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Don’t Buy with Emotion

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Tue, Sep 03, 2013 at 8:10PM

Do Not Fall in Love at First Site

The concept of love at first site has long been accepted as a beautiful, magical thing! However, it has absolutely no place in real estate.

Selecting the first home you look at can and oftentimes does, leave the buyer with a serious case of buyer’s remorse. NEVER purchase the first home you look at, the first time you view it. When you decide to start your search for a new home, set a guideline. Agree you will not purchase a home before you have viewed X number of properties. You might decide to purchase the first home you tour, but never sign that contract until you have compared it to other similar homes, and always be sure to view the home a few times before making an offer.

Try to familiarize yourself with the home a little. The more you visit, the more likely you are to identify some the, at first unseen idiosyncrasies’ of the property. If you buy before you notice these, it is too late, you are stuck with it, and them!

Don’t Overpay for Perfection

Beware of the perfect home. Even when you think you’ve found the perfect home, keep in mind, perfection simply does not exist. Be careful not to allow an emotional feeling about a certain property always consider the realities of owning a home. One major consideration people may overlook when they think they’ve found the perfect home is an exit strategy. Remember, at some point you will most likely be selling the home, and what you find perfect may prove difficult to realize any equity or even make the breakeven point.  Don’t forget, your home is an investment, perhaps the biggest investment most people make.

Be Realistic

When you’ve finally found the right home for you and your family, of course you want to pay the lowest possible price. But try to remember, the asking price is usually based in a competitive Market Analysis (CMA) and reflects the actual value of the home based on what similar nearby properties have recently sold for.

Lowballing could lead to an immediate rejection by the seller, putting you out of the running, or [at best] severely lengthen the negotiation process. When making your bid, it is probably best to stay at reasonable number, perhaps slightly lower than what you really want to pay. Most often, the seller will make a counter offer to any reasonable offers.

Short Sale Doesn’t Mean Deal

Every Real Estate market is based on one thing, deals. But keep in mind, not all deals are deals. While the terms “short sale” and Real Estate Owned (REO)” have valid meanings to banks and mortgage lenders, they are also often used to lure in buyers seeking a low price or “good deal.)

When considering a good deal, do some research. A good deal is can be equated by the history of the property’s past selling price(s), the location and [current] local market as well as the property’s features.

Buying a new home can be a tricky endeavor. That’s why it’s always a good idea to enlist the help of a professional Realtor®.

When looking for a property in the Vero Beach area, the professionals at North Beach Realty Vero have you covered.


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