When you lose “the perfect house”!

Our guest blogger today is, Jill Sackler. Jill hits on one of the most common challenges a home buyer faces in a competitive market. What happens when you miss the house you fell in love with?

Jill Sackler, is a Long Island South Shore real estate agent. Jill works with Charles Rutenberg Realty, Inc. If you’re in the Long Island area and have a real estate need, give Jill a call at 516-395-8376. You’ll be glad you did.

When you lose “the perfect house”!

To date, Long Island has not seen the real estate conditions that have prevailed across the nation for some time.

Just recently, a small Merrick section, spared in recent storms, has become extra desirable. Great looking homes, priced around market, are going under contract the first week they are listed. It’s even difficult to get my buyers, who commute from a distance and are only available evenings after work, inside for a showing.

That includes one residence deemed not open to shows until after the Broker’s Open House, scheduled a full week after listing, “at the homeowners’ request!

You can find articles everywhere that dole out great tips for winning a house in a multiple bid situation. It’s not that you should ever be deterred by a popular property, if you’re positive that’s the one you want but, at the core of my beliefs, exists a certain amount of destiny – every buyer has a house with his name on it.

In my experience, “fighting the universe” has and continues to be a lost cause. There is always a reason why we don’t get what we want. Sometimes we can see it right away and sometimes it takes years before 20/20 hindsight vision kicks in. With no exceptions, all that I’ve lost over the years, has always turned out for the best.

At my peak, I coveted a house for 10 years before it suddenly dawned on me how differently my life would have turned out if I had lived there. It’s not so much that it wasn’t the perfect house, as it wasn’t the perfect house for my family.

Expect to feel a myriad of emotions – sadness, anger, frustration, bitterness and acceptance. Sometimes, I had trouble getting past the disappointment and needed to take a mental break before beginning the search over.

Location was always the number one reason why a particular house turned out to be wrong. It was not the style, size, number of bedrooms or bath — those didn’t matter – you can always make do with what you have, reconfigure or add on.

Notice, I have not raised the issue of price. This post assumes properties within a reasonable budget and not a beer wallet with champagne taste.

In retrospect, it was always the location that mattered most . A perfect location is unique to an individual. It takes into consideration all the things necessary to navigate comfortably through daily life.

It’s okay to mourn the loss of what you think will be just perfect but realize, at the end, there’s probably something you’re missing. Or, even harder to contend with, something that is unknown to you at the time. Grieve if you must, but then pick yourself up, dust yourself off and try again. It will happen for you.

It makes no difference if houses are lost due to offer, timing, seller’s unreasonable demands or representing agent’s inadequacies. In the end, buyers always say the home they finally purchased was the best possible one for them.

– See more at: http://activerain.com/blogsview/4247601/when-you-lose-the-perfect-house-#sthash.CexoyK9M.dpuf

Seller, if you are selling a property with tenants in it, the tenants need to be a part of the process. Think about it for a minute. A tenant has no incentive to keep your property in good condition. He has no incentive to keep it clean, picked up or available for showings.

This morning, I had a client travel 1.5 hours to look at a tenant occupied property. When I arrived, a very sleepy and groggy tenant appeared from the second floor announcing that his area would not be available for showing. That was 50% of the second floor bedrooms.

Beyond the barricaded tenant, the house looked like someone opened a door and blew tons of stuff into it. There wasn’t a room in the house that wasn’t cluttered beyond measure, and some of the areas weren’t accessible because of the piles of tenant belongings.

These tenants have no incentive to help their landlord sell their living accommodations out from under them. They make it hard to show. It’s a pigsty, and it smells bad. Sellers, if you’re selling property with pigs tenants in it, the tenants need to be a positive part of the process.

Seller, if you are selling a property with tenants in it, the tenants need to be a part of the process.

 

If you wait too long to buy, you may not be able to buy what you want.

One of the most common questions Realtors deal with is related to “how much house” a buyer can afford. A lender is a great place to start the home buying process because the lender can determine what buying power a home buyer is capable of. Then, with that information in hand, a buyer knows what price he/she should be shopping in. It would be terribly frustrating to shop for a $400000 house if a buyer’s buying power is $232000.

There is second issue buyers should also consider when they start the buying process. That is time and interest. Time and interest rates can work for you, or they can work against you. A buyer may start the process qualified to buy a $232000 house at 4.5%, but what happens if he lingers for 6 months and interest rates inch up over that time? Let’s say rates climb to 6%. That $232000 house will now be out of his buying range. Now, he can only afford to buy a $196147 priced home, but his house payment will be the same as the $232000 house.

Even if the rate only went up 1% to 5.5%, the buyer’s buying power slips to $207119. No one wants to rush into buying a house, but being too causal in home buying process may cost you. In this scenario, the buyer lost nearly $25000 in buying power. If it went to 6%, he lost $35853 in buying power. It’s very likely that the $36K loss in buying power is not going to produce the house he envisioned when he started the search.

Time really is money when the market is showing increases in housing prices and interest rates. Every increment up means less buying power. A buyer needs to be focused on finding the right house within his/her price range within a reasonable time. If not, he/she might be settling for less house at the same monthly costs.

 If you wait too long to buy, you may not be able to buy what you want.