What do you do if you can’t find anything in your price range?
This is happening a lot these days because the market is so tight in West Chester and Downingtown. However, although it feels like there is no “inventory” on the market- there are still plenty of homes sitting on the market that are being passed over by sellers. Whether you have lost out in a multiple offer situation or know someone who has- it can get quite discouraging. Yet, there are plenty of homes that are sitting and waiting for buyers.
What I’m seeing right now is that renovated, high-end, ready to move homes are flying off the shelves. The homes that have some quirks, might have some features that aren’t ideal, or haven’t been updated are getting showings but no offers.
The fact is if you are looking at properties the same way as every other buyer, and valuing the same features as every other buyer, then you will be competing head-to-head with every other buyer- and will drive the price up and out of your price range.
So how to view it differently to find the perfect home you can afford? Here’re 3 ways:
First, you can increase the amount you’re looking to spend. This doesn’t always mean you need to spend more- but look into financing options that will give you more money to spend. If you’re selling a house- you might be able to get more for it than you thought. Or you could look at homes with lower taxes or no HOA fees which would help you qualify for more.
Secondly, you could cut out features you don’t really need. Granite countertops are nice- but should you not consider a house unless it has them? Maybe you don’t need as many bedrooms if part of the basement could be an office. Or while walking certain places is nice, there’s a good chance you’ll take an Uber anyway.
Homes are a lot like people. Every one is different and none are absolutely perfect. Understanding the unique characteristics each home is going to help alleviate the feeling that your home has to be absolutely perfect. Focus on why you’re buying the house- is it the financial benefits of ownership or the lifestyle benefits? Zero in on your motivations so you know what features you might have to sacrifice.
Finally- get creative! I’m not talking about shady ways of finding money- but by being on the lookout for homes marketed poorly, ugly houses, homes that need updating, or homes that have oddities that don’t affect the standard of living. You might not get the kitchen you really want, but maybe a nice living room in which you can entertain would suffice. Bold colors and old carpeting is an easy fix and can often be financed- but it takes a creative eye to find those deals and a confident buyer to see the value.
BONUS STRATEGY: Approach the process like a “flipper”
If you find a house that has those “good bones” people talk about, then you can borrow the money to update the kitchen and bathrooms. We can help you out with mortgage products that can give you INSTANT EQUITY, by finding a great deal and updating it yourself. If you can see past the current state of the home and see the potential- doing the work yourself can bring you MASSIVE RETURNS. There is always the cost of getting the work done, but there is also the profit for being the one to see the value and take the risk.