Whats really behind every residential real estate transaction? More than big money, stacks of documents and unnerving price negotiations. At the core are real people, making life-changing decisions. A closer look behind the scenes reveals valuable lessons you may need for your next real estate deal. Just ask the Tate's*. They had bought and sold many homes over their 70-something years and thought they had the process down pat. But in today's shifting market, they discovered there was more to house shopping than past experiences. Most seniors downsize in their autumn years. Not the Tate's. Their active lifestyle, filled with grandchildren and numerous commitments to organizations, demanded more living space--not less. Happy with their community, the Tate's (Robert and Dolores) decided to search for a larger property in the same area. New lifestyle changes meant they needed more bedrooms, plus a room for an office and plenty of space for guests. Their focus was a golf course home since Dolores disliked looking out onto other properties. They already had a greenbelt location and she didn't want to lose that open feel. Robert wanted their new home to have a large patio for entertaining and a tranquil atmosphere in the backyard. That seemed simple enough, yet none of the many golf course homes in their community and price range seemed right: wrong layout, uncomfortable flow, small backyard, not enough rooms and on it went. Spring passed, as did summer. Rather than getting discouraged, they got smart. The Tate's put their house hunting on hold and took several months to rethink their parameters. The wait gave them clarity to determine their real needs. They finally realized the issue wasn't a golf course--it was privacy and room to entertain, indoors and out. Willing to shift gears, the Tate's searched for homes with a large backyard, surrounded by foliage. That single change delivered another benefit. Since the real estate spike forced prices up dramatically from when the Tate's first looked, dropping the golf course idea saved them thousands of dollars. In no time at all, they found the ideal home--with an enlarged patio and a beautifully landscaped backyard, surrounded with greenery that created their own private oasis. After their real estate agent ran a check on comparable property prices, they discovered the listing price was inflated. The Tate's made the confident move on the newly listed property, offering $20,000 less than listing (yet within the comparable property price margins). Included with the offer were printouts, supporting their offer price. Guess what? The seller accepted--and not a moment too soon. The next day, another buyer asked to put in an offer. Now the Tate's are living life to the fullest, enjoying every moment. Real facts--real lessons. Buying property is an emotional experience. Maintaining clear focus and identifying your real needs can make the difference between experiencing a successful transaction and buyers remorse. So take your time; don't rush. Do your homework and think through your everyday needs. Let your thoughts travel beyond your wish list to your true intent. When you find a property, be sure to research other similar houses in the area for comparable pricing, then create a well-written offer. It's not just the price the seller is considering. It's the entire offer, including your fiscal strengths, closing date, what items are included in the offer and who is paying which fees. Remember, take your time to find that right property . . . but get going once you do. Just because the market is sluggish, doesn't mean there isn't another qualified buyer right behind you. *Names changed for privacy Copyright 2006 Ann Castro, LLC |
