Buying
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How Many Homes Are Selling For Less Than The List Price? |
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 If we look at homes that have sold in the past six months... [1] 68% have sold for the list price or higher. [2] 32% have sold for less than the list price. [3] 40% have sold for over list price. Maybe several of these stats surprise you. Maybe none of them do. I think the most surprising to me is that 32% of homes sold for less than the list price. If often feels like buyers are barely ever able to negotiate on price -- and sellers are barely ever willing to negotiate on price. Interestingly, let's look back a year and a half (ish) to 2021 when mortgage interest rates were in the 3.something range...  The numbers here are certainly different, though not quite as different as you might imagine. For all the homes that sold in 2021... [1] 73% sold for the list price or higher. [2] 27% sold for less than the list price. [3] 43% sold for over list price. So... is every home selling over asking price? Nope. Back in the crazy times of 2021, was every home selling over asking price? Nope. | |
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Sample Mortgage Payments In September 2023 |
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 Mortgage interest rates are on the rise... they were 3% two years ago, 6% a year ago, and just above 7% today. Let's see how those 7-ish percent mortgage rates translate into some mortgage payments these days. All of these illustrations are for homes in the City of Harrisonburg, and (since I'm not a lender) they are not offers for mortgages with specific terms... $250K purchase with 5% down = $1,833 / month $350K purchase with 10% down = $2,449 / month $450K purchase with 20% down = $2,850 / month $600K purchase with 30% down = $3,400 / month Working backwards for a moment, if you were trying to keep your mortgage payment under $1500 (for example) you'd be looking at a $205K purchase price with a 5% down payment. With current mortgage interest rates above 7%, it's more important than ever to talk to a lender sooner rather than later to determine how much you can afford in a mortgage payment -- and/or how much you want to spend each month on your mortgage payment. If you need a recommendation for a great local lender, just let me know. | |
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Going, Going, Gone. Make An Offer Before That House Is Under Contract. |
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 Home buyers aren't making decisions quite as quickly these days. That doesn't mean that homes aren't going under contract as quickly -- they often are -- but individual buyers aren't making decisions about whether to make an offer on a house quite as quickly as they have over the past few years. As a result, sometimes buyers are missing out on buying houses for new reasons. Over the past few years buyers often missed out on houses because there were multiple offers on most new listings and they were always competing with other buyers. What I am finding in the current market is that some buyers are missing out on houses because they are waiting a bit too long to make a decision to make an offer. How could this be? Aren't sellers waiting days and days for offers to roll in before they consider moving forward with one? Sometimes. But not as often as in 2021 and 2022. If a seller has 10 showings and four days later they receive their first offer -- they might decide to wait a few days to see what other offers might roll in -- or they might just sign the contract and move forward with the buyer who went ahead and made the offer. So... if you go to see a house that you like, and you're thinking about making an offer but you haven't done so yet... realize that it could very quickly become unavailable if a seller receives a reasonable offer. I don't think all buyers need to universally speed up their decision making process... but they should realize that many sellers are currently more likely to move forward with a favorable offer rather than let it sit for a few days in hopes of receiving additional offers. | |
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Does It Make Sense To Wait To Buy A Home? |
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 Given high home prices and high mortgage interest rates, does it make sense to wait to buy a home? As usual, maybe yes and maybe no. Let's start with maybe no, you shouldn't wait to buy a home... [1] If you are waiting to buy a home because you want to wait until home prices come down, that might be a long wait. I can't guarantee that home prices will be stable or will increase forever, but there aren't any current signs that we should expect to see home prices declining in the next year or two so that it would make sense to wait until that time to buy. [2] If you are waiting to buy a home because you want to wait until mortgage interest rates get back down to 4% or 5%, that might be a long wait. With current mortgage interest rates at 7%, I understand the sentiment of wanting to wait until they drop back down somewhat -- but I wouldn't recommend waiting for them to get all the way down to 4% or 5% -- or even 6% for that matter. Mortgage interest rates may very well stay at or above 6.5% for the next year. But... maybe you should wait to buy a home... [1] If you are waiting to buy a home because you aren't comfortable with the mortgage payment on the home you'd like to buy -- that makes a LOT of sense. You need to be comfortable with the long-term financial commitment of buying a home. While home prices and mortgage interest rates might not decline over the next few years -- your income and savings might go up -- getting you to a place where you are more comfortable with a home purchase. So... should you wait to buy a home? Maybe. It depends on your overall financial picture and your plans and goals for the next few years. If you'd like to talk any or all of that through as you contemplate a possible home purchase, just let me know. | |
