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Health & Fitness

The 80/20 Rule for Buyers When Purchasing a Home

With a large inventory still on the market and interest rates still historically low, buyers should be thinking seriously.

With a large inventory still on the market and interest rates still historically low, buyers should seriously be thinking about the opportunities that await them. While there are many homes on the market to choose from right now, I would like to caution you as you go through your home search process, of the understood “rule” in real estate you will need to follow… it is called the “80/20 rule,” which states: if you get 80 percent of all of your wants and needs when it comes to the “Perfect Home” you will have done well!

Even in this market, the expectation of finding 100 percent of what you are looking for in a home might be a little bit unreasonable. Prioritize your wants and needs so you can focus on the things that matter to you! There is no sense wasting time looking at homes that won’t measure up — whether you need a four bedrooms home or you need a main level master or if you have to have that two-car garage — only look at homes which meet those specific criteria. Have a good understanding of what you are willing to accept or not, then prioritize accordingly, prior to starting your home search. This is crucial in the process!    

Most always, homes are priced according to location, condition and size. If you are looking to move into a neighborhood, do a drive-by of that neighborhood prior to having your REALTOR make the appointment, to ensure it is a neighborhood in which you would want to live — it may not matter what the inside of the home looks like if you don’t like where it is located. If you are not up for the challenges of updating a home, you need to look at homes that WILL suit your needs, but do understand there is a price attached to that. If you are a large or small family, look at the space to make sure it will suit all of your family’s needs. You probably could tell if you need a 1,500 square foot home or a 2,500 square foot home but floor plans can be deceiving based on style, so visiting the home may be best to judge. 

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Word of advice… When beginning your search, and each time you go out with your REALTOR, ask yourself this one question: “If I had to buy a home today out of all the homes I have seen so far, which one would I choose?” Rate each home in the order of first and last choice — this will help you in your decision making process.

In closing, I would say, you do not need to be overwhelmed by the amount of inventory that is currently out there. It is not necessary to see each and every property on the market in your price range, but you do need to see enough to know that when you’re at the point of making a home buying decision, you know enough and have seen enough to know that the decision you are about to make is the right one for you! Everyone’s process is different — some buyers need to see 20 homes, while some need only see a few. There is no rule to that! In either case, it is what works for each individual buyer. 

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If you are at the point where you are thinking about taking advantage of the “opportunities of homeownership,” please feel free to contact me, or my partner Laurie Levitt for a FREE, no obligation Home Buyers or Sellers Consultation. As a first time home buyer, this may help you put things in perspective, providing you with the tools that you will need to help guide you through the process. If you currently own your home — we have the tools to assist you there as well.  

Your Key Real Estate Team ~ Laura & Laurie

Contact Laura Cruger @ 203-948-1103 or Laurie Levitt @ 203@-733-1393 Visit our website @ www.crugerandlevitt.com Email us at:  laura@crugerandlevitt.com or laurie@crugerandlevitt.com

View the 3rd Quarter 2011 Market Watch

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