The Reality of Real Estate – You Have to Compromise
Just like in friendships and relationships, the key to coming out of the home buying experience on top is to compromise. We’re not saying that you should compromise on everything, but holding out for a home that meets your budget, is in your ideal neighborhood, and has all of the bells and whistles you’d dreamt of is about as likely as hitting the lottery. It does happen, but not often enough to make it the rule.
So that leads to the question, what should you compromise on and what are factors that will heavily weigh in on deciding that a property isn’t right for you? We’ve been around long enough to know what compromises will help you find a home that you’ll spend many happy years growing and thriving in. Take a look at our list of where to begin making compromises:
1. Items that need to be repaired in a home
Unless you’re buying a home that’s been recently built, there’s likely to be items that need to be repaired. You’ll need some leniency when it comes to plumbing and electrical repairs. Your REALTOR® will be able to help you understand the severity of the repairs, but we warn you that if you’re looking at an older home with a roof that’s getting closer to the end of its life or items that aren’t up to the current code, it’s not reasonable to request the seller make those repairs before purchasing the home.
2. Pricing
Staying rigid on the price you’re willing to pay when you enter negotiations with a seller can have a huge hindrance on the process. If you’re not willing to work with the seller and come to a compromise, it’s likely to make them less willing to work with you. In a competitive market where the seller is receiving multiple offers, you want to be flexible. Keep your budget at the top of your mind and make sure your REALTOR® knows the real number you cannot exceed, but don’t put yourself in a situation that has the seller feeling boxed in and walking away from the transaction.
3. Look at the bigger picture
As you’re going through the process, focusing on your ultimate goal is crucial to your long-term happiness. It’s easy to get caught up in the nuances of negotiations but if the pesky details won’t matter in the long run, then don’t spend extra energy worrying about them. If things aren’t running quite how you expected, take a deep breath, remind yourself of what is important, and talk with your team about how you can compromise to make a deal both you and the seller can agree on.
The “dream home” may be a myth, but the “dream team” isn’t. If you’re looking to work with real estate professionals who will give you the real answers, insights, and advice about what it takes to buy or sell a home in Reno’s current market, the David Morris Group is who you should rely on. Never hesitate to give us a call at (775) 828-3292.
