Am I Realistic About My Home Search

 

Are you asking yourself, “Am I realistic about my home search”? If so, today I’d like to talk about what to do when you’re so frustrated with house hunting that you’d like to give up.  Typically, there’s one problem going on when people are very frustrated with house hunting and it’s understanding if their expectations are realistic.  The first thing I would suggest you do if you find yourself in this situation is look back at the houses that sold in your price range during the last 12 months.  There should be about 25-35% of those houses that you think you would buy if they were on the market today.  Otherwise, that might signal that you’re not really being realistic about how much house you can get for your money.

The second thing I would suggest you do if you are questioning, “Am I realistic about my home search”, and this is very important, is understand the average list price to sell price ratio in your area.  That means you need to take a look back at the last year and understand what percentage of their listing price most sellers were getting for their home. I can tell you along the Midtown Direct train line, where I help most people buy and sell homes, that number is pretty tight, usually between 97-99% of the listing price.  So, it doesn’t often help to think you’re going to find something for 80% of the listing price.

Lastly, I would tell you, give your Realtor permission to answer this question, “Am I being realistic about my home search and how much house I can get for my money?”  Now, if after doing that, you find that maybe you’re not so realistic about how much house you can get for your money, then I would suggest you just take a good hard look at your finances, perhaps consult a financial professional or a mortgage representative, and understand if there’s any flexibility you have in potentially raising your price range a little bit.

Myself, and anyone on my team, would be happy to help you find a home.  Please feel free to contact us. We can be reached by phone at 973-637-0004 or by email at Shannon@ShannonAronson.com. For great real estate information, please don’t forget to visit my website at www.NJRealEstateDirect.com.