Heads Up Home Buyers – 80/20 is the Rule!

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Heads Up Home Buyers – 80/20 is the Rule!

Yes, indeed, the old 80/20 rule applies to the Orange County home buying process.

You know this rule right?  Attributed to that Italian guy, Pareto, adapted into modern jargon meaning ” the vital few and the trivial many.”  In Pareto’s time, 20% of the people owned 80% of the real estate.  Now, 20% of the tax payers pay 80% of the total tax collected.  20% of Realtors sell 80% of the houses.  Well, when it comes to buying a home, the rule is:

When you find 80% of what you’re looking for, BUY IT!

Home buyers typically have two problems with this Real Estate Rule. 1. They don’t know 100% of the things they are looking for in a home, and 2. They don’t believe they’ll have to give up any, certainly not 20%, of the things they want, once they figure out what they want, and put it on the “I gotta have it and I won’t live without it list.”  And the crazy thing about this rule (and what made Pareto such a smart cookie)  is that it applies to every price range in every city in the world.  Period.

No Way!, you gasp.  If I had enough money, you say, I would be able to get EVERYTHING I want in a home.  Ha.  Just like money can’t buy you love, money can’t get you over the 80% mark.  Just read on, you’ll see.

So what really happens during the home buying process?  Here’s how the 80/20 rule works – in a mosaic of scenarios.

Perfect Location vs Reasonable Floor Plan

The kitchen has granite but no window, and it’s not connected to the family room.  But it feeds to the right schools and the kids can ride their bikes to get there.  The relief from carting three kids back and forth to school far outweighs the slightly less desirable floor plan.  80% there.  Sold.

Everything Fits – But I Might Have to Fix Something

The dining room is big enough for your prized antique – Great Aunt Cordelia’s 12 place dining room table and massive buffet that came over on the Mayflower. But it is connected to the living room and not a separate formal dining room like you wanted.  And it has popcorn ceilings.  Showing off your antique overwhelms the less desirable room configuration and you can deal with the popcorn for now.  Got that 80%.  Done Deal.

Grand Estate – in DisRepair

The yard is gigantic – the largest lot on the street.  It  has grass, but no trees, beds, or hardscape.  And the fence is falling down.  The house is big enough, but the master is too small for your exercise equipment.  You’re all in.  Plans for the pool commence immediately.  80% Rules.

Fabulous Community vs Ugly Stove

The neighborhood is fabulous, lots of your freinds with kids live there, but the home, built in 1970, is a little small.  There’s no family room – just a living room, and it still has the original avacado green oven and stove.  You decide retro is the new you and make the life-style choice to be with your friends.  80% Dream Come True.

Get Over Yourself vs Build It Yourself

The home is drop-dead gorgeous by anyone’s standards.  Straight out of Architectural Digest.  Just like a model home.  6 bedrooms and 8 bath rooms, library, guest suite, infinity-edge pool, and outdoor kitchen with 4 flat screen TVs.  But you like white cabinets in the kitchen, not dark black faux finish.  And you’d prefer the Wolf unit the signature red knobs over the six burner Viking cook top.  And you’d have to change the coffered ceiling in the library from hammered copper to cherry wood to match your desk.  And the wine cellar only holds 600 bottles and you typically have 1800 in your collection.  Open Escrow.  80% feels like a million bucks.

This is just my way of saying when you find 80% of what you’re looking for, you’re doing great.  Make an offer.  Quickly.  Especially if its 80% of your top priorities.

Need help finding your 80%?  I’m ready when you are. Leslie 949-678-3373

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