Homebuyer expectations disappoint

Ahhh, the agony and the ecstasy of buying a home. Well, the ecstasy has largely been supplanted by anxiety and nervousness, but I'd like to think there's still a little taste of excitement and suspense (the good kind) inherent in making this lifestyle transformation.

Nevertheless, I see buyers in my own practice overindexing on the agony piece, for reasons they can control. One of those agony sources is rigid expectations, or being unwilling to compromise.

As a case study, let's look at a couple I recently worked with. They are moving to the San Francisco Bay Area in preparation for retirement, coming from more than 40 years of owning sumptuous, luxurious spreads on acreage in various other regions of the country.

For what they want to spend in our area, though, they're looking at 1,000 square feet of condo. Which could really work for them -- there are lots of new condo buildings in our area, with restaurants and espresso bars on the ground floor. Very urban, chic, sophisticated and grown-up: all the things these clients profess to be, or to want to be, in their retirement years.

The problem is not the inventory, it's their expectations. Coming from a town where there's nothing but new construction in sprawling suburbs as far as the eye can see, moving to a town that was mostly built-out 60 years ago presents a change of scene that is tough to get used to.

They find great condos in areas that "look too old" or "are depressing" for their lack of shopping malls, large expanses of grass and big-box shopping. (Funny enough, these are the same downtown spots all the "under-40" buyers are desperately trying to get into.)

Or we see condos they find grungy and dated in neighborhoods they find charming and lovely. Or we see cute condos in cute neighborhoods, where the condos are tiny and the neighborhoods are waaaaay off the beaten path -- so much so that they wouldn't be able to commute to their last few years of work without major drama and expense. That's not the lifestyle they envision, either.

They worry that wherever they end up, they'll struggle to give driving directions to their friends so that they'll never have to see a homeless person or old, grungy neighborhood. Every place we see is close but has some fatal flaw -- and the definition of fatal seems to be evolving and expanding over time.

When the place works and the neighborhood works but the driving directions are objectionable -- that's when I have to cry foul and put it to them straight: These options represent the cream of the crop in your price range. Decide what's most important to you, then choose a house. Or rent.

And it's not just them. Entry-level house hunters can find the right home in the right 'hood, but those two elements are almost unheard of with the elusive second (or third) bathroom, or large-enough closets or bedrooms. Or they can't seem to find a dining room large enough for their Restoration Hardware table set. (Note to buyers: Buy the furniture to suit the house, not vice versa. Thanks. Moving on.)

Clients who can spend twice as much can find the perfect house just fine, but not with the requisite view, or deck square footage, or mix of walkability and country feel. ...CONTINUED

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