There are many questions that come up in the home buying and selling process that impact how we make our decisions in a real estate transaction. Questions from buyers may be ones such as, Is this the right time? Is this the right house? Is this the best location? What if another house comes on the market that’s better? Or, Is this the best investment? Sellers also many times have concerns asking questions such as, Is this the only/best offer we will get?, What if we get another showing or offer?, or Is this the best time to sell?
These questions just represent valid concerns and sometimes fears of many buyers and sellers. Doubt is one of our biggest enemies. Your trusted real estate expert can guide you along the way to overcome doubt and obstacles that always seem to creep into the transaction. The right answer is held deep within each of you. To filter through this thought process and overcome doubt, I have some questions and considerations listed below.
1. What does my time-frame look like?
Is time more important than the offer on the table? If the closing date negotiated works better for your family, is it worth moving forward in the transaction? If the time-frame is a priority, then that may answer your question, is this the best time to sell. Obviously, the current market activity can create doubt, but if it greatly impacts your lifestyle to not move, is it worth it? The answer lies in what works best for you and what is most important to you and your family.
2. What is my/our housing criteria?
Many buyers ask, “What if another house comes on the market we like better?” This is a question that will probably haunt many buyers, especially first time home buyers. First, know that there is no such thing as a perfect house. Second, there is probably always going to be a better house. However, as you are filtering through your options, consider which house checks off the most items listed in your criteria. If more than one buyer is involved, I recommend making a separate list of top priorities in your house search, to include location, price, school districts, work, anything that could be part of the decision making process. Once all parties have the list made, bring them together to see which criteria hit the top of both lists and start there. The most important piece to look for is that all parties involved are comfortable with the decision.
3. What should I do to get my house ready to sell?
Sellers are many times concerned with how much they should do to get the house show ready, time of year to put the house on the market, and who should I use to list my property? Choose a real estate expert that you trust and are comfortable with being in your home, representing your home, and has your best interest at heart. They can advise you on current market conditions, however, remember just because everyone else is buying or selling, doesn’t necessarily mean it is the best time for you. Look at your big picture and see how your situation will be impacted. Many times the best time to sell is when others are not, simply because there is less competition. Getting your house show ready may just mean a coat of paint and carpet cleaning or there are the few times where it truly could benefit the seller to do a few pricier upgrades. In most cases, I recommend cleaning it up with maintenance items such as carpet (clean or replace as needed) paint, pressure washing, etc, however, I recommend sellers to stay within a budget comfortable to them.
4. Should we wait for a better offer or another showing?
This is also a good time to look to your real estate expert for guidance, but always remember they can only guide you based on current market conditions and what you share with them as the most important factor to be considered. The right answer comes down to, are you comfortable with the offer received and does the timeframe work well for your family. The “what if” questions are hypothetical and may never come to pass. The other question that could be asked here too is, what if you do not receive another offer? Your real estate expert is a good resource to guide you but the ultimate decision should be what you can live with or can’t live without.
5. Is this the best investment?
Only the client or clients know the true answer to this. The investment is only as good as you allow it to be. If it is one that you want to flip, it depends on how you go about the process of restoring, reselling, and/or renting it out. If you are looking to rent it out, consult your real estate expert on location, market conditions, and rental income. If this is a house you are looking to live in, then the answer truly lies with you. Will this house help you create the lifestyle you are looking for as best it can within your affordability? The best investment is dependent on what you value and what do with it once you have it, giving consideration to market conditions and location. A different mindset is used filter through criteria to purchase true investment properties versus primary residence.
All in all, the question to ask is “Are you comfortable with it and will it help create a better lifestyle or situation for you?"
It all comes down to asking yourself the right questions to deter doubt and determine if it is truly the best investment for you and/or your family. You and/or your family ARE the best investment. Can you make this house your home? Will selling this house at this time or price help you as you transition to the next chapter in life?