Why You Shouldn't Look at Homes Above Your Price Range

I'm working with several current home buyers. Recently, one did what most buyers do before they sign up with a real estate agent.  They did their research on the Internet and then they went to Open Houses. They even got a pre-approval letter before coming to me. (which is the best first step) They did everything right, except one crucial thing. They saw an Open House outside their price range.  And, they fell in love with the home. Sure enough, they asked me to go see it with them today. 

The couple said, this is exactly what we are looking for, except in a different price range. Uh oh! It is in a very desirable area with good resale value.  It lives up to the school system they want. This ideal home is in that area.  So if we can't go to a less expensive area, how can I help them find a home just like this one for less? I explained the dilemma to them. 

Here is the challenge for them: After viewing this home the "mental bar" has been set high and now they may feel that they have to "settle" for what they can afford.

To complicate things, it is a home of fine quality, craftsmanship, and has lot's of charm. I feel bad for them, because they have really fallen in love and now they will feel like they are settling when they purchase the home, instead of feeling excited about it. They plan settle into the area for a long time.

The lesson learned from this is to figure out your price range early. Not just what you qualify for in terms of a mortgage, but what you should spend on housing given your lifestyle and plans. Don't let the more expensive homes entice you into looking at them, causing you unnecessary stress, problem solved!

For assistance on buying or selling your home, contact:

David Demangos
Keller Williams Realty
Cell: 858.232.8410
Realtor® BRE# 01905183
www.AwesomeSanDiegoRealEstate.com

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