As I considered the best insights to share about today's real estate market, two key
themes emerged: the luxury market has slowed, and buyers are more critical of
properties than ever before.
Despite this scrutiny, properties that meet all criteria continue to sell well. It seems buyers are cautious and often look for reasons not to
commit in this market.
With that in mind, refining and understanding your property checklist is crucial. Dana Bull, a Compass colleague from Boston, shared valuable advice in a CNBC article. Inspired by her insights, I’ve tailored and refined this guidance for the Ross/Kentfield market.
Use the 80-10-10 rule to simplify your search
I did not make up the 80-10-10 rule — I wish I knew who did so we could
credit that person. But over time, it’s become a widely adapted industry
metric.
Using it as a guideline, the right house for you will have:
80% of what you love: This is the foundation of your dream home — the
elements you can’t live without. Think location, lot size, privacy or architectural
style. These are the features you’ll be hard-pressed to change.
10% of what you can improve: These are things you can upgrade over time
to bring the home closer to your vision, such as paint color, countertops,
flooring, landscaping or cosmetic fixtures. Improvements can be done as you
settle in.
10% of what you can live with: There might be a neighbor’s fence you’re not
keen on, a water tower in the distance, or a telephone pole on the corner —
and although these aren’t ideal, they may not be deal-breakers. If it’s minor
and livable, don’t let it overshadow the 90% that works.
