Making Better Decisions (Not Perfect Ones) in the Home-Buying Journey

Buying a home is an emotional experience. We all dream of finding that perfect place, but the reality is most people prioritize lifestyle needs and affordability. This often means compromising on some wishlist items.

Going over a wishlist for a buyer’s dream home, I sometimes lean on the concept of “the buyers ‘Iron Triangle.’” The concept is that there are 3 points on a triangle signaling three options - and to have success in buying a home, you can only Pick Two of the three.  Affordable Price - Ideal Location - Condition and Amenities of the home: Pick 2.

This was certainly true for Kara, and me. We had ourselves a list of ‘Requirements’ and ‘Nice to Haves’: a great home in our favorite neighborhood, close to all the shops, restaurants, and breweries we loved. We toured countless properties, but nothing ticked all the boxes at our desired price point. 

It was frustrating losing out on offers because we couldn’t offer high enough to compete.  Every loss was a setback. And every time someone else offered more, it set the new bottom. So we knew to compete we’d have to offer even more next time to compete with the other 6-15 buyers who also lost. It felt like a setback. 

The "Forever Home" Trap

Then it hit us – the idea of a "forever home" was adding unnecessary pressure. Most people move every 7-10 years.  We realized it wasn't realistic to pin down our entire future on one property. Way too much undue stress - “perfect” is never perfect.

Shifting Our Focus

With this realization, we shifted our focus. We prioritized finding a home that would meet our current needs and serve us well for the next 5-15 years. If we wanted the space, in a home we could live in, we had to add a bit of distance between us and our ideal location. For us, that was 2 miles - about 10-15 more minutes of commute time.

Finding Our "Good Enough" Home

We walked in and immediately noticed several things that set it apart: beautiful oak floors, well-maintained grout, a spacious garage, and a surprisingly large backyard (thanks to it being an end unit!).

It wasn't perfect – it wasn't in the heart of our favorite neighborhood, and it lacked some of the modern finishes we were initially drawn to. But it ticked 80% of our boxes, and more importantly, we could envision ourselves living comfortably and happily there.

The Power of Compromise

We faced a bidding war even in an area that wasn’t our favorite. Ultimately we ended up paying more than the asking price, waived our inspection, and had to put additional money down to get the seller to accept our offer.  Looking back, it was a smart decision. This home has allowed us to build equity, appreciate in value, and save for our future. But more importantly, it works for us for the next 5-15 years, but we have no intention of it being our “forever” home.

While we don't live right next door to all those breweries anymore, we've discovered new favorites closer by. And having less choice has been a blessing. But the fact is, in 10 minutes we can get back to that neighborhood with all our favorite shops, restaurants, bars, and breweries.

The Bottom Line

• Don't let the idea of "forever" hold you back. Focus on finding a home that works for you now and for the foreseeable future.

• Be flexible. Expand your search area and adjust your expectations to find a home that meets your needs at the right price.

• Compromise is key. Prioritize the two most important factors and be willing to give up some "nice to haves."

• A good home is an investment. Focus on building wealth through your property and use it as a springboard for your future.

Remember, you don't need a perfect home; you need a good home that works for you!

Bottom Line: The best time to buy real estate was 50 years ago, the next best time is today. Buy now if you can make sense of they payment then refinance when rates drop. It's a lot easier to shop for interest rates and refinance when you already own the home than it is to compete against all the new buyers that enter the market when rates drop.

My role isn’t to try to convince you to do anything you can’t justify or make sense of. It's to show you the data; It’s to guide you through the process; It's to help you avoid mistakes and pitfalls.  Plus, offer you tangible, actionable, sound objective advice using relevant data so you can make a great decision for yourself, your family, your partner, or whomever you are buying a home with little to no speculation about the market.

If you're making a move, reach out, and lets chat. Happy to brainstorm and come up with a solution that gets you a tangible and actionable plan that fits your unique situation.

Best,

Justin H Gazabat
Broker | PNW, Seattle, Ballard, East Side
Your Friendly Seattle Neighborhood Real Estate Professional.
www.JustinGazabat.com

PS: If anyone in your social or work circles considering a move, just send Me an intro text or email with their best contact info, make sure everyone is CC’d and I’ll take care of the rest! I promise to take great care of them, serve them well, make you look good, plus help them get great results.

PPS: Keep an eye out for a future blog that explicitly goes over how a home Works for you in more than one way…