Research to get local facts on location preferences and avoid future regrets.
Regret #3: Buying a “Money Pit” = Fear of Missing Out, Instead of Learning as Much as Possible
Impatient buyers who jump into a purchase, pressured by multiple offers, egged on by deceptively clever staging, or who skip a home inspection can run into unwelcome expensive surprises. A house can “look” great but be full of problems: bad wiring, old plumbing, insufficient insulation, water leaks, structural issues, and other costly headaches. For example, these problems often materialize when “gut it” renovations are conducted to create the much-touted open-concept main floor. Open-concept homes, where kitchen, living room, dining room, and perhaps family room are combined as one wall-less space, can end up being considerably more expensive than budgeted for.
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Act to get the facts as soon as possible and avoid regrets.
Regret #2: Choosing The Wrong Location = Fear Fanned by Lack of Confidence that Makes Buyers Followers, Not Self-Leaders.
Eager buyers who emphasize a list of must-haves based on what friends bought or on trends and fads, not a thoughtful analysis of their specific needs and how exactly a home would enhance their lives, can end up disappointed with what they buy. For instance, without analysis and with assumptions
, buying in an outlying less-expensive area can seem like a smart financial move. However, the impact of commuting for work and recreation must be measured beyond the simple expense of driving or transit. Include priceless elements like time away from family, lost time with friends, disconnection from the community, and increased risk of accident, which can make living far from your ideal location a life of ongoing regret.
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Head-off fear and regret by asking your real estate professional a lot of questions and listening to the answers. Using this informed approach when faced with “Big Decisions,” helps buyers avoid Four “Big Regrets”:
Regret #1: Decision Inertia or Waiting Too Long = Fear Fanned by Assumptions, Not Facts
Would-be buyers often watch a rising real estate market from the sidelines because they assume everything is priced out of their reach or because they hope prices will fall. Too often they are proven wrong. One young couple stayed out of the rising real estate market for years, convinced that city prices were too high for them. They watched and waited as prices crept higher. When they finally sought out a real estate professional to learn the facts, they did find a property at a price they could afford and in a location they love. However, delaying their purchase did end up costing them more and reducing their choices.
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Fear of making The Wrong Decision can be the great immobilizer when it comes to buying real estate.
• Fear that this is “the wrong time” to buy has kept many would-be homeowners on the sidelines and unnecessarily out of equity-building markets.
• Fear of buying the “wrong real estate” can take many forms: fear of buying the wrong location to gain status or long-term value appreciation, the wrong size for family dynamics, the wrong price for financial security, or the wrong functionality for future family needs.
Regrets- manifestations of fear that can immobilize us when faced with big decisions- haunt us long after we make or defer the decision that created them. Be afraid to act and that failure to act may lead to regrets. Regrets about consequences of the delay, the resulting inertia, or the missed opportunity – regrets about what you wanted to do and what you should have done.
In real estate, buyers are faced with a series of big decisions involving often-unknown territory like down payments, mortgages, real estate law, contracts, and life choices. Fear of making “The Wrong Decision” regarding any one or all of these issues is a common reaction. Real estate professionals work hard to keep fear in check for their buyers. Professionals aim to minimize or eliminate regrets – if buyers allow their real estate professional to help.
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Is it a good time to sell a house? It definitely is. The economy is still strong on its feet and all the factors point towards a solid seller’s market for at least another year. The uncertainties regarding mortgage rates and home prices may have pushed buyers away, but they also put many in a “now or never” situation. As a seller, this may be your best opportunity to make a move.
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The Buyers Are Serious
Currently, millennials make for the majority of the world’s population and most of them have now entered the home buying age. Contrary to what it is said about the millennials and home ownership, recent stats
show a different side of the story. With the economy in favor, millennials are now interested in buying their own homes. There may not be a lot of them looking for properties, but those who do are all serious buyers willing to pay the right price for the right property.
Moreover, fall isn’t usually a peak season. There aren’t as many sellers as there are in spring and summer. Buyers looking for a home in fall are the ones who are serious about the purchase. With a lack of competing properties, you have a better chance of selling at a desirable price.
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The Fear of Future
The housing market is always riddled with uncertainty. Even these uncertainties favor either the buyers or the sellers.
As for sellers, housing prices are unaffected by the gradual rise in inventory. If new homes continue to be constructed at the same rate, it will eventually become more difficult for you to sell your property. The buyers will have more choices and options, and sellers will have to decrease the prices to sell.
On the flip side, buyers are also in a similar dilemma. Mortgage rates don’t seem to slow down and the feds have shown no intention of bringing them down in the near future. As a matter of fact, mortgage rates are expected to rise by 5 percent
in 2019. Shall the interest rates rise, most buyers can no longer afford a home despite the increasing inventory and negotiable housing prices.
Due to these uncertainties, many buyers will buy a home right now rather than waiting for the situation to worsen.
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