Be Firm on Your Needs, Flexible on the Rest

Think deeply about why you want to buy a home, says Josh Harris, a certified financial planner and lecturer in finance at Clemson University. Use those reasons to help distinguish between the features you need and the amenities that would be nice to have.

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Then, be picky about the must-have items, Stevens says. She tells of clients who recently were tempted to settle for a home with a defective floor plan — there was no shower upstairs with the primary bedroom. Stevens had her clients walk up and down the stairs and imagine doing that every morning to shower and get dressed. They decided to keep house hunting.

Be willing to compromise on cosmetics you can change and amenities you don’t need. Sometimes first-time buyers expect homes to look perfect, says Stephen Medeiros, president-elect of the Massachusetts Association of Realtors and an associate broker at Keller Williams Realty in Dartmouth.

Remember, you can repaint, scrape off wallpaper and change things like flooring and countertops. That’s what Medeiros did when he bought his first home. Years later, after improving it and building equity, he sold the house for a profit and bought a nicer home.

“A house may not be HGTV-ready, but it can be something that can be improved over time,” he says.

Stick to Your Price Range and Priorities

There are many concessions you can make to win over a seller. They range from low-risk measures, such as being flexible on the closing date, to high-risk moves, such as waiving the right to request repairs or to back out of the deal depending on the home inspection results. The hotter the market, the more concessions buyers are under pressure to make. Be sure you understand the risks, and don’t waive any protections you can’t afford.

You may have to offer above the list price to compete in some markets, but make sure that offered price is still within your budget. Look beyond the bidding war to the years you’ll spend repaying the mortgage.

“You don’t want to live for your home,” Medeiros says.

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