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Yes, Mortgage Interest Rates Are Still High. |
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 The current average 30 year fixed mortgage interest rate is 7.23%. That is the highest it has been in over 20 years. Actually... 22 years, it seems. The last time it was higher was back in June 2001 when it was 7.24%. What lies ahead? Per this NY Times article... "Economists predict that mortgage rates will remain elevated for at least a few more months. And even when they start to come down, they are expected to settle well above the 3 percent rates that home buyers enjoyed during the early stages of the pandemic." ...and... "The Mortgage Bankers Association, an industry group, recently forecast that the average 30-year mortgage rate would fall to 5 percent by the fourth quarter of next year." So... hopefully these historically high mortgage interest rates (that followed some historically low mortgage interest rates) will eventually start to decline again... but we're not seeing it yet. | |
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Yes, We Seem To Be Back In A Time When Some Offers Might Be Under The Asking Price |
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 Many homes are still going under contract quickly, often with multiple offers. But not all homes. I know it's hard to believe after the past few years of craziness in our local real estate market -- but some homes are actually going under contract below the list price. Between 2020 and 2022: You want to pay less than list price!? Ha ha ha ha ha ha. You're so silly. Now: Let's see whether they have had many showings and if they have any offers. If a few days or a few weeks have passed and the house is still available, yes, we may very well be successful with making an offer under the list price. That's all on the buyer side. On the seller side... it's more important than ever to price your property appropriately for the market. | |
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How Often Are We Seeing Multiple Offer Scenarios These Days? |
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 Pre-COVID, multiple offer scenarios were the exception not the rule -- we would see them from time to time, but not often. During most of 2020, all of 2021 and much of 2022, multiple offer scenarios were the norm. Nearly any property being listed for sale would have multiple offers within just a few days. Buyers were desperate to secure a contract on a house and were including escalation clauses, waiving contingencies, and more, just to try to be the winning buyer. Now, mid-way (a bit more) through 2023, we are still sometimes seeing multiple offer scenarios, but not on all listings, and perhaps not on most new listings. So... BUYERS - You may very well have fallen in love with a house that is going to have multiple offers, so prepare for that and be ready to act quickly - but ask about other interest (and offers) before automatically including an escalation clause and/or dropping contingencies. SELLERS - You may very well be listing a home that buyers will fall in love with and that will have multiple offers, but that also might not happen. You should be super realistic (instead of super optimistic) when it comes to the pricing of your home, and then wait to see what the market response is once your house is listed for sale. I'm sure we'll still see a significant number of multiple offer scenarios moving through the remainder of 2023, but I don't think we'll see it on most/all listings any longer. | |
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Home Buyers In Some Price Ranges Are Likely Competing With Would Be Buyers From A Year Ago |
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 Let's focus in on one particular segment of the home buying public... ...those relocating to the Harrisonburg area for employment. Plenty of folks relocated to our area in 2022 for a job and plenty are doing so in 2023. A year ago, in summer 2022, inventory levels were extremely low. Some or perhaps many of those buyers relocating to our area for work were not able to find a home to buy given those low inventory levels. What did they do as a result? They rented a home for a year to pursue buying a home from Harrisonburg now that they are living here. So now, those relocating to Harrisonburg this year for work are not only competing with other would be home buyers also relocating here for work this year but ALSO those would be home buyers that relocate here for work a year ago and have been renting ever since that time. And, perhaps this dynamic has been happening for a few years now, building up an ever larger critical mass of buyers competing for housing. Let's translate it into fictional numbers... 2020 100 would-be buyers relocate to Harrisonburg for work. 100 homes are available for purchase. 100 would-be buyers buy a home. Yay! 2021 100 would-be buyers relocate to Harrisonburg for work. 90 homes are listed for sale and 100 buyers fight over them. 90 buyers buy, 10 would-be buyers rent. Yay-ish 2022 100 would-be buyers relocate to Harrisonburg for work. 10 would-be buyers from 2021 still want to buy a home. 80 homes are listed for sale and 110 buyers fight over them. 80 buyers buy, 30 would-be buyers rent. 2023 100 would-be buyers relocate to Harrisonburg for work. 30 would-be buyers from 2021 and 2022 still want to buy a home. 70 homes are listed for sale and 130 buyers fight over them. 70 buyers buy, 60 would-be buyers rent. This one won't be pleasant... 2024 100 would-be buyers relocate to Harrisonburg for work. 60 would-be buyers from 2021-2023 still want to buy a home. 70 homes are listed for sale and 160 buyers fight over them. 70 buyers buy, 90 would-be buyers rent. I think you get the picture. If buyers keep relocating to the area for work (they will) but inventory levels (sellers willing to sell) continue to remain low -- only so many of those relocating buyers will be able to buy a home. Then, the next year's relocating buyers will be competing with an even larger pool of would-be buyers the following year. So, if you're relocating to the Harrisonburg area for work, great, welcome! If it feels like the competition for homes is rather fierce, you are not wrong... and it seems to be a problem a few years in the making. | |
