Time and time again buyers will unravel the “scroll of needs” that they must have not realizing they are selling themselves short before they even start. Real estate is all about numbers and everything has a price tag to it even items that are often easily overlooked like distance to mass transit, condition, size, amenities, etc. Any good Realtor® is going to be honest with you and educate you on what is selling for what in the neighborhoods you had in mind based on the items noted on your punch list. Your Realtor® should be prepared to discuss what would be realistically attainable for you based on your budget and the time frame you are trying to accomplish your home buying goals.
Here are some essential questions to ask yourself when deciding on “The One.”
Are my expectations realistic?
Working with your budget and key indicators such as, bedroom sizes, proximity to mass transit, and home improvements is going to be key. Once you start your home search you may begin to notice that what is within your budget may not be what you originally had in mind. Remember, focus on which amenities are deal breakers and which would simply be nice to have- there is definitely a difference.
Another point to consider is that there is no such thing as “the perfect home.” There is always going to be slight finishing touches that you will want to add so, once again, go with the one that meets almost all of the items on your checklist. Customization and personalizing finishes can always come later on.
How many properties have I viewed? Set a goal for yourselfand limit how many houses you would like to look at before you need to reanalyze your list. Sure, another house can be listed any day now but ask yourself; can I afford to just sit, wait, and continue paying rent or is my list worth reconsidering? (Personally, my goal as your Realtor® is to show my buyers 10 homes or less before they find “The One.” I formalize a strategy and approach before we even hit the road so as to optimize our chances of finding the ones that meet most of the items on your lists.)
What am I willing to compromise? Prior to house hunting you should have created a “wants .vs. needs” list. Upon starting your search if you see that too many items on your needs list are shutting out your goal of becoming a homeowner it’s time to reanalyze the situation.
Talk your list over with your partner, family friend but most definitely your Realtor®. If there are some items that you can live without for the moment then that’s okay because being a homeowner should outweigh all those insecurities. However, settling and compromising are two completely different things and as your Realtor® buyer’s remorse is never something to encourage.
As with most things there are exceptions to the rules. If your list is practical and you just can’t seem to find “The One” then just sit tight and continue looking with your Realtor®. It could be that you are just slightly missing that window of opportunity and need to wait a bit longer in order to make it happen.