Location, Price, Condition (Pick 2)

If you are like me and most of the rest of the world, every now and then you find yourself scrolling through social media posts and before you know it, 20 minutes have passed and your find yourself down a rabbit trail.  One day on one of my electronic excursions, I happened across a video of a contractor laying a tile floor in a bathroom.  The sound with the video mentioned that with most jobs people want them done cheap, fast and good.  The video said you can pick 2 of them but you can’t get all 3.  If you want a job done good and cheap then it won’t be done fast.  If you want it completed fast and good then it won’t be cheap.  If you want that job done fast and cheap, then it won’t be good.

I got to thinking about this and I believe this translates to real estate here in the current Triangle Real Estate Market.

When we discuss “the market” here in the Raleigh/Durham area, there are 3 factors that must come into play…………price, condition and location.  

Most buyers come into their home search with a specific location that they want to live in.  This could be a radius area around work or the airport where they want to live within a certain distance drive to and from each day.  This could be a specific neighborhood or school district that they want to target their search.  

Price is always a determining factor when conducting a home search for buyers.  99.9% of the population have a budget and can only afford a specific price on a home so this limiting factor is probably the most important factor in a home search

Condition tends to be the most flexible of the main factors when searching for a home.  Often home buyers can afford the monthly payment but don’t have the excess cash to do needed repairs or renovations to a home so they may need a more “move in ready” home.  Others may be very handy and look forward to the projects ahead on a home that needs a little more TLC.  It can also matter on your timeline for moving into the home and if you even have the flexibility for making repairs before you move in or the patience for those items to be worked on after you move in.

When you approach your search for a home in the Raleigh/Durham area, be prepared to Pick 2.  If you want a prime location and you want a brand new home or newly renovated home, then you are not going to get a great deal on the price.  As a matter of fact, you more than likely will be paying a premium for that home.

Looking for a “good deal” on a home and still want it to be in great condition, then most likely the location is going to be farther out or not as convenient to everything you may want.  Is price and location your must haves in order to make the deal a good one for you?  Then be prepared to put some sweat equity into the home as its condition is most likely what is lagging behind in this equation.