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Why Some Buyers Are Comfortable Paying More Than You Would Expect On Their Home |
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 "Did you see that new listing? It was just listed for $425,000. Looks like a great place. I'm sure there will be tons of interest and probably multiple offers. I can see someone paying up to $440,000 for that house!" "Wait... what!? That house just went to closing, and the buyer paid $465,000 for it. I mean... it was a great house, but $465,000? For that house?" Some buyers are comfortable paying more for their house than you might expect. Why!? [1] Real estate is, often or even most of the time, an appreciating asset. You're not paying more than anyone might expect on a depreciating asset, like a car. Even if you paid more than market value for your home, over time, that market value is likely to catch up to and surpass the price you paid. [2] Their home is not just a financial asset... it's a place that they live, spend time with their family and friends, often providing a sense of community with neighbors, and so much more. Paying more than one might expect for a financial asset alone is different than paying more than one might expect for a place to live and potentially spend most of your waking hours. [3] Especially over a longer time horizon, the purchase price becomes much less consequential. Let's say the house was really worth $440K and the homeowner stays in it for 15 years and prices increase a meager 2% per year. After those 15 years, the house is worth $592K. At that point, I don't think the homeowner (today's buyer) is overly worried about having paid $465K instead of $440K. Now, to be clear, I'm not saying that you should be willing to pay any price for any house, and that it is totally normal, fine, cool, acceptable or hip to pay more than market value. What I am saying is that some buyers are deciding they are willing to pay more than market value for a house in the current market - and I can understand some of the reasons why they choose to do so. | |
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How Could Housing Market Affordability Be Restored? |
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 Here's an interesting article for your perusal... If you can't access the entire article, here's the gist of it... There are three levers that can ease housing affordability:
As per this article... "A new housing report put out by Morningstar expects mortgage rates will indeed be the primary lever that helps to ease housing affordability." "As of Friday, the average 30-year fixed mortgage rate tracked by Mortgage News Daily stands at 7.14%. Morningstar expects that’ll trend down in the second half of the year, and we’ll average 6.25% for 2023. Morningstar’s forecast model then expects mortgage rates will average 5.00% in 2024 followed by 4.00% in 2025." The entire article is worth a read. Other groups putting out predictions for future mortgage interest rates aren't thinking they'll get as low as Morningstar predicts, but they do think they will decline over the next few years. The last paragraph of the article holds a key reminder... "When it comes to mortgage rate and home price forecasts, it might be best to take them with a grain of salt. Uncertainty in the economy makes it hard to predict both mortgage rates and house prices." So... you certainly shouldn't count on lower mortgage rates in the future (relative to either waiting to buy until rates drop, or buying now with a plan/need to refinance to a lower rate later) but it is interesting to see multiple groups now predicting lower mortgage interest rates over the next few years. That change would be welcomed by home buyers! | |
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It Is The Beginning Of The End Of Summer When It Comes To Real Estate |
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 Yes, yes, I know... the official first day of summer was June 21st, which was only two weeks ago. But, when it comes to real estate, we're just about at the beginning of the end of summer. Here's the math, working backwards for anyone hoping to be settled into a new home before the start of next school year... August 23 - first day of school in Rockingham County August 22 - first day of school in the City of Harrisonburg August 18 - latest closing date to have a full weekend to move into a new home before school starts July 18 - a month prior to that August 18 closing date So... if you're hoping to close on the purchase of a home before the upcoming school year begins, you have a bit less than two weeks to do so. And... if you're hoping to sell your home to someone that wants to close on their home purchase before the upcoming school year begins, you should probably have your house on the market in the next two weeks. Happy Summer! ;-) | |
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Monthly Tax Bills in the City of Harrisonburg and Rockingham County Over Time |
