Ah finally! You’re all squared away with an awesome Realtor and it’s finally time to start the house hunt.
Despite how long this process can take, it’s relatively straightforward. Mostly, in this current market, we open doors as quick as possible, make an expedient “pass” or “offer” decision, then rinse and repeat until your land a house.
The actions themselves are simple, but the details can be nuanced. What you’re looking for in a home can be as specific or broad as you like. If you are uncertain, but know you want to buy, your agent will gladly help with that too.
But, no matter what you’re looking for in a home, here’s a simple way to organize house attributes: Price, Condition, Location
Location – Where the home is located. This is the most obvious. The more in demand your location is, the more money the house costs.
Example: Tacoma’s Central Neighborhood vs South Tacoma. Although both areas are growing, but people are willing to pay more to live in Central.
Condition – This can be broken down into 2 subcategories:
Cosmetic – The cosmetic condition of the home refers to things like paint, counter tops, fixtures, and so on. Simply put, cosmetic condition refers to elements of a house that do not directly affect quality of life.
Structural – Structural condition refers to the components of a house that keep it standing, functioning, and safe for living. The roof, plumbing, electrical, foundation and so on are examples of this.
Price – The price of a home needs to be supported by the location & condition. It’s really a simple A+B = C equation. If the condition of your home is GREAT, but the location can only get so much money, you’ll have a probable maximum value. Pricing can be tricky in a rapidly moving market. If you’re into details and graphs the way I am, shoot me an email. I’ll send you the most recent Tacoma stats.
And Here’s How They All Work Together
First, your location and condition need to justify the price. This is that equation of location + condition = price. This is a very basic version of what real estate experts look for when determining the value of a home.
Second, as a buyer in a hot seller’s market, you usually pick 2 of the 3 as your priority. Examples:
You can get top notch condition, for the price you want, but may struggle to find that in the location you desire.
You find a house that’s in the location you want, for the price you want, but it needs quite a bit of work.
You get a house in the location you want and it’s in great condition, but you’ll be paying more than you wanted.
The good news is, when you work with a diligent agent, they’ll get you something as close to fulfilling all 3 categories as possible. The even better news is being aware of these factors ahead of time will help you make the best decision for you, by helping you direct your priorities.
Thanks for reading and happy Tacoma living!