A common obstacle which arises when first-time homebuyers look for their first home is “Falling in love with a home!” Now somebody might say, “What’s the big deal? Isn’t the whole point to fall in love with the home you are going to purchase it?”
The truth is falling in love with a home can be a double-edged sword.
The good news is after searching for months the homebuyer has finally found the home which meets all of their criteria and an offer is presented to the seller. The homebuyer is motivated to provide all the necessary information to purchase the home in a timely manner. The bad news can appear in many variables in a real estate transaction which can prevent homebuyers from owning the house such as a problem w/ the home inspection or appraisal, failed negotiations, low condo reserves, uninsurable property, etc.
I encourage homebuyers to always keep in mind that anything can change in a real estate transaction before settlement. When bad news appears and cannot be resolved, most homebuyers are too heartbroken to continue the home search. In 30% of cases, the homebuyer quits the home search and continues to rent.
The remedy for “Falling in love with a home” revolves around the homebuyer’s ability to 1)adapt, 2)overcome, and 3)move on with the home search. Moving on seems to be the hardest part for homebuyers because they are constantly comparing every new house to their “favorite” house. This makes the process stressful and depressing.
It is important for homebuyers to continually remind themselves of the core reasons why they are buying a home in the first place. Ideally, the goal is to try minimize the emotional ties with the home…I know it is easier said than done. Remember that everything happens for a reason and this specific property might not be the best fit for you. There are always more properties on the market which match your criteria.
Hopefully you found this post useful! If you would like more information about Washington DC real estate, please contact Jason Trotman at 301-452-4767. If you’re new to DC, I’d especially like to extend a warm welcome. I value the opportunity to help my clients find the home that meets their needs and provide them with professional, reliable service.