I tell all of my buyers to trust their numbers, above all - but what do we do when the numbers don't capture the intangible elements of a property that make it perfect for you? The perfect garden, the perfect location, the perfect, private swimming hole?
Your numbers revolve around your budget - your monthly payment, your down payment, your cash on hand after closing - and on these, you should rarely compromise. If you've worked with a team early and often to get a good sense of what you can afford, trust that number!
The property's numbers, though, can get murky. On paper (in spreadsheets), price per square foot and average sales look so straightforward and tidy, but there is inconsistency behind those numbers, and they don't tell the whole story.
Price per square foot is an agent-entered field in MLS - it doesn't have to match public record! Agents can use a higher number, measured or otherwise, for marketing purposes if they choose to do so, and that impacts both neighborhood averages moving forward, and your analysis on a particular house.
Average sale price is entirely dependent on how broad (or narrow) a net you cast for comparable sales. "Sold recently near you" suggestions don't take into account condition, let alone unique characteristics.
Let us not forget that one man's trash is another man's treasure - just because you trust your numbers, doesn't mean another buyer's numbers (and motivations) aren't different.
Intangible features are difficult to search for, because they're not database-friendly. We can set saved searches by town, by acreage, by number of fireplaces, but because these fields are populated by humans on the other end of the API, setting parameters that are too granular can lead to missing things.
On the other hand, some things will never pop up in MLS. The swimming hole near our New Hampshire camp is a town secret, not visible on satellite view online and not signed in any way. We only found it by following the trail of mysterious cars turning around in our driveway! Your dream perennials might be planted in a bed beneath a snowbank, but if you're buying in January - a terrific time for a buyer-friendly transaction - you won't know what you've got until it grows.
Other intangibles that could be more valuable to you than the data might otherwise suggest:
- a wet bar
- a butler's pantry
- a second staircase
- a greenhouse
- a garage that won't fit a modern car but definitely fits your gym or wine cellar
- a tile palette that feels like home
- built-in bookcases or radiator covers
- a pool (extremely divisive!)
- solar panels (also divisive)
- an open kitchen, or a closed kitchen
- an ideal guest suite
I'm here to tell you that it's perfectly reasonable and valid to offer a little more than might make sense on paper, on a property you can't stand to lose. At what price (within your budget) are you willing to let it go to someone else? We're always afraid of "over paying," but if what it's got is perfect for you, that's worth something, too.
And, if you’ll be in central New Hampshire for Labor Day, I know a great swimming hole. 😘