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 If you're buying a median priced home in our market (Harrisonburg and Rockingham County) you would be spending $325,000. Will you pay more in property taxes if that house is in the City or the County? In most cases, you will pay more property taxes if you live in the City. The analysis above looks at how a monthly property tax bill has changed over the past decade for a median priced home in the City and County. To be clear, this analysis uses:
Also of note -- this analysis of monthly property tax bills over time does not adjust for inflation. A $260 monthly tax bill in the City of Harrisonburg in 2023 is not the same as a $260 monthly tax bill in 2013 as inflation has been running hot over the past few years. Certainly, one reason why the City tax bill has increased as much as it has over the past few years has been to fund the new high school currently under construction in the City. Will this difference in tax rates in the City and County result in some buyers deciding to buy homes in the County instead of the City? Maybe - but my experience has been that the tax rate is not what causes a home buyer to consider a home in one locality or the other. Multiplying by 12, here's a look at the annual tax bill in the City vs. County for a median priced (market wide) home in our area...  | |
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Monthly Housing Costs Up 84% In Three Years |
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 Over the past three years... [1] The median sales price has increased by about 10% each year. [2] The average mortgage interest rate has doubled. [3] The City real estate tax rate has increased by 12%. Given these three changes, and how each plays into housing costs, it shouldn't be much of a surprise that monthly housing costs have increased significantly over the past three years. Three years ago, if a home buyer financed 80% of their purchase of a median priced home, they would be paying about $1,064 per month. Now, if a home buyer finances 80% of their purchase of a median priced home, they will be paying $1,959 per month. Beyond the "wow, that's a crazy increase" here are a few of my other thoughts and observations... [1] Perhaps this is a statement of the obvious... but this "increase in monthly housing cost" only affects those who are buying homes now. Anyone who already owns a home is not seeing this type of an increase in their housing costs. They might have a minor increase in their monthly housing costs due to rising assessed values, rising real estate tax rates and/or rising homeowners insurance rates, but those will amount to a relatively small increase in their monthly housing costs compared to what is described above. [2] Yes, this is a big increase... but it's partially because monthly housing costs were abnormally low for quite a few years as a result of super low mortgage interest rates. We have now exited a prolonged period of tremendously low mortgage interest rates. This kept housing costs very low for anyone buying a home (or refinancing their mortgage) during that unique time of low mortgage interest rates. Thus, the increase in monthly housing costs seems huge -- but it's only partially because of how high mortgage rates are now, but also very much about how low those mortgage rates were very recently. [3] Just a note on methodology. The housing cost numbers above are calculated using the median sales price of homes sold in Harrisonburg and Rockingham County per the HRAR MLS, combined with the average mortgage interest rate for the duration of the year, combined with the real estate tax rate for the City of Harrisonburg, and assumes a 20% downpayment. Bottom line -- it is quite a bit more expensive for someone to buy a home now compared to just a few years ago. | |
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If Your Offer Is Competing With Other Offers, You Should Max Out Your Preapproval Letter |
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 A few (4+) years ago, most offers were made without having to compete with another offer. In such as a circumstance, it often made sense to tailor your preapproval letter to match the price you were offering. For example... $275,000 = List Price $350,000 = Your Max Preapproval Amount $265,000 = Your Offer $265,000 = The Preapproval Letter You Include After all, why let the seller know that you could pay $350K when you're trying to negotiate them down from $275K to $265K. :-) These days, however, things work a bit differently. You should consider maximizing the amount of your preapproval letter to show your financial strength. $350,000 = List Price $475,000 = Your Max Preapproval Amount $375,000 = Your Offer (after escalating) $475,000 = The Preapproval Letter You Include Yes, you could certainly include a preapproval letter from your lender showing you are qualified to pay $375K for the house -- but the strength of your finances will be much more evident to the sellers if you include the maximum preapproval letter of $475,000. So... in a competitive offer scenario, don't hide the top price you can afford, as it might sway the seller in your favor as they are considering multiple offers. Most sellers, if presented with these three offers would choose the third offer... [1] Offer of $375,000 with pre-approval letter of $375K [2] Offer of $375,000 with pre-approval letter of $395K [3] Offer of $375,000 with pre-approval letter of $475K As a side note -- even if you don't want to spend $475K, and you won't spend $475K, if you qualify for $475K it can still be helpful to have that letter from your lender for the reasons outlined above. | |
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Think About These Questions Before You Go See A House You Want To Buy |
