I would love to hear your responses, feed back is always welcomed.
Here’s Part 2… Enjoy!
- You are the best judge of the value of a particular property to your own needs & desires. Pay careful attention to this as you look at various possibilities. A buyer I once represented stepped up to the purchase price of a property that had been “sitting” on the market for awhile because it exactly suited his family’s needs. It was a perfect decision.
- Take all the advice you can get, but give your own instincts more weight.
While you are shopping for a property, there will be no shortage of “advisers” with strong opinions. Everyone has a friend who just bought a house and wants to share all the dramatic details. Some will be true, some will not. Even nearby neighbors often have incorrect information.
- Each transaction is unique. Real estate is such a “local story”. The stats that are quoted for the state of California or the city of Los Angeles likely have little to do with the specific community you have chosen to live in. Also, each property is unique, with a different appeal on the market. Motivation of seller and buyer, presence of other eager buyers, all come into play as well.
- When you get into negotiations with a seller, assume that a competing buyer could materialize at any moment. It happens. Even properties listed for some months can suddenly generate competing buyers.
- Goodwill is good for everyone ! I received great advice from a colleague once, who said that each transaction begins with a certain amount of goodwill. If either party chips away at it too much, the deal does not go together, or runs a risk of falling apart before the escrow closes. I have recently seen several buyers aggravate sellers by over-negotiating, or by being over-critical of the property….leading to negative outcomes for them.
- The property does not have to be your dream home in every way. If most of the major aspects make you happy, it’s ok to compromise on the rest. Give some importance to moving forward in your life. As you move into your home, it will immediately feel like it is yours. Some of its quirks you will get used to, others you will change. My husband and I recently purchased a vacation home. It seemed like ours from the first weekend we moved in, even before we made anticipated changes! Now we do not even notice its quirks because we enjoy it for all the reasons we chose it.
Yes, emotion is definitely part of the landscape in real estate sales and purchases. My parting advice is that your own best instincts will serve you well. Pay attention to them !