homes. Lastly, if you find a home in a great neighborhood with the right configuration, but the house is not exactly what you want (say you really want granite counter tops and hardwood floors and the house you are looking at has carpet and tile), remember, The features are easily changed. Don’t pass up a great home over things that you can change. Just make sure that you factor the lack of desired features into your offer. This is where a great agent will be worth their weight in gold.

Imagine, you get a great home in a great neighborhood. It’s a sprawling 4 bedroom ranch style (single story). Then you add the granite you love and the floors you love. And you paid exactly what is comfortable to you. That, in the end, is a win-win situation. And that is what you and your agent, working together, should be able to achieve. Have patience, you home isout there. Dare to Dream.

Shel-lee Davis, CDPE
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
1 vote Thank Flag Link Tue Apr 27, 2010
You should buy something that you love. It being a buyers market just means that there are more sellers than buyers, and you can be choosey. This means you do not have to "settle" for anything. Go find the perfect house, or one with potential to be that perfect house, because how many times do we update the kitchen or the bath when we move in?

Also make sure you are not getting into a property or an area, where prices have not reached bottom yet.

Best of luck
Daniel klein
0 votes Thank Flag Link Thu Jan 5, 2012
No...get what you want. Being a Buyer's Market means that there are more homes than the demand for them... so you're in a good position....find what makes you happy.....Life's Best!!!
0 votes Thank Flag Link Sat Dec 3, 2011
Yes! You should only buy a home that you "fall in love with", and precisely for the reason you state.

The only question remains - if I may be frank - is:

Do the realities of the market place (the area in which you would like to purchase) support your desires? Are you being realistic about price, size and type of home available within your personal criteria and limitations?

If the answer is yes, waiting for the perfect home is the right thing to do. And when that perfect home does become available, be ready to move heaven and earth to securing that love. :)

Now... With that said, if you find yourself ONLY falling in love with homes that are beyond your economic reality, waiting for that "perfect" home is like waiting to win the lottery.......very possible....... but highly unlikely.

Happy hunting! :)
Web Reference: http://www.samguillen.com
0 votes Thank Flag Link Sat May 22, 2010
Patience is a virtue. While there may be a little truth to what the agent is telling you, yes real estate is always an investment; but you are going to be living in this home. His(her) advice would resonate better with investment property buyers. I'll use one of my clients as a perfect example. Two years ago they were buying their home in Temecula, CA and had repeatedly been outbid on REO properties. They were to the point of caving in and getting caught up in the bidding war mentality of which you speak. Luckily, in this case, the husband reluctantly listened to his wife and stayed strong and continued to look for the "perfect home". Three months passed and they made their offer on Memorial weekend. The bank actually called me on Memorial Day and said they had approved our offer. In all honesty, I was stunned. First, that Countrywide was actually working on Memorial Day and second that they accepted the offer within two days. Don't feel desparate even if we have reached bottom in our market I don't see it bouncing back rapidly. Deals available today will still be available in July.

Jeremy M. Garn
The Stand-Up Broker
Broker #01228644
Integrity Real Estate Partners
Santa Monica
0 votes Thank Flag Link Fri May 21, 2010
Hi ,

To answer your question simply....NO WAY should you put in offers on homes that you do not love....as you said you will be spending a good portion of your lives there... ....Life is centered in the home. It is our personal castle..We should think of it this way and make this come true.

