Dream House Loss Heartbreak - What to Do
Dream House Loss Heartbreak - What to Do
Full Video Transcript Below
[00:00:00] Alice Lema: Well, good afternoon real estate fans. Alice Lema here, broker John L. Scott, beautiful Southern Oregon with another edition of the weekly podcast this week, we're going to talk about dream house heartbreak, six things to do if you weren't quite ready. So you, you wouldn't think we'd have to talk too much about this, but it's already happened three times this week to me, and I'm just one agent. I thought maybe we'd better have a chat about it.
[00:00:23] Okay. So before we get to that, let's give you a quick second to subscribe to the channel. Give us a, like, give it a thumbs up, send us some questions and comments, you know, share this with your friends and family. This in particular, I think can be pretty helpful this week.
[00:00:37] All right so back to the podcast, dream house heartbreak, six things to do if you weren't quite ready and your dream came and went without you. Okay. So number one, ask yourself why you weren't ready. And please be honest, because we do have a certain you know, group of buyers that are kind of say, well, I'll buy something. If the dream dream home, because of the market, it's in my price range. And then, you know, they take the trouble to put it on the app and then these houses start coming up and they're not ready. So, you know, you can't really get upset and that scenario cause you did nothing to prepare. But then, you know, you have these emotional responses like, oh, I could have moved.
[00:01:17] Well yeah. But let's find out why you didn't take the extra steps to get pre-qualified, to put your house on the market, to at least get your house ready to put on the market. You know, what was actually in the way, make a list and then assess how serious you are. Because if your really wanting to see what's out there and just want to enjoy the app because you like looking at houses.
[00:01:41] I I'm that way. That's fine. You just don't want to get upset and call an agent all upset because there was a house you would have bought. That's that's what the phone calls sounds like. I would have bought that. Not fair. Number one, ask yourself why you weren't ready.
[00:01:56] Number two, how rare is this type of property in this price range. Like how common is it to show up? If it's not very common cause you're really looking for a unicorn then you just need to know that. Because when you go back to number one, asking yourself why, and that might've been one of the reasons why is that it just, this kind of property doesn't come up in your price range.
[00:02:17] Well, you need to, you need to think about that and either pull together more money. Bring in some partners, move to another location in the United States where it is more common, something like that. So that's number two is just figure out how likely is it that this is going to come up again in this price range.
[00:02:33] And if it's really not going to happen, then maybe make some alternative plans, including giving up on that idea. But I don't encourage the giving up part. I think there's always a way. You just might have to come up with something creative, like leaving the area. Okay. So that's number two.
[00:02:49] Number three, how long are you going to have to wait if this one came and went and it's a little more on the rare side in your price range. How long of a wait is it going to be these? If it's going to be too long of a wait, then it might not be realistic. And we do want to deal with reality. Markets do ebb and flow.
[00:03:10] So if you have a reasonable chance of waiting a shorter period of time, then I think that gives you more energy and more motivation to do all the other stuff you have to do to get ready. If it's really going to be like once every five years, then again, you just have to have everything at the ready all the time.
[00:03:33] Okay. And we do have two families like that, where the kind of property they want and the amount of money they're willing to pay for that property, it really does happen like once every five years. So, you know, we just chat about it every so often and keep them at the ready. It's just a longer game plan. Okay. So that's number three. How long are you really going to have to wait and take that into consideration and yeah, just be prepared.
[00:03:59] Number four. If you missed out on this, because you're trying to sell something and buy something and just move once, then sometimes that works. Sometimes it doesn't, but if it's really so important that you only move once, then you just have to compromise more.
[00:04:17] Cause you're not going to have everything you want in the price you want. And the timing it's just super, super hard to do that unless the market you're buying into has a lot of inventory in your price range. So for example, in Southern Oregon right now, and we're kind of early spring, 2022 than most of our inventory, that's sitting on the market for longer periods of time, $800,000 and higher, that's more of a buyer's market for sure. Because if you remember a normal market is about four to six months, it takes for a house to sell anything longer than that is a bonafide buyer's market. And anything shorter than that is a sellers market. So in Southern Oregon right now, 800,000 and higher is really where the good pickings are.
[00:05:07] If you want to spend that much money, then you will have a lot more to choose from. The sellers will be hopefully a little more willing to negotiate because they realize how much more competition they have. So if you're trying to sell and buy without moving twice, then you're going to have to compromise a lot more.
[00:05:27] And you just gotta be realistic about that. If you're willing to do a two-step process, you have less stress and power during the selling of the home. You have, you have less stress and more power during your purchase, but you have the uncomfortable in between of, I don't know where I'm going to end up living.
[00:05:44] I'm in an apartment. I live with three cats. I have seven children. I I'm with my in-laws, my Outlaws, whatever you want to call them. You know, that that's the compromise. If you trying to move in two steps, if you're trying to move in one step, the compromises, you might not get what you want, but you might get close to it unless you're in a price range at a market where there's lots of inventory. Okay. So that's number four.
[00:06:08] Number five. And this is the most common one I find. Number five, have your financial life organized at a moment's notice. So even if your house isn't on the market right now, if you know, at some point you want to move or you're waiting for that, right unicorn to come on, get your stuff ready now, get pre-approved get updated every 90 or 120 days.
[00:06:32] Save up more money in case. You know, cause of inflation, save up more money. Maybe do what you can to have the ability to buy down an interest rate. That's something we used to do back during the big hyperinflation in the seventies and eighties, you could buy down your interest rate, but that takes more money.
[00:06:48] So there's things you can do, but have your stuff ready at a moment's notice. So you can write an offer on a Saturday night without any qualms. Okay. So have your financial life ready at a moment's notice. So you just click send. Okay and I don't know if people are doing that, but that's number five.
[00:07:07] And number six and my last one, another one of my favorite, if you really just want that property, just write a really, really good offer. Write an offer so good that that seller cannot say no. All right. But that means having the other five steps in place, but there you go. When the property comes on, don't negotiate. If you, especially, if you're one of those, every three to five years, people just buy it, get it off the market and move in and be happy.
[00:07:36] All right. So those are the six things that you can do when you have dream house heartbreak, you know and you weren't quite ready. Go back and do these six things and it should work out better next time. Okay. Do you have any questions? Any comments you need any help this weekend? Just reach out. You can call or text (541) 301-7980 that's (541) 301-7980
[00:08:01] I am Alice Lema, broker John L. Scott here in Southern Oregon. We'll talk to you again next week. Bye.