Saturday, May 4, 2013

House Hunting- Don't get your Heart Broken

How will you know when you’ve found  that house you've been feverishly hunting for and how can you determine when it’s time to move on?  It’s important to keep your eye on the prize. Usually the house of your dreams doesn't show up overnight. House hunting is an evolution. A buyer needs to see many houses, learn about the market and maybe even have a heartbreak or two. Here are some tips for not getting your heart broken in the home search process.

Prepare to get your feelings hurt by a seller
The seller doesn’t have to sell to you. It’s entirely possible that, especially given the lack of inventory and the large amount of home shoppers today, even if you offer the seller their list price the home may not be yours. Another buyer may offer more than you, may have a larger down payment or may offer the seller a quick closing and better terms. Even if you think this is the perfect home for you and your family, an unwillingness to let it go will only lead to disappointment down the road.

Don’t obsess over one home
Most buyers begin their home search with a list of wants, needs, must-haves and nice-to-haves as well as deal-breakers. You will never get it all, so it’s important to know when to compromise. Often the “perfect” home will come along, but the buyer loses sight of their objective. Saw a home with a designer kitchen that you can’t get out of your head? That might be great, but if the home doesn’t have room for two cars, doesn’t have the required square footage or lacks that all-important second bathroom, you need to move on. Harboring feelings for a home that you know won’t work only serves to get you sidetracked and out of focus.

Don’t fall too hard
It’s no longer a done deal once the contract is signed. Many times a buyer and seller come to an agreement on terms and price, even sign a contract, only to have a series of issues come up in the disclosure and inspection phase. Don’t fall hard once you have a signed contract. This will only make the discovery process more heartbreaking. Know that dozens of issues can come up in escrow. If it’s not working out, be ready to move on. The longer you hang around and obsess over one home, the bigger the chance that you’ll miss out on Mr. or Ms. Right around the corner.

Know upfront that the home shopping process will be a journey
Expect to see a lot of homes and learn a lot along the way. No matter how frustrating the process is, believe that the journey will eventually come to an end and that “the one” will present itself.  Touring several homes will allow you to play the field, see what’s out there and learn the market. The more you see, the more you will know when the right “one” comes along and you’re ready to seal the deal.
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