Home buying’s all about compromise in today’s market

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Generally, it takes longer to sell homes this year than it did in 2006. This is primarily because the inventory of homes for sale has ballooned from the record-low inventories of recent years. When the listing inventory grows, buyers have more to choose from. They can hold out for what they really want without worrying about prices rising in the meantime. Despite the trend, there are areas around the country -- like the Claremont area of Berkeley, Calif., or Pacific Palisades in Los Angeles -- where listings are in short supply. In these markets, buyers aren't content to sit back and wait for the perfect English Tudor or Spanish Mediterranean. They are willing to make compromises. Rather than hold out for everything you ideally want in a home, be willing to drop some of your preferences. It's a good idea to write down everything you'd like to have in a home. Seeing the list can help you prioritize which items are the most important to you. Divide the list up into those ite...