When design writer Lisa Skolnik searched for a smaller home in Chicago’s Uptown neighborhood, she sought a garage, private patio, high ceilings, an eat-in kitchen and generous closets. Fifty houses later, she got none of those features in her mid-1950s townhome.

Despite lower interest rates and eager sellers, buyers are learning today’s real home reality show: You may not find a houåse with everything you want.

Yet, they’re learning the proverbial silver lining lesson, too: You can find one with different features that will still appease you if you’re realistic – and a little flexible – about what you want.

Among the first steps is not to dig a line in the sand about everything on a wish list, says Diann Patton, a broker with Coldwell Banker in Grass Valley, Calif. “Make a list of what you want most and can live without,” she says.

Sherry Chris, CEO of Better Homes and Gardens Real Estate in Parsippany, N.J., thinks it’s vital to view a purchase as a long-term investment, not a short-term gain. “That way there’s time to add what you didn’t get initially,” she says. Here are other suggestions about where to concede a bit – or a lot – when it comes to your must-haves, and where not to:

Don’t Play Around on Price
Your budget – how much house you can afford – is not up for negotiation, says Patton. Adds Barb St. Amant of Harry Norman, REALTORS® in Atlanta: “Price overcomes all objectives.” Overshooting your mortgage capacity for a few home perks can be a recipe for disaster.

Location can also be critical, whether because of a commute to work, a school district or proximity to shopping. Yet, unlike price, location often can include wiggle room. “I advise buyers to give me a radius and tell what towns or neighborhoods they want to be in rather than give me a specific street – though some do that and may have to wait longer,” says Sheila Salvitti, salesperson with Coldwell Banker Premier Properties in North Wales, Pa.

When Skolnik couldn’t find her dream Uptown house, she expanded her hunt to adjacent East Lakeview, where she had once lived and which also offered proximity to “three great grocery stores, three restaurants and the best train line,” she says. New Yorker Judy Schubert also made some concessions when relocating to Portsmouth, N.H. “We would have loved to be able to walk downtown but wanted to be on the water,” she says. She and husband Fred found a condo 1.5 miles from town – walkable, though not as close as they wanted. But the upside was unobstructed creek views, which they felt more than compensated for the location.

Concede Features You Can Live Without
Start by focusing on special needs, such as a physical challenge, which should trump other priorities, says Patton. “If somebody’s got a very bad knee, they may require a single-story house. But if all single-family homes in their price are two bedrooms when they want three, they may need to pick a two-bedroom with den and use the den as a bedroom,” she says.

Skolnik found she could compensate with alternatives and purchased a parking spot across the street. Schubert is making do with a one-car garage and finding other places to store “garage stuff.” “We may put kayaks under a deck,” she says.

Accept Flaws That Can Be Changed or Overlooked
“If you’re buying a $300,000 house, you shouldn’t be concerned about a $300 paint job,” Patton says. Salvitti often suggests buyers bring in a contractor or architect for potential upgrade ideas and estimates.

A host of design tricks can alter a room’s size and look, too. Judith Maier, with Susan Fredman Design in Chicago, uses artificial light for that purpose. Skolnik is picking low-slung furniture to add the illusion of higher ceilings. And the Schuberts are simply ignoring their choppy layout. “We’re so taken with our water view, it doesn’t matter,” she says.