Jeff’s Carlsbad Blog for First Time Home Buyers

No – A Popular Word?

Posted in General Information,House Hunting,Housing Market,What do I Buy? by Jeff Dowler on June 16, 2007

It’s an “interesting” market out there, at least here in Southern California. The issues in the sub-prime market and stricter standards on the part of mortgage companies (and the disappearance of some loan programs) has made it tougher for buyers to qualify for  mortgages, especially first time home buyers. So many cannot qualify any longer for a home in our area because of prices, which had dropped in the last 1-2 years but seem to be rising in some areas (well, the median is, but that seems to be because higher-end homes are selling pretty well).

NO is a popular word on the part of mortgage companies.

In this type of market, with large inventories and lots of competition, many sellers still can’t face reality about prices. Some have unrealistic expectations about what they can get for their home sales. Or because of the situation they have found themselves in they NEED to get  a certain amount (bought another home already….bad mistake).

NO is a popular word from sellers – NO, I won’t list at that price I need more; NO, my house is worth more than that; NO, that offer is too low; and so on.

Buyers, too, find that NO is a popular word. In many cases they are justified in saying NO, but not always. I hear it all the time.

  • NO, that costs too much; I won’t pay that price
  • NO, I don’t like the color of the walls, the size of the kitchen, the flooring, the way the house looks, and so on
  • NO, I don’t need an agent; I’m just looking

Just a few examples of this popular word. Sound like YOU?

I absolutely do NOT advocate paying more than you should for a home, and saying NO to a seller’s price that is unrealistic is appropriate. Just be sure you know the market well enough to say NO. And are you missing out on a home that IS priced well but you just want a great deal. Or are in the habit of saying NO to every home you see.

Are you being too fussy? Do you want pie in the sky? Are you saying NO to things that can readily be changed? The paint color of the kitchen, the ugly tile floor in the bath, the linoleum in the hallway, and so on. Are you looking for excuses to not buy?  Certainly there are things about a home you will not like, and with the inventory you might feel if you keep looking you will find exactly what you want. Maybe. Just be sure you are not being so fussy that you will say NO to every home you see and NEVER be able to buy anything.

Or pass on the home you love, thinking you will find something better, then go back to the home only to find someone else snatched it up. Happens all the time.

So consider what you are saying NO to. And why. It might be appropriate, but perhaps not. Don’t let NO become a habit. Use it when it’s the right thing to do.


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