Buy the House with Broad Appeal
There is one piece of advice we have lived by for years when buying property ourselves: buy the house everyone wants. Not the most unusual house. Not necessarily the best house on the block. Buy the home with broad appeal. If buyers want it now, there is a strong chance they will want it again in the future. Sometimes that means buying a house with multiple offers. Sometimes it means bidding over the list price. That does not mean overpaying. It does not mean chasing every multiple-offer situation. It means keeping future demand in mind when deciding which home to buy.
There is one piece of advice we have lived by for years when buying property ourselves: buy the house everyone wants. Not the most unusual house. Not necessarily the best house on the block. Buy the home with broad appeal. If buyers want it now, there is a strong chance they will want it again in the future. Sometimes that means buying a house with multiple offers. Sometimes it means bidding over the list price. That does not mean overpaying. It does not mean chasing every multiple-offer situation. It means keeping future demand in mind when deciding which home to buy.
Demand Matters
Over the years, we have flipped more than 30 houses and have personally bought many homes in multiple-offer situations. Peter paid asking price for his last two homes because he saw future appeal and long-term upside. Tregg once bought a house with 22 offers, and after some work, it later sold for nearly three times the price. Competition should never be the only reason to buy. But it does tell you something. It shows that the house has qualities buyers recognize. The key is to understand why so many people want it. A house with broad demand gives you more flexibility later. If life changes or the market shifts, you are not trying to convince buyers to care. The market already understands the house.
Over the years, we have flipped more than 30 houses and have personally bought many homes in multiple-offer situations. Peter paid asking price for his last two homes because he saw future appeal and long-term upside. Tregg once bought a house with 22 offers, and after some work, it later sold for nearly three times the price. Competition should never be the only reason to buy. But it does tell you something. It shows that the house has qualities buyers recognize. The key is to understand why so many people want it. A house with broad demand gives you more flexibility later. If life changes or the market shifts, you are not trying to convince buyers to care. The market already understands the house.
The “A” House Versus the “B” House
Like most buyers, we prefer to avoid competition. Everyone wants the deal no one else sees. Sometimes those opportunities exist. But often, there is a reason no one else wants a house. The location is compromised. The floor plan is awkward. The work required is too great. The home is too specific. An “A” house does not have to be perfect. It simply has the qualities that create lasting demand: a location people understand, a floor plan that makes sense, a scale that fits the neighborhood, and ideally, that intangible feeling we often call “soul,” which buyers recognize quickly. A “B” house may look like a better deal on paper, but the discount is not always a gift. Sometimes the discount is the market telling you something. And in the future, the house may again need to be offered at a discount.
Like most buyers, we prefer to avoid competition. Everyone wants the deal no one else sees. Sometimes those opportunities exist. But often, there is a reason no one else wants a house. The location is compromised. The floor plan is awkward. The work required is too great. The home is too specific. An “A” house does not have to be perfect. It simply has the qualities that create lasting demand: a location people understand, a floor plan that makes sense, a scale that fits the neighborhood, and ideally, that intangible feeling we often call “soul,” which buyers recognize quickly. A “B” house may look like a better deal on paper, but the discount is not always a gift. Sometimes the discount is the market telling you something. And in the future, the house may again need to be offered at a discount.
Advice We Live By
It is okay to buy the house that attracts competition, but only if the value is still grounded in reality. Do not chase square footage just to have more space. Do not buy something so specific that the next buyer will need to share your exact taste, priorities, and life circumstances. The best homes tend to have enduring appeal. Buyers want them in different markets, at different times, and for different reasons. If they want it now, there is a good chance they will want it later.
It is okay to buy the house that attracts competition, but only if the value is still grounded in reality. Do not chase square footage just to have more space. Do not buy something so specific that the next buyer will need to share your exact taste, priorities, and life circumstances. The best homes tend to have enduring appeal. Buyers want them in different markets, at different times, and for different reasons. If they want it now, there is a good chance they will want it later.
Your Trusted Advisors,
Peter and Tregg
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