Good Luck,

Feng Shui Consultant
Web Reference: http://www.sawehomes.com
0 votes Thank Flag Link Tue Apr 27, 2010
Hi Frustrated,
Sorry that you are having this trouble..but you are NOT alone.
Try to find a house in the "neighborhood" that you want the most. Look for something that has good basic structure, and has possibilities to be improved.
Some of the things we might hate about a house, can be easily changed down the road (carpets, paint, cabinets etc). But one thing that can never be changed,is the neighborhood. Hope this helps you, if I can be of more help, send an email to my contact information below.
0 votes Thank Flag Link Tue Apr 27, 2010
You certainly need to fall in love with a home before making an offer. At no time should you make an offer just to make an offer and certianly not be pressured into doing so. When a buyer walks into a house they "know" whether this house will work for them or not. If your concerns are the color of teh walls or shag carpets instead of hardwood floors those are fixes that can be made, but if you need 4 bedrooms and 2 baths and teh house is 2 bedrooms and 1 bath, its not going to work. No house may ever meet everything you want but you need to be able to make it work with a reasonable effort. If it wont work then rule it out and move on. A buyer needs to be reasonable in what you are looking for, but you also need to be happy. so finding a happy balance between what you like, what you dont lik and what you can make work is the key. And if you only want a specific type of house, dont waste time looking at those that are not on your list. My advice is write down everything you like, what you dont like and what you want. put a priority to them and dont settle for your must haves and maybe settle on thise wants that just may not be there but you could make work.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Apr 27, 2010
You definitely should not feel pressured to buy a home and you shouldn't buy a home you aren't excited about. That said, I think a lot of people might also put TOO much pressure on themselves to find the "perfect home", and that likely doesn't exist. But, the home you purchase should be something you are happy with and have no regrets about.

A couple things to consider:
- When considering a home, try taking the approach - will we regret it if we DON'T purchase this home? If you hear the home went for xxx price, would you feel regretful you hadn't gotten it for that price?
- Don't be dragged down by little things that can be fixed up. If there's a home you're iffy about, because it's not completely modern and needs some work, get a contractor out there and get an estimate for what it would cost to do some remodels. Some relatively low cost remodeling can be HUGE in making a so-so home spectacular and a near perfect home for you. And you may love it even more in the long run because it's a style that YOU chose.
- The big things, such as location/area won't change. Those are things you should think twice about before "settling" on.

Richard Schulman
Keller Williams Realty
#1 Buyers Agent KW Los Angeles Region
(310) 482-0173
0 votes Thank Flag Link Mon Apr 26, 2010
It's important to feel great about your purchase. If a home hasn't all the amenities you are looking for but has the ones you feel the strongest about then realistically it might be the best in the market place.
Location should always be top priorty incase you decide to sell later. Good luck and be patient, you'll find the one that speaks to you and the needs of your family.
Patricia Anderson
RE/MAX Elite Services
Denvill, NJ 07834
973-222-1113 Cell/Text
Web Reference: http://www.VisitPat.com
0 votes Thank Flag Link Mon Apr 26, 2010
Dear Frustrated;
Buying a home should be like any other purchase:
You should buy what you want, when you are ready, and only what you can afford. It should be an exciting time, not a frustrating one.
Make a realistic assessment of what your needs are. If you need help, there are wonderful tools in the form of checklists that can help you make the assessment. Then, assess what you want but don't HAVE to have: those dare-to-dream features that may, or may not, be in your budget and/or marketplace. If you're working with an agent that is not meeting your needs or helping you assess your marketplace, get a new agent. You deserve an agent who will work with you, support you, and not pressure you.
Check your finances. You'll not only need to have the down payment, but as a safety net, it's wise to have about 8 months of expenses as well, in case of emergency.
If all of the above is satisfied, then g out and find your home. It's a highly personal decision. Don't settle, but remember that in homes, as in people, there is no such thing as perfect.
As I tell my clients, when you find a home that's an 8 or a nine, buy it, because there is no such thing as a perfect ten.
Deborah Bremner
REALTOR, 00588885
(D) 818.564.6591
Blogging at: http://TheBremnerGroup.com/blog
0 votes Thank Flag Link Mon Apr 26, 2010
If you intend to live in your next property for "the rest of your lives" I believe you should fall in love with it but in a practical way. Ask yourself if it has all the amenities you need, is it in the right location for the long term, etc. Buying just because others are buying is part of what made the mess during the bubble. Your agent should be able to coach you and be able to put together offers that are attractive to sellers in a myriad of ways - it's not always about the highest offer. If you have patience and time, keep looking for "the one" and IMHO don't settle.

Risa Liebster, Realtor®
Keller Williams Realty
0 votes Thank Flag Link Mon Apr 26, 2010
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