If you don't need to buy a house right now, don't.

I'm surprised it's even an option. Isn't all non-essential work shut down right now?

We're an older retired couple, just the two of us, in a 2000 sq ft home. We use just about every inch of the home every day (the exception is the guest bedroom, which gets used when we have friends or family staying or when one of us is sick). The third bedroom has become our exercise room, a bonus space is our study, and we eat all our meals at an actual table, not perched on a barstool. I suspect you will find uses for that extra space the house you're considering will provide.

2300 isn't that big IMO. My house is a bit shy of 2100 ft with a partial basement, and we use most of it -- the only area that rarely gets any use is the living room, we're just not living room people, but it is great when we have guests, plenty of room. IMO you're better off to go a bit too big than too small, and if you were open to 2000 sq ft I don't think 2300is that much of a difference. As long as you can afford it and will be content with your decision, go for it. But if you really don't care for the house or have that nagging feeling you're settling on something you don't really want because you think something else won't come along, then seriously re-think it. I lived in a house for 17 years that I never really liked all that much and couldn't wait to move since the day I moved in.

But, you know your own market and circumstances - if houses are few and far between and land values are rising, then settling for something that doesn't make your heart sing might be the most prudent move for the time being as long as you are in a financial position to do so -- build equity for the next time around. Especially if you just want a house, any house, and that's the value for you.

That said -- personally I would wait it out a few more weeks if possible (don't know how burning hot your market is) to see what happens to home prices --> they may tank and you'll make out like a bandit when you pounce on an ultra-sweet deal. Or not. Nobody knows right now.

The point about the current situation is a good one. Where I live, the experts are expecting real estate values to plummet. Who really knows?

An extra 500 sq ft would be a non-issue to me. It's really not much more and you may need that space in the future (office, storage...) It's okay to leave an unused room empty.

However, given the fact that you don't need to move, you aren't excited about the house and more recently, the uncertainty of the real estate market, I'd wait.

Chelsea-

You refer to this house as "near perfect," but your description of its characteristics mentions things I would concerning defects, several of which would cause me to pass on it. It can get frustrating looking for a long time, but you shouldn't give in because you are tired of the search. I'm not you, so this doesn't make me an expert on what is right for you. But if I were forced to provide advice, I'd fall off the fence on the side of...keep looking.

@kudzu9 Are you referring to the street and neighbor thing? Living off the road here in New England really isn’t so unusual and though not my desired placement, I’ve grown use to the idea and it’s not so much a bother.

The neighbor thing definitely makes me re consider besides the size of the house. It’s really just one of the houses in particular that appears at least from the outside to be a bit hoarder looking which obviously is quite unsavory. There are tons of trees which help to hide that house and plenty of space between the houses where it wouldn’t be an issue which is why I wasn’t focusing on that so much, but maybe I should be...

I appreciate everyone’s advice. I am unsure if buying right now is the right thing to do really... given the current state of everything. It’s really not exciting to me and more stressful given the circumstances. I suppose I’m just apprehensive not to buy it because Im afraid something better will not come along.

Regarding the size, I know we would be comfortable living there and it probably wouldn’t end up being too big, but I’ve only ever lived in smaller homes so to me it seems quite vast for just the two of us!

Chelsea:

- it's right off a road

- the neighbors houses are kinda rundown

- the house is simply too big for us

For perspective, my next door neighbor has very particular ideas about what boxes a house has to tick. He told me that he toured over 160 homes before settling on the one he's in. Hopefully, that won't describe you, but I do know the right house is out there that will make you feel less ambiguous. I will also point out that the coronavirus situation will complicate the housing market for months to come, and you may find deals on homes that people are needing to sell in a depressed market and that could lead to favorable pricing for you. Whatever you choose, good luck.

Have you researched recent sales in your market? I would go back two or three years, depending on how many sales have occurred. How many houses have sold which match closely with your wish list? Are you looking through the list and saying why have so many perfect houses already been sold? If that is the story, then you should just wait until another perfect house sells.

I think it more likely that the recent sales reflect similar range of houses to those currently available. Perfect houses don't exist, especially not for the price I want to pay. Do some research on the poorly maintained house and see how long the owners have lived there. Perhaps it is a longtime owner and may turn over in the reasonably near future.

In the current climate, I would be wary as it may be tough to get financing for major purchases if any sort.The economy and the political climate worry me more than the house itself. I am planning to sit on the sidelines for a while until I have a better idea what the future may hold.

The doom and gloom may be correct. OTOH, the $2 trillion stimulus bill is full of money designed to prevent all the economic mess of people losing jobs (enhanced unemployment benefits) and losing homes (rent and mortgage forbearance), and if it "works," then there won't be mass foreclosures at the end of this thing. In fact, now might be a great time to buy because you have less competition from the stay-at-home-and-hiders. You might get a great deal because no one else is buying now.

As for the size issue, Mr. Weedy and I once bought a 3800 sf house because it checked all the other boxes that we wanted. We just had some empty rooms, no big deal. And we were recently looking for a 2000 sf house and bought a 2500 sf one that had a FR that we don't really need. So to me, excess space isn't a defect so much as a "thing we don't need but don't mind either."

YMMV.

You are a young couple. I’m not sure the emphasis on the “ perfect “ house should really be your first priority. Of course everyone is different and so are their priorities. Being much older and having bought and sold many homes in our life we have never really thought of the perfection of the house as the first thing on our list! We were always concerned about neighborhood, resale value, school district and whether this house could be a good investment and resold down the line. The old adage in real estate of location, location, location may not apply were you are but it has always served us well.

We bought bigger than we needed- I just close the door for the extra room (for now). Does the house lend itself to renting out a room? Are you in an area where that might be feasible?

if It is just one neighbors home? . is there a home owners association that you could talk to about the problem?

Perhaps the uncertainty may cause a home to come on the market in your dream neighborhood that you will be able to get a deal on bc you don’t have a house to sell & can move quickly.

We decided to pass on this house. The timing with what’s going on is just horrible and so ultimately we are going to stop looking for now. We weren’t terribly in love with the area and would rather wait for something in our preferred spot anyways.

Thank you everyone for the advice, I will take it with me to whatever the future holds for us and purchasing a home!

Good luck. It sounds like you made a good decision. I hope to hear back in the coming year that you've found a house you can love better than this one.

Pretty hard to think of anything life changing right now...and the more you wait the longer you have to save for the down payment or an improvement fund after...but i do have to say too much space would not be a negative for me..for instance a small bedroom could be a wonderful spacious walk in closet?...storage...office...?...i could go on and on

You made a life changing decision, and a really good one. Homes are great, but many people lives were changed, for the worse, by buying at the wrong time. The guy that I sold my house to in Valencia, Ca. in 2005, Is still underwater. I sold two homes in CA and it made my life much easier by selling at the right time. Buying at the wrong time, when you don’t have to, can be a real drag. Good job.