buyers should not buy a home
A good reason not to buy a home in Sacramento is a buyer might not be able to afford it. Looking at the situation purely from a financial point of view, it should not be that difficult for some Sacramento home buyers to understand why a seller would refuse to make a home “affordable” for them by discounting the sales price below market value. Especially an investor who looks at his investment the same way one might consider shares of stock: it’s impersonal, and the only thing that matters is whether the price has gone up or down.
Non-affordability is not an argument nor a negotiation tactic. If you’re standing by the entrance to a freeway with a sign that says Will Work for Food, it’s possible a passerby might offer you a job or a good-hearted driver might flip you a twenty, but asking for charity when you’re buying a home is not quite the same thing. Yet, that doesn’t stop buyers from requesting it. Further, a refusal does not mean the seller is a meanie and big ol’ grouch, either.
An agent asked my seller yesterday to “have mercy” for his buyers, because they are young, with a small family, struggling and pregnant. These stories have a time and a place, we encounter them every day, but do they pertain to housing, to Sacramento real estate? Are sellers heartless, cruel and without compassion if they don’t reduce a sales price so cash-strapped buyers can purchase a home that is outside the boundaries of their financial reach?
I wonder if buyer’s agents should push a product that people can’t afford to buy? Not every buyer needs to own a home. Not every buyer should own a home. Maybe, just maybe, the buyers should not buy a home. There is no shame in renting a home, and millions of people are tenants. If people did not want to rent a home, there would be little reason for investors to buy single-family homes or condos as a long-term hold investment.
Yes, I realize just about every Sacramento real estate agent you run into will say you should buy a home. But maybe you should not.