In 2023, finding a partner has become incredibly easy and convenient for those that find
themselves seeking somebody to spend their hours with. A plethora of apps, societal norms becoming more accepting of casual relationships, and less pressure to be in married by your 30th birthday are all big helps.
Okay, maybe it’s not quite that simple and I’m just very out of touch with the dating world these days because everyone I know is in a long term committed relationship. But, let’s just say it’s easy to find someone with whom you can enjoy a coffee from time to time.
But finding “the one” or your “forever home”, infinitely more challenging. Sure there are apps to help you with your search but good luck trying to communicate with that 3 bed bungalow that you are so obsessed with through Realtor.ca. There’s no casual dating in the real estate world, you gotta be in it for the long haul. Just one reason that this type of search is so much more challenging.
Add in things like money, emotions and a market that goes up and down and it now makes more sense as to why this search is so challenging.
I’ll admit that this corny analogy might not be the most accurate comparison but it’s Valentine’s Day and the topic of a buyer finding the right house is a very worth conversation to have. How do you KNOW that you’ve found the right house? It’s a difficult question to answer and one that majority of buyers agonize over during the course of their home search.
I would argue that almost nobody walks into a home and says “OMG this is the one! We’ve found it, we are buying this house”. Perhaps on the rarest of occasions do buyers think that they’ve found the one immediately after walking into a house, but in my experience it doesn’t happen like that.
Majority of the time, there’s at least a conversation to be had between buyers, or if it’s a single buyer, they talk to their parents, a friend etc. And then, after these discussions, it becomes clear that this house will be a great fit… or not. Because it is rarely so black and white. There are pros and there are cons and a multitude of other things to consider about a house that can either make you fall in love or decide to call it quits and walk away.
The crazy thing is, to even get to this point takes a lot of time and work on behalf of a buyer to even consider making a real decision about a house. Months, sometimes years, go into a big decision like this and that process is fraught with possible failure, doubt and emotional baggage. But for those buyers that make it to the big dance of buying a house, the juice is worth the squeeze so they say.
Hence why this conversation is so worth having. Preparing yourself for your home buying journey (and possibly selling a home as well) can make a big difference in the timeline and overall success of said journey.
In my mind, there are three key factors to a buyer making the right decision: knowing yourself, knowing the market and decisiveness. The holy trinity of being a good buyer.
The first part of this equation is probably the most relatable to the situation I laid out above and deciding that you’re searching for a partner, who that person might be, what type of relationship you’re looking for and so on. Knowing yourself in real estate terms might look like this: I’m a single dude that makes $60,000 a year and I have no desire to continue living with my parents so I’m going to buy something that I can afford as a starter home to get into the market and live there for 3-5 years.
Or this: I am a married mother of 2 that hopes to grow our family again. Our 3 bed bungalow that we bought 6 years ago is starting to feel a bit tight so we should probably look at something with 4 beds, perhaps another bathroom and a fenced yard in a good school district.
They key is identifying your wants and needs and prioritizing these criteria based on you, your family, your current living situation, your life goals, and a million other things. No easy task, but one that is very important to your real estate success. I would say the most important part of this is prioritizing the 3-5 things in a house that you absolutely, positively cannot live without and starting there. If you can make a list of 3-5 must haves, you can get going on a search. Now keep in mind that your list might change as you start to view homes in person and learn about the market. You might also see something in a home that you hadn’t considered before and that you subsequently add to your list of must haves. I do find that most buyers end up buying something that is at least a little different from what they originally set out looking for. And that’s okay, all part of the process!
The next part of this is tough because it requires finding somebody that you can trust and rely on. Knowing the market is so crucial to finding the right home especially as things change as much as they have over the past 18 months. The market is up, the market is down and all the while you are hearing a million different opinions from the media, your family, coworker, and social media that just serve to confuse you. I will reiterate: you need to find somebody that you trust and choose to rely on to give you your market education.
Maybe your parents had worked with a good realtor in the past that they would recommend. Maybe you meet somebody energetic and knowledgeable at an open house on a Saturday afternoon. There are countless ways to find a good agent to help you in your search and I would encourage you to think very critically about who you partner with for this process.
I am a big advocate of market education and I find that I am constantly updating clients on what I see in the market that will impact them in their home search. Sharing sales, stats and anecdotes from fellow agents is very valuable in understanding the market. Every showing I go on, every consult, every listing appointment is an opportunity for me to educate the folks I’m interacting with.
Once you have a good understanding of the market, you can then understand how you fit within that market as a buyer and/or seller. Knowing yourself and knowing the market will allow you to avoid wasting time looking for something that either doesn’t exist or doesn’t actually meet your needs. I mentioned earlier that buyers often end up buying something that is different than what they originally set out for. That is a different story than somebody who has no idea what they are looking for, doesn’t understand the market and then looks at everything from a 2 bed apartment to a triplex with existing tenants to a new build home. That is a waste of your time and is confusing as hell to go through.
If you are struggling to identify what your wants/needs are or can’t make heads or tails of the market, a good realtor can help. Again, a crucial part of your search.
The last piece to this puzzle is being decisive and making good decisions. Regardless of the market, being able to make a strong, confident decision is paramount to anyone’s success. If you are constantly wavering on what you want or are willing to offer, you’re not going to get very far. I am constantly preaching to my clients “you need to make a decision and stick to it!” That key component of buying a house will put you in a powerful position to get what you want, or to move on to the next opportunity.
Again, what enables most people to make a decision? Good advice and information. Without that, how do you move forward? You can’t! So find somebody that you like, that you trust and that you can easily communicate with. That piece of advice holds weight whether you’re looking for a house or a partner, we’ve come full circle!
Happy Valentine’s Day everyone!
Comments