June 19, 2008

Does More Inventory Mean Better Selection?

Does it seem like though there are more homes on the market, it’s still just as hard to find the right one? I went through 2 years searching and 3 real estate agents before I finally found a house I liked enough to buy.  Now I still watch to see what new homes come on the market and I haven’t seen anything I like better (phewf! ). I get my daily Redfin email updates with all the new properties on the market in my search area and it’s only just a few listings per week. I’m so glad I pounced when I did because even though it’s a “buyer’s market” the search is not any easier. Seattle Bubble has a great post that inspired me to write this one, since I really thought I was the pickiest person on the planet and no one could ever possibly feel the same way I did.

When I was house hunting I saw plenty of homes but most were just not quite right. Top priorities were a good location and functional floor plan. If the first requirement was met and I actually would go visit the home, the unpleasant surprise of a weird renovation or small 1905 bedrooms would deflate my enthusiasm. My least favorite home renovation idea is to install a stairway from the kitchen to the basement (where the only original access was via an exterior stair). Beyond being just plain weird visually and functionally it seems like it would be an expensive project. I once saw a bedroom built off of another bedroom with a door separating the two. And corner fireplaces that have been added on are also bizarre in my book. Am I the only one who is annoyed by these little details?

After the 2005-6 house buying frenzy all the not-so-picky people dying to get into the market scooped up all the homes with “character” (aka anything they could get their hands on and a bank to finance) only the most discerning individuals remain in the market. As Seattle Bubble points out, the difference today is not the rate at which homes come on the market, it’s the rate at which they go off. The number of new listings is the same as in the 2005-06 timeframe but number of stale listings is going up and up and up. Bigger selection just isn’t better.