When I work with home buyers, I always consider that I may have to sell the house that they purchase! Even when you think this is your FOREVER home, you MUST take resale in to consideration!!!
A few months ago, my clients (names changed) Sally and Joe called to say they were divorcing and wanted to sell their home immediately. We purchased this home in 2011 for $270,000 after it had been on the market almost a year. While in a very desirable neighborhood, it was still a little too close to an expressway – and that factor alone would rule out its consideration for many Buyers. Thankfully my clients remodeled the kitchen and master bath during their brief ownership, and it was in top-notch condition when it was time for them to sell. We got very lucky and sold their home for $315,000 the 2nd day on market.
Another client called a few weeks ago and is relocating to be with family. We purchased Michele’s small starter home exactly two years ago. She replaced her Formica counter tops with granite and added a stainless steel under-mount sink. Her home is very attractive and it’s in a great school district, so I think it will sell pretty quickly.
Now my friend and client Barbara was the cutest. She bought this home in a historical district that was ADORABLE, but with one major flaw. The single bathroom (common in our midtown homes) was only accessible through the master bedroom. Barbara’s husband had recently passed away, and she was returning to Tulsa from another state. She was happy to be back in town with good friends, and she loved everything about this house – the kitchen and porch especially. I warned her that this house would be tough to resell with the awkward bath situation, but she assured me she would NEVER need to sell this house. Of course, she called one year later to tell me that she had met the love of her life and would like me to run comps and see the house. Thankfully, she had managed to transform a closet into a decent half-bath, so she removed the awkward bathroom objection. [Smile – LOVE happy endings.]
I may have to sell the house you buy!
The point is that regardless of your situation when you PURCHASE a home, you and your Realtor need to consider resale. Of course you don’t believe it will happen to YOU, but just in the three examples I’ve given, one client divorced, another client married and another client relocated. What if one of the income earners loses employment or what if one becomes ill? If you are dependent on two salaries to comfortably make your mortgage payment, you really need to consider resale when purchasing a home.
Recently a client fell in love with a home that had every possible amenity, but was a stone’s throw from the Broken Arrow Expressway. He really wanted to purchase this home, but I reminded him that I may have to sell the house you buy – and I didn’t want to have to try to sell this one! Thankfully he listened, and we found a much nicer home in a better location. Whew – dodged that bullet!
And this is all the more reason for every home Buyer out there to work with a Realtor who is experienced and nurtures long-time CLIENT RELATIONSHIPS. I won’t forget you after closing and my commission check is cashed. My commitment to you comes with the house – and should you need to sell what we selected together, I bet I can do that!
Do call me if you are considering buying or selling a home in the greater Tulsa area! 918-852-5036
Content written and published by Lori Cain.