This is always an interesting question. Some will be guided strictly by the numbers and others will allow their feelings to dominate the decision. After many years of experience, I believe there is no right or wrong way to come to the best purchase decision for you and your family.
Statistically, there are many ways I can help with property selection. I can offer square footage comparisons on similar homes or provide information to determine approximate lot value based on size, view and location. Replacement value considerations are helpful. The quality of the home, including the architectural detail, finishes, cabinetry and appliances, is also important in the analysis. We can discuss the subject property as it relates to other homes and home sales in the community. Sounds like the best home would be readily identified, right?
If only it were that simple. But then, it would be more like choosing your investment portfolio. Just knowing the end results you want to accomplish, making the best judgment from the information at your fingertips, and done! Whether you are successful in obtaining your goals is now in the hands of the market.
Real estate is one of the few investments where our emotional value is also important. A home is the core of daily life and offers extensive personal rewards. It is where we relax, entertain our family and friends, and create a lifetime of lasting memories. More than a boat or car, funds invested in our residence, second home, or vacation property give us pleasure while protecting the equities we have worked hard to earn.
This subject always reminds me of a client of mine that I worked with years ago. His words resonate with me today, just as they did then. I was listing his home, at the high end of the market at nearly 4,000,000. In trying to be honest, I said I wasn’t sure we could get that much. He told me to find the woman who loved it and the husband who could afford it and the property would be sold.
Although there were many steps from this conversation to the closing, my client was right. That is exactly how the transaction unfolded and it sold fairly close to asking price. It did convince me that when a buyer loves a home and can picture living there with family, being or not being the best value available in the market place may have little bearing on the decision to purchase.
Whether you are an analytical buyer or allow your feelings to be a priority, there is no right or wrong way to get to the conclusion. It is unique when the heart and mind converge at the exact same place. So, if you are happy in your new home, no matter the path you chose to arrive, then accept that this is the best decision for you.
You can count on me to provide the information you need to help you with the statistics. When it comes to knowing what feels right, I have to leave that up to you…