I recently put another Carmel home in escrow. I had been working with these clients for quite some time-looking for their perfect house. As with many buyers, my clients were hesitant to make a move given the economic uncertainty and credit crisis. However, when they found their house, it was clear that the time to buy was now. We knew this because several months ago I set them up on my Private Client MLS system and together we have been watching the real estate market.
Every couple of weeks I would receive a phone call from them about a new listing or I would send them a note about a pocket listing that might have been of interest. Over the weeks we looked at half a dozen properties, none of which were a perfect match.
With each showing we refined our search criteria. We explored different neighborhoods, and the pros and cons of Carmel vs Carmel Valley or Pebble Beach.
When we found interesting properties, they would save them their “favorites” folder and we would track them as the listings expired, sold, or had price reductions.
Two months ago we selected a property and made a well defended, clean offer, albeit well below the list price. We failed to “reach a meeting of the minds” with the seller and moved on.
Three weeks ago we identified a house that struck them as a nearly perfect match. Over a weekend we were able to put it in escrow, in competition with another buyer, and are now moving towards a close of escrow early next year.
The moral of the story? In this market be conservative as to price, take your time, learn the neighborhoods that most match your personality, but be open to finding a near perfect fit. When you find it, act.
Yes, houses are investments, but they are not interchangeable. If you find the house that speaks to you, make an educated and defensible offer. Owning a “good investment” is smart -living in the house you love is the real point of buying a home.
