How to avoid heartbreak after you’ve fallen for your dream home.

Erin Best is REW's Managing Broker and Partner Success Manager.

Date28.02.2024
Words byErin Best
How to avoid heartbreak after you’ve fallen for your dream home. hero image
INTRODUCTION
Falling in love with a home is a natural part of the homebuying journey, but it's essential to approach this sentiment with a level head and strategic thinking. From expressing enthusiasm to negotiating terms, how you vocalize your affection for a property can impact your chances of securing it. These tactics will help you navigate this exciting part of the homebuying process.

Do: Communicate with Your Buyer’s Agent

Your realtor is your ally in the homebuying process. Don't hesitate to share your feelings about a property with them. After all, if you’ve chosen to work with them exclusively at this point, you can trust them with this information. Your realtor can offer valuable insights of sales in the neighborhood, whether the data shows if the home is overpriced, and what a realistic offer price can be. Plus they can provide guidance throughout the process, connect you with other service professionals you’ll need and help you navigate negotiations with the seller. You’re going to meet and interact with several different people in the process, but your buyer’s agent will be there every step of the way - even after you’ve taken possession.

Don’t: Talk about how much you love the home while you’re still in the home

Wait until your showing is over before you spill the beans about how much you loved the home. After the showing is the time when you communicate what you love about the home and any concerns you may have. It may be hard to contain our excitement, but I promise you, it’s for the best.

Do: Provide Constructive Feedback

If you're serious about a home but have specific concerns or requests, communicate them tactfully and constructively. Provide clear and reasonable feedback, whether it's requesting repairs or negotiating certain terms. This can help facilitate a smoother transaction and strengthen your position as a serious buyer.

Pro Tip: When requesting repairs, consider what items are actual safety concerns that need to be remedied vs. wear and tear of a home.

Don't: Overshare on Social Media

While it's tempting to share your excitement about a potential new home on social media, be mindful of what you post. Avoid disclosing sensitive information such as the address or details of your negotiations, as this could potentially harm your bargaining position and privacy. As they say, ‘it ain’t over until it’s over’.

Do: Act Quickly and Decisively

In competitive markets with low inventory, time is of the essence. If you've fallen in love with a home, don't hesitate to take decisive action. Leaning on your buyer’s agent for stats and information will help you make objective decisions. Consider practical factors such as the property's condition, location, and resale potential, as well as your long-term financial goals. Work with your realtor to submit a strong offer promptly, ensuring you're positioned to compete effectively with other potential buyers.

Don't: Let Emotions Cloud Your Judgment

While it's natural to feel emotionally attached to a home you love, it’s important to maintain objectivity throughout the decision-making process. Even if negotiations don't go as planned, avoid burning bridges with the sellers. Maintaining a respectful and professional demeanor can leave the door open for future opportunities or negotiations, should circumstances change.

Do: Stay Flexible and Open-Minded

Falling in love with a home is exciting, but it's essential to remain flexible and open-minded throughout the homebuying process. I have often found myself using a baseball analogy with buyers: You may have to hit a few balls before you hit that home run. It’s a process and no two sellers, homes or offers are the same. Be prepared to compromise on certain features or make adjustments to your wishlist if necessary, especially in a competitive market where inventory may be limited.

Don't: Disclose Your Maximum Budget

While it's important to express interest in a property, avoid revealing your maximum budget to the seller or their agent too soon. Doing so may weaken your negotiating position and limit your ability to secure the home at the best possible price. Instead, focus on highlighting the value you see in the property and let your realtor handle discussions about pricing.

Expressing love for a home is a significant part of the homebuying journey. It's important to approach this sentiment with a balance of enthusiasm and strategic thinking. By following these dos and don'ts, you can navigate the process of vocalizing your affection for a property effectively, increasing your chances of securing your dream home while protecting your interests as a buyer.

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