Dating a house: hold out for true love.
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The personal stories of one Realtor’s battles and triumphs in the highly-competitive Bay Area Real Estate Market, seeking to illuminate and humanize the very real ups-and-downs of homeownership.
I’m sitting at the kitchen table at one of our off-market listings, typing away while my colleague is taking another spin around the grounds with his prospective Buyer. Having given them both the VIP guided tour, I’m now providing some breathing room so they can wander the gardens, open the closets, and enjoy the spectacular view without comment from me. (It’s hard not to love this house.) However, when it comes to homes, the journey is rarely ever “love at first sight;” more like “let’s get to know one another before we fully commit.” That’s perfectly legitimate as homes are expensive propositions. As such, most Buyers are understandably circumspect about such a significant purchase, often returning a time or two before signing on to a 30-year relationship (aka: a mortgage), as they should be.
However, there was time in the not-too-distant pass when homes took their time selling, which gave Buyers the opportunity to revisit a property several times, hire their own specialists, bring their contractors through, shop for the best mortgage rates, and renegotiate the price if anything came up regarding potential repairs. Back then, Buyers had the luxury of “dating” the home before deciding to take things to the next level. Given today’s rush, rush, RUSH(!), purchasing a home is more akin to being on Match.com instead of “The Dating Game.” (Dah,du,du,du,du,du,du,duh . . . dah,du,du,du,du,du,du,duh.)
And while more temperate markets may still exist in other areas of the country, here in the Bay Area, most listings move at the speed of light, so there’s very little recourse once a non-contingent offer is accepted. In short, you better feel Cupid’s arrow before stepping into the highly competitive field of real estate. You need to be head over heels in love, especially as homes aren’t only expensive to purchase, they’re costly to maintain . . . .
In fact, if you feel lukewarm about a property, you should pass on the home altogether, and let those that can’t bear to walk away, hash it out. Believe me, there will be other opportunities that better align with your “wish list” and they are worth waiting for. Throwing you hat in the ring just to “test the market” is not only foolhardy, it ultimately works against you by forcing everyone else at the table to bid higher, and consequently, sets a more expensive sales comp on the next listing down the street. Bid only on what you’re willing to fight for.
So when house hunting; hold out for love (not like), with the understanding that there definitely will be compromises along the way (kind of like a good marriage). But if the bones are promising, if the location works for you, and if you have vision and a dream, homeownership my be your “box of chocolates.” In the meantime, I want to wish you all a Happy Valentine’s Day. May you be surrounded by those you love.
How can we help you?
(P.S. Did you watch the Dating Game? Let’s Make a Deal? Or The Match Game? Let me know.)
Julie Gardner & Sarah Abel | Compass Realty
Not just Realtors, but consultants in all things house and home, we’re here to educate, explore, examine and refer . . . In short, you may count on us to take care of your home as if it were our own and anyone who knows us, knows we take pretty darn good care of our homes.
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