Buying a home in Boulder County doesn’t have to be overwhelming
As a buyer do you find yourself “wanting to see everything” in your price range or “needing to look at just one more house or condo”?
You may truly believe that having a wide selection of homes to choose from is the only way to find one you love, especially when you’re buying your first home.
Guess what? It’s a proven fact that having too many choices only increases your chance of making the wrong choice!
Choice Overload Is Real
Research has shown that having too many choices – from selecting jam to picking a home – can overwhelm you with stress. You can become paralyzed with indecision, and may feel regret or dissatisfaction once a decision is made. Many can’t get past the thought that one of the other choices would have been better.
Has that ever been you? … Because by “buyers” I mean ME…my husband and I were trapped in this paralysis for over a year!
You see this “choice overwhelm” everywhere. An entire aisle of cereal is the norm now. At one time shopping for jeans meant Levi’s and Lee’s, and that was pretty much it. How long does it take you to find that perfect pair now?
What about your wedding dress or suit? This was one time I was not overwhelmed by the options. I knew what I wanted, and loved very first dress I tried on. It was simple, cotton, and $105. I agreed to shop for a whole day afterwards with my mom because she really loves that kind of thing and thought she could change my mind…but I went back the next day to store one, dress one, and bought it!
When there are so many options to choose from, it’s easy to end up in a situation where doing nothing becomes the easiest option. We’ve all walked out of a store empty handed or decided to delay making a purchase until “another time.” When you’re buying your first home, you have already decided “no action” is not what you want to do, so don’t overwhelm yourself!
When buying your first home, more is not always better
There are several strategies to make your search successful and satisfying from beginning to end. This means you’ll need to learn how to narrow down your choices.
Sometimes the market itself will limit your choices, but you’ll still need to make a decision at some point. Here’s how to do it:
- Spend time “researching” BEFORE you’re a serious buyer. Get educated about your local market in terms of price, location and features. Visit open houses, go online, and talk to trusted and reliable friends about how they made their home-buying decision. This way your expectations are realistic and you’ll be more confident when you do become a serious buyer. Do your best to keep this time productive and perhaps even with a deadline, but don’t feel rushed or stressed. That way you can move on to becoming a ready buyer, or you’ll still be “looking” two years down the road.
- Figure out your needs, wants, and even your deal breakers. I say this over and over again but it’s SO important to make a well-thought-out list and stick to it. Focus your time and energy on what matters to you. I recommend starting with what lifestyle you want to live and making your list from there. I am also a big proponent of taking stock of how long you think you will own your next home. Then consider how your housing needs will change over that time.
- Stick with your budget and price range. You’ll increase your doubt, confusion, and dissatisfaction if you start to see homes outside your price range. You’re just adding more choices (and not good ones for you!). You should have already done your research so this action is an unnecessary waste of energy and time once you’re serious about buying your first home. Along these lines, check your assumptions going into the budget setting process. Our Boulder County real estate markets experienced some wild years of price appreciation from 2020 – 2022. Those market dynamics are in the rear view mirror. I admonish you to avoid assuming that a home will automatically appreciate in value by leaps and bounds over time.
- Compare apples to apples. It’s not a good idea to compare homes that are in two very different locations – it will only lead to “analysis paralysis”! For example, a home in a newer subdivision, like Prairie Village, is most likely going to be bigger than a similarly priced home in Old Town. The lifestyles associated with those different neighborhoods are also quite different. A similar note of caution is needed for comparing rural properties to properties in town. In addition to significant lifestyle differences, rural properties can have different associated costs for maintenance and operations that you’ll want to consider. Rural properties also often have septic systems instead of a municipal sewer connection. These differences are not necessarily bad. I’ve owned homes in town and out in the country. Both can be great options. Take the time up front to figure out your priorities and then let those guide your home search.
Maxing Out Your Home Tour Itinerary Is a Great Way to End Up Overwhelmed
To avoid this happening, you first need to narrow your location by deciding what lifestyle you want. However, if you decide along the way that you want to be open to other locations, that’s okay. Home buying is a process that often involves learning about your priorities. Just be careful to compare similar homes within comparable location.
- Remember having “enough choices” doesn’t mean a large number. Too many choices can be daunting, so you want to aim for “enough” choices. This way you’ll be confident in your decision and satisfied that you are not shortchanging yourself with too few choices. Work with me so that you view “enough” homes that meet your list’s criteria.
- Keep eliminating homes and move on. When you view a home, it’s either a “yes” or “no” and then on to the next one. Eliminate as you go along so you can keep your selection to two to three homes. Don’t “keep it in the running” just in case! You’ll end up with too many “maybes” to whittle down. Another strategy is to ask yourself what home you like better—the one you are in right now or the ones you just saw. Then pick your favorite of the day.
- Don’t worry you’re missing out. I am here to help pare down the number of homes to view and keep you focused. I will explain why certain homes weren’t on the list to show you – i.e. they don’t match your list, are out of your price range, or have something that you consider a deal breaker.
- Avoid becoming an MLS junkie. It’s hard in today’s market to not search the internet to see what’s been newly listed. Just remember to keep it in check and limit the time you spend trying to catch every new listing. You can tell your agent if you’ve seen something that’s a match but don’t become obsessed or anxious about every new listing and second-guess too much.
- Focus on finding the “right-fit” not a “dream home”. If you are ready to make a move, being stuck “looking forever” carries its own cost. The cost of delaying your goals, and possibly not achieving them at all. I want you to find a home you love. As with any choice, you’ll need to accept that your decision on a home may come with some sacrifice of a “want” on your list. However, there’s an important distinction between a right-fit home and a dream home.
A little preparation and structure can really help keep you focused on your goals… so you can achieve them. If you’d like to learn more about how I help clients apply this framework, please reach out. You can schedule a call or a consultation. I’m here to help when you are ready.
Libby Earthman is a licensed real estate agent and Realtor, based in Longmont, Colorado. She was previously Executive Director at Putah Creek Council and West Coast Director of Development at Trout Unlimited. She currently serves on the Board of Directors for Inclusive Acres – Boulder County.
