Tuesday, September 13, 2022 / by Amy Brown
Fast, Good, Cheap model as it applies to the hottest real estate markets
I was talking to some lovely clients yesterday about the activity in certain real estate hot spots across the country, which Asheville is definitely one. And I wanted to put the current state of affairs into an analogy that we can all relate to.
You have probably heard of the Fast, Good, Cheap scenario. You can have up to two choices but you can never have all three. For example, you are going to remodel your bathroom and you hire a contractor. If you hire the contractor that is fast and good, the work is not going to be cheap. If you hire the contractor that is fast and cheap, the work is not going to be good. And if you hire the contractor that is good and cheap, the work is not going to be fast.
This trifecta applies to real estate as well on the terms of the three most important considerations when buying a home; location, budget, and home condition. Any time that you are shopping for a resale home (anything that is not new construction), compromises will inevitably be made. If you find a home in the perfect location that is within your budget, it is probably not in perfect condition and will need some work. If you find a home that is in the perfect location and in excellent condition, it will be over budget or in a multiple offer situation pushing it over budget. And if you find a home that is within your budget and in perfect condition, it more than likely is not in your ideal location.
By going into your home search with realistic expectations, you can minimize your frustration and understand better why some properties will be in the dreaded "bid" scenario and some won't be. The easiest compromise to stomach for most homebuyers is home condition. Because while our finances are usually set, location is now and will always be the "king" of real estate since that is one element that we do not have the power to change.
When you hire an agent to work for you, you are also gaining access to their contacts and connections. Know that I have a book of contractors, plumbers, electricians, landscapers, designers, etc. that can help you with any design or mechanical flaw to get you into the home of your dreams.
It is my goal for you to LOVE your home, so let's work together on creative solutions to find exactly what you are looking for! Take a deep breath...I have your back!
You have probably heard of the Fast, Good, Cheap scenario. You can have up to two choices but you can never have all three. For example, you are going to remodel your bathroom and you hire a contractor. If you hire the contractor that is fast and good, the work is not going to be cheap. If you hire the contractor that is fast and cheap, the work is not going to be good. And if you hire the contractor that is good and cheap, the work is not going to be fast.
This trifecta applies to real estate as well on the terms of the three most important considerations when buying a home; location, budget, and home condition. Any time that you are shopping for a resale home (anything that is not new construction), compromises will inevitably be made. If you find a home in the perfect location that is within your budget, it is probably not in perfect condition and will need some work. If you find a home that is in the perfect location and in excellent condition, it will be over budget or in a multiple offer situation pushing it over budget. And if you find a home that is within your budget and in perfect condition, it more than likely is not in your ideal location.
By going into your home search with realistic expectations, you can minimize your frustration and understand better why some properties will be in the dreaded "bid" scenario and some won't be. The easiest compromise to stomach for most homebuyers is home condition. Because while our finances are usually set, location is now and will always be the "king" of real estate since that is one element that we do not have the power to change.
When you hire an agent to work for you, you are also gaining access to their contacts and connections. Know that I have a book of contractors, plumbers, electricians, landscapers, designers, etc. that can help you with any design or mechanical flaw to get you into the home of your dreams.
It is my goal for you to LOVE your home, so let's work together on creative solutions to find exactly what you are looking for! Take a deep breath...I have your back!
