When buyers work with us, they quickly learn that we aren’t shy about sharing all the gems we’ve collected. In fact, we’re full of great advice! Here is a roundup of some of the sagest wisdom we’ve received and subsequently passed on…
Don’t overanalyze it.
When writing on offer on your dream home (THE ONE, the “forever” house, the one-you’ve-been-waiting for…), recognize that there are several ways to determine the value. Sure, using comparable past sales, analyzing market trends, and looking at metrics like dollar per square foot can get you part of the way there. But the data and the numbers are not the whole story.
At some point you have to ask yourself, “am I going to let this one be the one-that-got-away? Or am I going to compete and win?
Remember that market value is defined by the amount that the market determines a home is worth. Otherwise put, human beings determine the value of the home when the home is “won”. That dollar amount immediately becomes the value. So let yourself be human! Sometimes it’s important to listen to your heart, your gut, and stretch yourself for the right home.
Think long-term.
For our first-time homebuyers, or clients that are in the beginning stages of their career and wealth-building, we like to remind them that today is jut a moment in time. It’s fleeting! And what’s next?
For many, the near future can represent leaps and bounds in career and income. While buying a home can feel financially fraught, that pinched feeling can ease over time as job promotions and changes bring additional income and ease.
Of course, this isn’t the right advice for everyone. Not all careers have a guaranteed trajectory and not all folks are eager to expand their career. But if you’re at the start of a growing path, factor this into what may feel like a “push” when buying a home today, as tomorrow that mortgage may feel easeful.
Don’t fight the game.
The Inner East Bay comes with a number of, ahem, “quirks”.
The lack of transparency between the list price and sales price, the fact that most offer scenarios are competitive, the fact that most “winning” offers have waived their contingencies, the speed of things…if you bought or sold a home in a different geography or a different time period, it may feel right to buck the trend and fight the man! But the truth is, our market has been this way for over 20 years and it’s not looking like a change is a-coming.
While we empathize with the frustration that our quirky Inner East Bay market can bring, our advice is to keep your eye on the prize. If what you want is a home, then hire the best agent for you so they can guide you through the strange idiosyncrasies of our market, and trust them. A good agent will act as your fiduciary and put your interests above everything else, and help your offer rise above the riffraff and win.
