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Expectations and Real Estate

I have found that the single biggest hurdle in Real Estate from a buying point of view is EXPECTATION!

What do I mean by that? Here is an example; a buyer wants to buy in Williamson County, wants great schools, large lot, hardwoods etc. In the area they want the homes are older but solidly built. The expectation problem? That for a great price the home will have newer roof, HVAC, Water heater as well as no other major problems. The price was negotiated down 10,000 and is a steal without the newer items. The buyer wants those items, the unrealistic expectation is that a home that fits these parameters can be found in this particular area in the price range desired.

There has to be give somewhere. Either you pay more and get newer(possibly less lot size however). Or if you are looking at "older" homes, you go into it with the knowledge that probably some of the components will be , gasp, "older". We all want everything our way and the best deal ever, but reasonable expectation is a must or you find yourself on the offer/rescind roller coaster, and that my friends is exhausting all the way around.

My advice? Sit down before hand and write out a list of things you MUST have in a home followed by things you would like and things that are no big deal. Really think about it, make sure your price range fits the desired amenities. Get your REALTOR involved ASAP, and be willing to compromise to get the most important items on your list. Don't let fear drive the bus, get experienced advice from contractors, inspectors and finance people versus your friends and well meaning family members. The experts do this all day long, listen to them.

That is my take, what's yours?!

Vanessa Stalets
RE/MAX Elite
615-957-6333
http://vanessastalets.com

Posted by Brentwood TN Real Estate/Homes - Vanessa Stalets REALTOR® on 09/25/2007 07:58 AM

Comments (5)

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5 Comments on Expectations and Real Estate

Great post and I agree that there has to be a certain level of expectation and sometimes compromise when dealing with older homes. Just because a market is down does not mean that the seller will give away the property or agree to huge demands especially if they live in the home.

09/25/2007 08:09 AM

by Jon Angevine Calgary & Airdrie Real Estate (Royal LePage Foothills)

Vanessa,

I agree with your post. As inventory levels creap up there are more homes to choose from which complicates the home buying process. Making a list like you suggest should keep the buyer on the right path.

09/25/2007 08:17 AM

by Steve Shaw, Gulf Region Properties Team (Keller Williams Realty)

Great post..... realistic expectations have done a 180 since we turned into a buyers market. I like your idea of the client writing a list before the shopping begins.

Great tip!!!

09/25/2007 08:28 AM

by Brad Snyder (Sierra Vista Realty)

Good job, yes you can't have it all, although I have found most young people think they can. I follow the listings in Williamson County and most of them seem to have it all.

09/25/2007 06:53 PM

by Missy Caulk Ann Arbor Realtor Ann Arbor Real Estate (Keller Williams Ann Arbor)

Thank you everyone for your replies. I do think expectation is one area where we as agents can put a bit of "control", for lack of a better word,on the buyer's experience. Often as a new agent I did not want to say things that I thought might lose me a client. Boy was I wrong, because the longer a client has an expectation the harder it is to erase if at all. I now am up front and rigorously honest from the word jump. My clients seem to really appreciate it as well.

09/26/2007 01:43 PM

by Brentwood TN Real Estate/Homes - Vanessa Stalets REALTOR® (RE/MAX Elite)

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