September is shaping up to be a record month for the number of closings for Covenant Realty. I am thankful to be a part of such a strong team and contribute to this success. As I was thinking about all of the experiences I’ve had with my clients over the last month, it got me thinking about this article. There is a great deal that goes into buying and selling real estate. On the surface, it might look undemanding until you have an actual opportunity to participate in a true home sale. Just think about it for a moment. Your home – not just any house, is the place where you have most likely built some of your families’ most treasured memories. Some of those memories you look back on with warmth. Others remind you of painful growth that you wouldn’t take away if you could. Now it is going to open its doors to complete strangers! What if you’re the buyer in this case? It is usually no less of a burden. If you’ve ever been negotiating for a home that you were “all in” on emotionally only to see it slip through your fingers over items that might have seemed inconsequential a short time before, you might know what I mean.
Being involved in residential real estate with Covenant Realty Corp. is a pretty emotional job. This comes from working with buyers and sellers on one of the biggest transactions of their lives. In most cases, I feel the emotional highs and lows right along with those that entrust me to work for them. Reflecting upon this, it got me thinking. I give out a lot of advice that people act upon very frequently concerning real estate. Out of all of this advice that I’ve picked up along my journey, what are some of the best nuggets that I could give you to help better equip you when the time comes in your family’s life to purchase or sell real estate?
Below are 12 pieces of advice that have served me well and should help you.
1. Always buy less than the bank says that you can afford.
2. You can’t find your home until you find your area.
3. Condos are not worthy of buying solely as a real estate investment.
4. The last cookie in the jar is worth the most.
5. Never fall in love with a house that you are buying to the point where you see no way to back out, as it can cloud your judgment. It can’t love you back and neither can your mortgage.
6. It is a good rule of thumb to try to purchase the lowest priced home (per square foot) in the best neighborhood out of your choices.
7. Real estate profit is made on the buy side, not the sell side.
8. Never buy another home until you’ve sold your current home, or at the very least have that as a contingency on any real estate contract.
9. A home priced incorrectly will usually sell for less than if it were priced correctly in the first place.
10. When buying, focus on the parts of the house that can’t be changed, not the parts that can.
11. Home buying is a process of elimination, not selection.
12. And last….and you knew it was going to be in here. Location, Location, Location. After that I’ll add Condition, Condition, Condition unless of course, you want a fixer upper!
What are a few more pieces of real estate advice that you might add to this list from your own personal experience?
