I'm in the business of buying and selling homes in Plymouth & Cape Cod. Like most successful Realtors, my success has come from being good at sourcing clients, keeping them happy and having them return as active clients with second and third transactions.
But not all clients should jump back into the market, especially when life situations have offered up considerable stress and decisions are best made with a level head and time to flush out all the issues. A former client called me this past week to tell me she wanted to sell her house and move into a condo. She then let me know she was in the process of getting a divorce.
I had sold her and her husband a great home in 2010 and should have been the last home they needed. It had more than enough rooms, a large lot bordering on water on Cape Cod and in a solid neighborhood in which to raise their two beautiful young children.
Don't get me wrong. The prospect of two transactions is its own attraction, and her property would be highly sought after in this market of lower inventory. I could see the images of multiple offers floating in my head. A twofer was in the making.
But then we began talking of her options and she had no clue on the details of her equity and net income from a sale and her potential new living expenses Vs. her existing situation. She really did not have to make a move quickly. I advised we should review the numbers, find a new home and compare the two. She was in a situation where the house was in her name and she felt she needed to downsize and put any profits in the bank as her personal savings were low.
I developed a small tool I share with sellers that computes their NET income after fees, closing costs and expenses. She plugged in the numbers and she had a nice profit due to renovations and local market conditions. And we located a desireable condo on a private lake with pool and ample space with a finished basement. Her monthly payment here would be about $300/mo. less than her mortgage even including HOA fees.
Then we discussed the quality of life issues for her and two children living in a condo close to water and neighbors on the next wall that may not like any noise from typical children under the age of 10. Privacy does have a price as well as a pleasure.
I encouraged her to stay put and let some of the stress and decisionmaking subside and she refinanced her present property. Living through a divorce and trying to keep children feeling secure and whole is a challenge. This seller was very lucky to have a choice.
For me, I lost the twofer. But I sleep well at night knowing I did the right thing for a client.
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