When you’re in a relationship, there will be little quirks that your partner has that you would prefer he or she not have. But you live with them and it’s ok. Because 90 percent of the time, your partner is perfect.
Whether you are buying or selling, you will never have a perfect experience. I would love to tell you that everything will be sunshine and rainbows, but this is the real world. While we do everything possible to minimize unexpected hiccups and stress, we can’t control everything. Therefore, it is useful to accept these facts upfront so that you aren’t unnecessarily disappointed when something doesn’t go according to the ideal plan.
Buyers
If you are a buyer, you are never going to get 100 percent of what you want. For example, you might get your ideal location but have to concede the walk-in closets and granite countertops. The important thing is to set priorities. Your agent should know and understand what is most important to you so that he or she can figure out the best compromise when it is necessary.
I typically walk through a home with buyers and raise questions and objections. For example, they need to think about the salability of their home in the future. I view every purchase as a future listing agent. When you are laying out your priorities, consider how long you plan to be in the house. What are your immediate and future needs?
As they say in the market, “location, location, location.” This proves to be a major key in home hunting. This is not to say that a house on a busy corner is a bad one; it just might not produce the same market as one on a quiet street. The values for two exact homes in different locations could be vastly different.
Think of buying a home like going shopping. You can buy the $1,000 dress, but then you might not have enough money left to buy shoes and jewelry. If money is no object, you might not have this issue. But for the majority of people, you aren’t going to get what you want all the time.
There are some things that I would not call “deal breakers” for buyers because they can be updated or changed relatively easily. These include:
Outdated kitchens and bathsBad carpeting or flooring paint colorsPoor landscaping.
And then there are those things that buyers should not compromise on. For example, you can’t control how your neighbors treat their homes. If the homes are run-down and in poor condition in the neighborhood you’re considering, this is a bright red flag. Look around the neighborhood and see if it is a place you would like to call home. If every other home looks like it is falling down, but the one house you want to see is perfect, it won’t matter in the long run — keep on looking.
Another deal breaker is if the home doesn’t have the space you need now, and you aren’t willing to add on — move on. Also, consider if the home is located next to immovable items. You will forever be next to power lines, water towers, rail road tracks, highways, sewage treatment plants, etc., if those things are in place today.
As a basic point, the right house should meet your criteria for numbers of bedrooms and baths. The overall space should fit your needs. Oftentimes, people tackle their dream list (think four bedrooms, three full baths, finished basement, fully updated, etc.) but don’t want to face the price. You may not get everything on your wish list, but you can certainly find 90 percent.
While you need to stick to your guns only your top priorities, you do have to be flexible on location and price. If you prefer to have it all and not adjust the price, you may have to move to a slightly different area from where you are currently searching. If that isn’t an option and you have a set area, you will likely have to scale back your expectations.
Sellers
The same 90 percent “rule” applies to sellers as well as buyers. Sellers’ biggest hot-button issue is the inspection. Buyers will likely request inspection items the seller doesn’t want to perform. Repairs the buyer considers important often seem ridiculous to the seller, but you have to put yourself in the buyer’s shoes.
A major disappointment can also rear its head when there’s just not a buyer for your home. If there isn’t a buyer, you can’t create one. But you can think about how you might be able to improve the situation.
First, consider the facts. If 15 homes have pended in your market over the past month and you haven’t gotten an offer, look at the condition, price, and location of your home. You can’t change your location, so you may want to consider improving the condition or lowering your price. If only one house has pended, the market is just soft and there’s not enough evidence to suggest you need to change either your home’s condition or price.
For sellers, the wait for a buyer is the most common headache that makes the selling experience less than perfect. To improve your odds, your agent should make sure the condition and price of your house are done right, looking at statistics and market research to compare.
They should do everything they can to get people in your house. Consider the number of showings you’re getting; this should be a direct reflection of the market. Hold your agent accountable for generating showings.
It often takes patience for the right buyer to come, and when they come, you have to have the best house — priced competitively, the right size, the right location, the amenities the buyer wants, curb appeal, etc. Or, you have to at least have 90 percent of what they’re looking for in a home.
Whether you’re selling or buying, the Kelly Todd Group can help you have the best experience possible. Contact us to meet.
