Monday Market Update: A Goldilocks Tip For Homebuyers

Homes are a lot like clothing in that one size certainly does not fit all! If you have followed our blog, you may have heard us use the term ‘rightsizing' to describe when those aged 55 and older are choosing the right size house for them (and we don’t say downsizing because it is not always smaller!). Just last week, Realtor.com® used the philosophy of ‘Just Right’ sizing to help buyers of all ages navigate how to get into a home today – and what type.

Amidst the challenges of rates, inventory and prices – buyers need to prioritize their needs now more than ever. Notice we said needs – not wants? Realtor.com® shares that buyers usually start out with their personal list of must-haves, but that if you look at each person’s individual goals, values and needs, this must-have list may be quite different than what makes sense. 

So how exactly do you dial down all that you want to your ‘just right’ place? Start with these four features: 

#1: BUDGET

Just right sizing means not breaking the bank when you buy your home. Period. Be sure to account for not just your down payment and what you qualify for but look at your total monthly costs of ownership (short and long-term). 

#2: LOCATION

Some zip codes are considered more desirable than others. But if you don’t have kids, your just right place does not need to be within range of top schools. Does your just right location have to be walkable to go to dinner, or would a 10-minute drive suffice? Is the commute manageable; is the area really as good as it seems? Be sure to explore locations in different times of day and night as well as weekends. 

#3: INTERIOR USES

There is often a big difference in price and competition for a 1 bedroom vs 3 bedroom, or a 2 vs 4 bedroom. What rooms do you need… and why? Could your living room be a guest room for that one relative that visits once a year? Would you actually use that formal dining room, or turn it into a home office? A just right size house is not just about square feet or number of rooms but how the space will realistically work for you. 

#4: EXTERIOR APPEAL

You might love that expansive patio, but do you like to entertain at home? Do you and your friends usually meet for hikes or travel? Is that sparkling pool out back worth the cost, or would you rather put those funds into inside improvements? There are many trendy outdoor features you can fall for, but be sure to focus on what you would really use, or even what you can add later when time and money allow. 

How is your current place just right for you? Even if you are not buying (yet), there is always something to be said for appreciating what in your life is working for you. Some days you have to dig deeper than others, but there is always something that brings you joy. 

Best wishes,

Bobbi

Bobbi Decker
DRE#00607999

Broker Associate, Bobbi Decker & Associates
650.346.5352 cell
650.577.3127 efax
www.bobbidecker.com
NAR Instructor….“Designations Create Distinctions”
CIPS, SRS, ABR, CRS, SRES, GRI, CLHMS, REI, AHWD, RSPS, MSLG

Bobbi Decker & Associates fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. For more information, please visit: http://portal.hud.gov/