By Rose Meily | [email protected] | Contributing columnist January 11, 2019 at 3:01 am A recent consumer survey found low housing affordability and the competitive market are forcing homebuyers to make compromises on their home purchases. Buyers are settling on price, size, location and school quality. The California Association of Realtors 2018 State of the California Consumer Survey found 44 percent of buyers bought a more expensive home than they wanted. Thirty-three percent purchased a smaller home than desired, 36 percent purchased a home farther from school/work than wished, and 30 percent purchased in an area where schools were of lesser quality. “In a competitive housing market, if you are comfortable with your choice of home and financing, it is all right to settle for fewer preferences or amenities than you’d like. It is important to be flexible and willing to make some compromises to get into your new home,” said Alan Barbic, 2019 president of the Silicon Valley Association of Realtors. Buyers typically spent eight weeks on their home search. In the hyper-competitive, supply-constrained San Francisco Bay Area, which had the highest incidence of multiple offers, buyers spent a median of 10 weeks in their home search. Buyers made… Read full this story
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