The amount of homes for sale in Tri Cities right now is low, and many people are looking to buy. The result: A seller’s market! Don’t worry if you are looking to buy though. People are still finding the homes they want, it just takes a good strategy to do so.
In this article I’m going to address criteria when it comes to buying in a seller’s market.
If you’re getting into the house hunt, chances are you have quite a bit of things in mind. You want certain things a certain way. You have a criteria. And you should. After all, you’re not buying a TV or microwave – you are buying a house! For most of us, this is the biggest purchase we will ever make.
We all have that dream home picture in our minds, and from this we build our criteria:
Here is an example of what someone’s criteria might look like:
Single story
4 bedrooms
At least 2 bathrooms
A big backyard
Enough room for a pool and basketball court in the backyard
Located in West Kennewick
Easy highway access
Close to shopping
Granite countertops
New appliances
Mature landscaping
Helicopter landing pad on the roof
Okay, so… the bad news: You might need to live without the helicopter pad in today’s market.
The good news: with a few adjustments in your criteria, you can find a perfectly suitable home to enjoy.
Here is what I suggest:
Make a list. Get a sheet of paper, a writing utensil of some sort, and a few minutes of your time. Oh, and bring an open mind too. Finding the “perfect” (quote mark fingers in the air) home to match your criteria might be hard to do. But adjusting your criteria a little bit just might find you a home that ends up being a perfect fit, even it didn’t match your original criteria. I’ll give you an example below, but first, try this.
1. Make a list of needs: Do you need the helicopter pad, or is that more of a want? In an a more practical sense: do you need a balcony or want one? Or even: Do you need 4 bedrooms, or would 3 be enough if the house was laid out perfectly and had a bonus room? And relating to location: Pasco might be ideal for you, but would a great house in Kennewick or Richland do the trick? Mature landscaping sounds great, but could you entertain a newer home and let that landscaping mature for a few years while you live in the home?
2. Now go ahead and make a list of those wants. You want the big trees, you want the pool, you want the tiled living room floor. If you come across a home with mid-sized trees, room for a pool, and laminate flooring, you could work with it. Then in the event you come across a few similar homes, your wants can become your tie-breakers.
3. Make a list of NO’s. What are your absolute nots when it comes to making this big purchase? Is a certain area too far from work? Could you go a little smaller than your original number of square feet, but absolutely not below another number? While you might need to make some small concessions in a seller’s market, you do not want to be sitting in your house 3 months from now with buyer’s remorse saying, “Why did I settle for this?”
A recent case study: Bruno and Susan
Bruno and Susan had been renting in Tri Cities for about a year before they said, “Now is the time to buy.”
They’re original criteria was this:
3 to 4 bedrooms
2200 square feet or bigger – enough room for a dining room table, space to entertain large family gatherings, room for an office, guest room for grandkids.
Single story prefered, 2-story would work
West Kennewick or South Richland
Priced under $285,000, but $280,000 or under would be better
10 years or older with mature landscaping
I spent some time looking within this criteria with them, and they couldn’t quite find what they were looking for. You’ll notice that they did not have anything crazy in their criteria either. There just wasn’t a lot to show.
They started to get a little discouraged.
I told them, “Why don’t we expand your search to South Kennewick and West Pasco?” Bruno and Susan originally wanted West Kennewick or South Richland because that would put them within a 10-minute drive of both of their daughter’s houses. The agreed to look a little outside of what they had originally planned.
The result? We found them a beautiful home in West Pasco! Built 13 years ago, 3 bedrooms plus a den, formal dining room, mature landscaping, 2-story with a view of the Columbia River from the master bedroom, and about 2400 square feet. Oh, and it was under $280,000. The compromise? They now have a 13-minute drive to one daughter’s house, and a 17-minute drive to the other daughter’s house – just a little over the 10-minute drive they sought after in the beginning. So, one small sacrifice (and sacrifice is probably too strong of a word), and they found a home that they absolutely love.
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Pictured: Susan getting the keys to her new home!
What you can do:
If you are looking to buy a home in the near future in Tri Cities, understand that there is not a lot for sale right now. To give you an idea, in March of 2013 there were 1243 homes on the market. In March of 2014 there were 1084. In 2015 it was 854 homes for sale in March. In March of this year (2016) the number of homes actively listed in Tri Cities was 513. So, a short supply to say the least!
With such a short supply, you need to be actively looking. Not just on weekends. If something comes up that fits, or is close to your criteria it is a good idea to see it that day. Many homes are selling within a week; some within days.
Also, have an open mind – to some degree. While you might make some concessions in your criteria when searching, do not compromise in things that are the most important to you. The purchase of your home should feel right.
If you are looking for an agent to help you find your next home, I know a guy. His name rhymes with Glen Gosch. Okay, it’s me. Go ahead and contact me if you are looking to buy a house in Tri Cities.