April Fools Boca Raton! | 5 Preventable Mistakes Home Buyers & Sellers Make

april fools blog boca raton

Happy April Fools Day! As much as we're tempted to go into hiding to avoid the practical jokers in our midst, the Boca Raton Real Estate market and our clients remain stoic in the wake of such a wacky holiday. In sticking with the theme, and as the only major non-denominational holiday in the month of April, we're writing about five of the most significant mistakes, misunderstandings, and challenges home buyers and home sellers make. If you're guilty, don't worry, we're not branding you a "fool" by any means. As a matter of fact, even great Realtors are guilty as charged, but as professionals, it's also our job to point out and rectify mistakes made along the way. To celebrate April Fool's Day, here are five of the most common Real Estate mistakes we've seen made both recently, and across time.

high prices for homes

Your Listing Price Is Too High

Oftentimes Realtors are tasked with educating their clients on the ways the current economic climate impacts their listing. "The market," or how it is discussed at large in the media, around our water coolers, and at our favorite bars may have some congruencies with your current situation, but there may be stark differences as well. Such examples include noticeable buyer timidity in the wake of recent rate hikes, despite numerous indicators that Florida's housing prices are relatively insulated from the severe ebbs and flows of our housing market. In other instances, the oscillation of buyer and seller attitudes may be late to arrive at the current state of affairs. Within the past few months, listing Realtors have had to have the unfortunate conversation with their seller that their sky-high 2020 asking price won't mesh well with buyer reluctance, both examples of overreaction to the temperature of our national discourse.

trying to time the market

You're Trying to Time The Market

"Timing the market" is an expression that indicates an individual is trying to find the perfect window to thread their proverbial economic needle and get the best bang for their buck. Whether it be housing, stocks, or another market commodity, timing the market is predicated on your understanding and perfect prediction of an unthinkable number of events and forces working in your favor. Prior to the COVID-19 outbreak, not a single speculator, economist, or analytics firm would have properly predicted the effect it would have on housing prices because they weren't predicting the pandemic at all. Despite the endless consumption, accumulation, and dogged efforts of the world's greatest minds and smartest programmers, events small and large can completely change the housing market, and your own capabilities to buy or sell. These Malthusian stratagems never work according to plan, as a single variable can upend the entire market.

shortcutting photography and staging

Shortcutting Photography and Staging

Working with the right Realtor is tantamount to your ability to not only sell, but sell at the best price. Despite brokerages setting specific standards and best practices for their Realtors, clients must remember that Realtors are still, in a sense independent contractors working under a brokerage. What this means, is that even in an upscale brokerage with superb Realtors, there can still be room for variability. Make sure your Realtor works with you to prepare your home for its finest portrayal - this means advising you on staging the home, virtually or physically staging the home in the event it's already emptied, and working with reputable, talented photographers to bring the best out of your listing. For the buyer, your Boca Raton home represents a significant commitment and a potential lifelong investment. Don't treat good photography lightly if you wish to get the best price and the most buyer activity.

misunderstanding rate changes

Misunderstanding Interest Rate Changes

Interest rate changes can be frightening, especially after experiencing record-low interest rates for multiple decades. Rather than panicking that the number is rising, we can reference numerous inflection points in history in which economic discomfort was associated with runaway inflation, a lack of housing, and numerous population crises. Recognize that while significant, the interest rates are only part of the puzzle. Waiting for rates to return to what was a record low by a longshot is a form of timing the market. Deft home buyers will find ways around the financial impact these higher rates will have, in part through working with an excellent lender and Realtor team.

acting emotionally

Acting Emotionally

This works in both ways. While we don't suggest a hardline dedication to stoicism during your home-buying process, allowing your heart to take over the deal can lead to bad decisions in all directions. Whether it's falling in love with a feature in a home outside your price range, or letting the inevitable back and forth of dealmaking frustrate you, it's simply smarter to let your heart lead you, but your mind does the talking. Home buying shouldn't be a strictly business-related decision - after all, this is where you'll eat, sleep, and spend most of your days. However, when there are years, even decades, and potentially millions of dollars invested in your home, it's crucial to maintain a level-headed approach and appeal to your Realtor when necessary.

Learn more about the challenges and rigors home buyers and sellers face - check out these related blogs below...

5 Avoidable Factors That Devalue Your Home | A Guide For Boca Raton Rental Owners

Post a Comment