Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Wednesday, March 4, 2020
Sometimes, if you can't find data to analyze to demonstrate a market dynamic, you should just make up the data or chart. Right? ;-) Well, not necessarily, but maybe just this once?
Here's something I observe time and time again...
- Buyers of "less expensive" homes are faced with fewer options of what to buy, more competition from other buyers, and usually, eventually, find themselves to be more willing to compromise on what they are looking for in a home - be that in size, layout, condition, age, etc.
- Buyers of "more expensive" homes have somewhat more options of what to buy, somewhat less competition from other buyers, and and are generally less willing to compromise on what they are looking for in a home - be that in size, style, finishes, features, layout, condition, etc.
And it sort of makes sense when you think of it from a price perspective...
- If I'm going to try to pay this little ($) for a house, I understand I might have to compromise in some other areas.
- If I'm going to pay this much ($$$) for a house, I want it to be exactly what I want in a home.
And it sort of makes sense when you think of it from a timeline perspective...
- Since I'm buying a less expensive home, I am likely won't be in the home as long before potentially buying a larger home, so it's not as big of a deal if I need to make some compromises.
- Since I'm buying a more expensive home, I am likely to be in the home for a long time, so I shouldn't compromise much at all!
As a side note -- this is one of the main frustrations for sellers of "more expensive" homes -- why do all the buyers have to be SOOOO picky? Why aren't they willing to compromise even just a little bit!?
Again -- a real phenomenon, but definitely a fake graph. :-)
