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Health & Fitness

When Shopping for a New Home, Keep Your Emotions in Check

The purchase of a new home is almost always based on emotions.   Think of the one you currently live in.  Did you fall in love with it the moment you walked through the front door?  Home buyers often let emotions cloud their judgment in real estate transactions – and while it’s understandable, it’s not always advisable.  If you’re about to start house-hunting, be sure you have a professional broker in your corner who can counsel you and make sure you’re making a smart investment, not an emotionally-driven purchase. 

According to Bankrate.com., there are several common mistakes that buyers make when looking for the perfect home:   

·         Allowing love at first sight -- this is typical of most homebuyers.  It’s smart to look at at least five properties when in the market for a new home.  Don’t sign a contract after seeing only one or two listings.  Jumping in that quickly can often result in buyer's remorse, overpaying, and the inability to sell at a reasonable price down the line.  Do your “due diligence” before you rush in, and if you still love it after seeing a half-dozen or more homes, it probably is the right fit for you. 

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·         Overpaying for Perfection – if by chance you find a home that seems “just perfect,” don’t be so quick to pay over market value.  It’s never smart to overextend yourself financially, so always have an exit strategy in mind.  There’s certainly value in the enjoyment and use of the home over time, but you need to consider what that’s worth in relation to the overall investment.  

·         Lowballing in Negotiations Instead of Paying Realistically – on the flip side, if you are constantly making lowball offers, you risk losing out on the property or lengthening the process and annoying sellers.  While it’s true that buyers want top dollar for their homes, and can sometimes list the property above what the market will bear – it’s still advisable to make a realistic bid that’s pretty close to your final offer.  This is where a broker can really help direct you and work with the seller.  Also, if you plan on paying in cash, consider that it might afford you a discount, but it may not be worth as much as you might expect.

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·         Always Looking for a Better Deal – while it’s always possible that prices could drop or mortgage rates might further decline, the market has been on a consistent upswing, and value-priced homes are going quickly and even seeing multiple bids in some cities and towns.    Don’t make the mistake of thinking there's always a better deal just around the corner.  If you play the odds, you may just miss out on your dream home.

·         Equating 'short sale' with 'deal' – just because you’re buying a home that’s deemed a “short sale,” a "real estate owned" home or "REO," or one that’s been in foreclosure, you’re not necessarily getting a deal.  Those marketing buzzwords are designed to lure bargain-hungry buyers, but they don’t always translate into reality.  A “good deal” is a matter of the property's historic price, current market conditions and the home's features, as well as your needs as a buyer.  Computing all of that isn’t an easy task, and this is where you really need a broker who knows the local market and can help you avoid making a truly emotional purchase.

Emotional mistakes are common among homebuyers, who sometimes let good deals pass them by. Or worse, buyers often overpay for their "dream homes" because they let feelings cloud their judgment.  The purchase of a property is one of the biggest investments you’ll make in your lifetime, so be sure you have a real estate professional in your corner who can advise you and make sure you keep your emotions in check until you sign on the dotted line.  Then, when you’ve taken the necessary steps toward a smart purchase, you’ll be able to fall in love with your home all over again.

Debi Benoit, principal of Benoit Mizner Simon & Co., has been Wellesley’s #1 real estate agent since 2006.  The Wall Street Journal twice ranked her among the top 100 real estate professionals in the country.  With offices in Wellesley and Weston, Benoit Mizner Simon & Co provides buyers and sellers in both markets with in-depth knowledge and experience combined with unparalleled client service.

With offices in Wellesley and Weston, Debi can be reached at 617-962-9292 or debi@benoitmiznersimon.com.

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