Lately I’ve been thinking about the many buyers whom I’ve helped find homes over the years and how much each experience has varied. Sometimes its smooth sailing but other times it can be a long road from A-Z. If you’re a buyer or plan to be in the future take the time to read this and be careful about falling into the following patterns.
1.Some buyers are lucky enough to find that perfect fit on their first day of looking. This is great and amazing! BUT sometimes they don’t move forward because they haven’t “seen enough real estate” and feel compelled to look further. So, they pass on it & often by the time they go back to that same property feeling “educated” from shopping the market, their “dream home” is either in contract or sold. Remember, chances are if you liked it that much others did too!
2. If you’re a buyer coming into the market for the very first time you may begin to suffer from the “looking for the perfect home forever” syndrome. This often happens to people who have never owned a home, so they are uncertain about taking the leap of making an offer! Intuitively, the buyer(s) know its perfect, but they just aren’t sure because they’ve never experienced the emotions which accompany a decision of this kind before and this unknown territory prevents them from trusting their instincts.
Example: Last weekend I held an open house and was visited by a lovely a couple who spent 45 minutes sitting in the living room visiting with me. I knew they LOVED this home because they didn’t want to leave. From observing them & I could also tell without asking that they had the “syndrome” because they looked so torn about what to do next. I casually asked how long they had been looking in the same 10 block radius of Manhattan for a home. The answer: TWO YEARS! I told them what I tell every buyer. “Listen, you could potentially look forever. If you can’t figure out how you feel make a bid.”
Being proactive and making that bid will solidify your decision and determine how you feel about it. Because finances will most likely limit what you can afford, I’m direct with buyers and tell them to expect that 2-3 items of your priorities may not make it on the list, but you’ll have a great home! It’s all relative-If your budget is $500K, this may mean giving up a full time door man. If your budget is capped at $2M you may get everything you want except that private outdoor space. Almost no one who purchases in Manhattan gets everything on their “list”. Even those with a $25M budget end up compromising on something.
Here’s the thing about educating yourself about the market, price per square foot and every other factoid: It won’t change what makes any property the perfect HOME for you. As professionals we can supply you with every fact available and give you our guidance, but at the end of the day it’s how a property feels to you. It’s that “ahh” feeling that you’re looking for and when you “feel that” YOU ARE HOME!
Making this commitment is monumental NO doubt, so make sure you purchase at the right moment so you don’t miss your dream home!
Well said Maura! The emotional piece that goes into buying a home can’t be overlooked.
I like the thought process overall but buyers shouldn’t always trust their instincts. If that were true there wouldn’t be millions of Americans underwater in homes they want out of. Just saying…Brokers should guide their buyers but not push them to decide one way or another. That would be irresponsible.
-Sam
Thanks for your comments Sam:)
I completely agree, brokers should’t push people. Guidance is key & pushing is not only off putting but unsuccessful! Realistically, no broker or person can “make” a buyer or seller move forward as this level of decision is far too important.
On instincts: I’m advocating that those buyers who’ve made the decision to purchase & are in a positive & safe position to do so trust their instincts on what they like so they don’t miss their best opportunity.
Best,
Maura
Nobody could have predicted the down turn to hit as hard as it has. If you look at other markets in other countries like Vancouver, BC, there was a small correction and prices kept chugging up, as happened in much of Canada. Parts of the US have been hit much harder. The point being I think trusting one’s instincts works most of the time, maybe not all the time, but usually. You also have to live. Two years is a long time to look.
For some buyers looking for an unbelievable deal on that seemingly ‘perfect’ home, it will never come. What’s worse, some buyers FIND that dream property and then try to low ball it, just to lose out to another offer. I wouldn’t push a client to make a hasty decision, far from it, but at the end of the day, buyers need to act according to the realities of the market (which in some cases is NOT a buyer’s market, no matter how much the media may try to play it up).