09 Aug Epic Showdown: Location v. Finishes
The big question this year in real estate is “Where is all the inventory?” The biggest scarcity is the first time homebuyer supply.
Buyers under the $200,000 range are often faced with a sort of house hunter’s Sophie’s choice: finishes versus location. We all know the biggest group of buyers in this price range are millennials, and they do love their instant gratification. The dream is ‘next level’ turn key with nary a wall to repaint; simply move in post-Ikea shopping spree and begin walking to cool places in the neighborhood.
But what if you cannot afford your checklist in one of the higher demand neighborhoods? As Realtors in this market, we need to prepare our buyers up front that this choice may very well present itself. You may have to choose between location perfection and cosmetic perfection, or walkability versus space & other wish list items.
The upside to this choice? I think we will see a “horse-cart” phenomenon take shape in the city, as the local shops & restaurants come in behind the buyers who are now choosing space & other must-haves while compromising on location. They are moving to The Patch, Dutchtown, and other areas further south. Our fair city is about to get even prettier.