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 The market is still moving quickly in Harrisonburg and Rockingham County. As such, once we walk inside of a house, and you decide you like it enough to make an offer, the clock will start ticking. We'll have a limited amount of time for you to make a few big decisions... [1] What price do you want to offer? [2] Do you want to include an escalation clause? [3] How high will that escalation clause go? [4] Do you want to include a home inspection contingency? [5] Do you want to include an appraisal contingency? Some of these questions are certainly property specific -- and your answer will be different when asked about different properties. But some questions can be made somewhat more generic... [1] Will there ever be a time when you are comfortable making an offer without an inspection contingency? [2] Are you comfortable paying more than the appraised value for a house? Including a home inspection or appraisal contingency (or both) will definitely make your offer less competitive if there are multiple offers and if one (or more) of the other offers does not include either or both of those contingencies. So... before you go see a house that you then might discover that you love... think about... [1] Would you be comfortable buying a home that you love without doing an inspection? [2] Would you be comfortable paying more than the appraised value for a house that you love? Thinking about these questions generically will prepare you for when I ask you to think about your answer to that question when we're inside of one specific home. | |
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It Can Be Frustrating To Try To Buy A Home Right Now, But Keep At It! |
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 Surely, homeownership isn't for everyone... [1] You might only know that you'll be living in the Harrisonburg area for a year or two, and thus it might not make sense to buy. [2] Your overall financial picture might not be stable enough right now, or yet, for it to make sense to buy a home. [3] You might not be ready to take on the long term commitment to the ongoing costs of homeownership such as replacing a heat pump, a roof, etc. But... there are seem to be plenty of people locally who are not currently homeowners, but who are ready to own a home... [1] They know (or are very confident) that they'll be in this area for 5+ or 7+ years. [2] Their finances are stable and they have funds saved up for a downpayment and closing costs. [3] They understand and are prepared for the ongoing costs of homeownership such as improving or replacing the systems or building components of a home over time. Plenty of these well prepared, would-be, homeowners have not been able to successfully secure a contract to buy a home over the past few years because of extremely high levels of buyer interest in buying in our local market - which often results in multiple buyers making offers on the same house within the first day or two that it is on the market. So, yes, it can be quite frustrating to try to buy a house right now. You might make offers on 2, 3, 4 or more houses and still not have a contract to buy a home. What should you do? Should you give up? Rent forever? If you match the description above (staying here, financially stable, prepared for home maintenance costs) I would encourage you to keep trying to buy a home. Eventually it will work out, and you will successful contract to buy a home and then you'll be able to start enjoying the many benefits of homeownership, including... [1] Mostly stable housing costs - with the principal and interest portion of your mortgage payment staying level, even if there are some increases in taxes and insurance over time. [2] An increase in the value of your home over time - maybe not every year, but certainly over the long-term. [3] The ability to make a house/property your own, improving or upgrading it to fit your specific needs and wants. [4] The tax benefit of paying mortgage interest. [5] Often longer-term relationships with neighbors which doesn't happen if you're bouncing around from one rental to the next. The list could go on, but I think you get it -- there are plenty of great reasons for many (but certainly not all) folks in our area to buy a home -- so even if you miss out on an offer or two, don't give up the hope yet! | |
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Buying A Home In Harrisonburg When You Do Not Yet Live Here Is Particularly Difficult Right Now |
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 TUESDAY: Nice! A pretty sweet new listing just hit the market. I will definitely plan to make the (four hour) drive to Harrisonburg this weekend to see that house! THURSDAY: Oh, shoot. It's already under contract!? Argh. Anyone who lives out of town right now, but is attempting to move to Harrisonburg and buy a house in Harrisonburg is likely experiencing some variation of the scenario described above. It is a challenging time to buy a house in Harrisonburg if you don't already live in (or pretty close to) Harrisonburg right now... and it's all because of how quickly homes are going under contract. If you want to see a home in person before you make an offer to purchase it, and you live a few hours away and have a work or life schedule that doesn't allow you to hop in the car for a day (or overnight) trip on a moment's notice -- it can be hard to lock down a contract on a house. Enough about the problem... what's the solution? Here are a variety of the strategies you could employ... [1] Keep Hoping. Keep Trying. Hope that a great property will hit the market on a Friday when you're already planning to drive to Harrisonburg on Saturday, such that your timing and the timing of that new listing will work together perfectly. [2] View Houses Remotely. I can certainly walk you through (and around) a house via FaceTime or Zoom to allow you to more quickly see a house even if you can't make it to town. The question will then be whether you are willing to commit to purchasing a house that you have only seen via a phone (or tablet, or computer) screen. [3] Rent First, Buy Later. Go ahead and move to Harrisonburg, renting an apartment, townhouse or home, so that you are "on site" and ready to look at homes as they come on the market and pursue a house when you find the right now. Low inventory levels make it hard for even local home buyers to buy a house -- and it is even more difficult if you are trying to buy here but are not yet physically located here. If you find yourself in this situation, I'm happy to support you with any or all of the strategies noted above. Just reach out to connect so that we can talk about a game plan. | |
