According to research conducted by the National Association of Realtors, 67% of buyers compromise before purchasing a home (NAR’s 2012 Profile of Home Buyers and Sellers). This goes along with what I tell all my clients. There is no perfect home.
It is very important to think about what you want in your first/next home before you start looking, but you also need to keep in mind that at some point you may need to make a compromise. Can you live with the smaller lot? The multi-level instead of the ranch? It is important to know your needs and wants as a buyer but to also understand where each want falls on a scale.
According to the NAR study, here are the most likely areas where buyers will compromise and to what degree they will do so.
- Price of home (18 percent)
- Size of home (16 percent)
- Condition of home (16 percent)
- Lot size (13 percent)
- Style of home (12 percent)
- Distance from job (12 percent)
- Distance from friend or family (6 percent)
- Quality of the neighborhood (5 percent)
- Quality of the schools (3 percent)
- Distance from schools (2 percent)
- None — made no compromises (37 percent)
- Other compromises not listed (8 percent)
I know years ago my husband and I compromised on the style of our home so we could get the location we wanted. No regrets here!
Compromise is not necessarily a bad thing, it may just help you get into your next home.