Finding Your Dream Home Too Early
There are countless cautionary tales in the world of home buying and selling that a professional real estate agent could share with their clients. Today's tale is specific to home buyers and is a lesson in "putting the cart before the horse."
The idea of house hunting is so much more fun than getting your own home ready for sale. It is no wonder that buyers, who are also sellers, put house hunting first. These clients will often say things like, "We need to make sure we find a place we like before we put our home on the market." Big mistake.
A few years ago I met a couple who thought the same thing, though there were other limitations that only time and cash would help, that hindered their ability to sell. Their needs were very specific. While accruing cash to right their financial ship, they would occasionally call to see a property. To keep in touch and get ideas about what they wanted, I obliged.
Then one day, we found IT. This particular property had many out structures that most buyers probably thought were pointless. They were EXACTLY what my buyers wanted. Yet, they still weren't ready to sell and were unable to make a move. We talked about doing a temporary rental with a longer term contract, but the seller wanted a real deal. And he got it. My buyers were bummed.
When they were ready to take the steps necessary to get out there and buy what they need, they discovered nothing compares to the home they found too early. The dream home that ended up vanishing before their eyes.
These clients are not the only ones who got ahead of themselves and ended up disappointed even when they ended up finding a property. That's a bad way to start life in a new home..with disappointment that your new home does not measure up as your true dream home. To avoid that, it is best to keep house hunting to when you are truly ready, willing and able to pull the trigger on the purchase. What you don't know is out there when you aren't ready, willing or able, you will never know.
When your agent recommends you not start seeing property until you have been qualified by a lender, or listed your home, they are doing it for a reason. House hunting is emotional enough without feeling perpetual disappointment that you lost your dream home.