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The First Buyer To Make An Offer Will Likely Not Include An Escalation Clause, At Least Not At First |
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 Yes indeed, we're still in a market where we often see multiple offers on new listings... and when there are multiple offers, we are likely to see some escalation clauses. If you are selling one of these popular new listings, should you expect that the first offer you receive will have an escalation clause? Probably not. Here's why... An offer only needs an escalation clause if it is in competition with another offer... and thus, if a buyer is making the first offer, the escalation clause is not needed. For example, if a house is listed for $325K, an interested buyer might offer $325K - but they are unlikely to offer $325K with an escalation clause going up to $350K. Why not include the escalation clause up front? If the first offer a seller receives includes an escalation clause, they are almost certainly going to be motivated to... wait for other offers. If your home is listed for $325K, and you have eight showings lined up, and the first buyer to see the house makes an offer of $325K that escalates to $350K -- you'll want to wait to see if you have any other offers, hopefully above $325K, that would cause that escalation clause to kick in. Now, certainly, that first buyer will want the opportunity to consider adding an escalation clause if or when there is a second offer with which they are competing. Thus, they may ask to be notified if any other offers are received -- and it would make sense for a seller to give them a heads up if or when a second offer is received. So... BUYERS: You likely don't need to have an escalation clause in your offer if you are the first buyer to make an offer -- but you should be ready to adjust your offer (to add one) very quickly if/when you hear that there is a second offer. SELLERS: Don't be surprised if the first offer you receive does not include an escalation clause. Likewise, don't be surprised if those buyers add an escalation clause once a second offer exists. | |
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Home Buyers Seem To Be Drawing The Line In A More Rational Place Now When Making Offers |
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 In 2021 and most of 2022, it wouldn't be surprising to see these type of offers... [1] price escalates $50K above asking price [2] no home inspection [3] no appraisal contingency [4] will pay up to $20K over appraised value This was also in the context of often having 5+ (or 10+) offers within the first 48 hours a house was on the market. Right now, we are still often seeing multiple offers within the first 48 hours that a house is on the market -- but it is often 2 or 3 offers -- and not 5 or 10. Furthermore, current offers (in many but not all price ranges, locations, etc.) are more along these lines... [1] price escalates $5K to $10K above asking price [2] yes, I'd like an inspection contingency, please and thank you [3] contingent on the property appraising at/above the contract price [4] no willingness to pay more than the appraised value Now... don't get me wrong... these terms are still very favorable for sellers. Many or most sellers are still likely to have more than one offer from which to choose, and they are also relatively likely to sell for more than their list price -- but they are likely to see inspection and appraisal contingencies in those offers. As such, it seems that buyers are drawing the line (of how far they'll go on an offer) in a more rational place -- perhaps because of higher mortgage interest rates and the accompanying higher monthly mortgage payments. | |
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Buy A House For Yourself, Not The Next Owner |
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 What are you focused on as a buyer when you walk through a home you might purchase? [1] Does this home work well for my needs? [2] Will this home be easy for me to sell when that time comes? Thankfully, with many homes, the answer to both questions can be "yes" - but that is not always the case. Sometimes, you'll walk through a home that is just perfect for you -- but you started to wonder whether this aspect or that aspect of the home will make it more challenging for you to sell it when that time comes. We should talk about those aspects of the home, acknowledge them, discuss whether they might impact the future resale of the home, talk about your intended length of ownership of the house, and then... focus in again on how the home works for your needs. After all, you should be buying a home for yourself, not the next owner. Certainly, if there is a high likelihood that you will need to sell the home again within a very short timeframe, perhaps we think a bit more about the future sellability of the house -- but in most circumstances, I'll encourage you to be focusing on how any particular house works well for you... rather than the next owner. | |
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Scott Rogers
Funkhouser Real
Estate Group
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scott@funkhousergroup.com
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