There is no such thing as a “forever” home – always keep resale in mind
Any Realtors’ first mantra is “location, location, location,” and our second mantra is “resale, resale, resale.” Regardless if you found the perfect home that you never intend to leave, please keep resale in mind.
My girlfriend was shopping for a home and arrived at our first one to view before me. By the time I got there and BEFORE we had opened the front door, she was in love with this home. A beautiful craftsman style bungalow in the heart of midtown Tulsa, this house was darling. It had the charm of its style and time period built: arched doorways, hardwood flooring, crown molding and more – plus the kitchen had been updated, the grounds had been meticulously landscaped and there was an office area off the side of the garage. It was the shaded front porch that won my client’s heart, and she envisioned growing old enjoying life from the porch swing.
You guessed it. She now has met a man she plans to marry, wants to sell this darling home and purchase something larger – something she never could have imagined when she bought this home.
There is no such thing as a “forever” home – always keep resale in mind
Another couple had been searching for a midtown home and really wanted an open and contemporary floor plan – hard to find in midtown. We lost one we loved in a multiple offer situation, and I think we were all discouraged over that for weeks. Nothing came up on MLS (Multiple Listing Service) remotely close to what we were looking for, and my Buyers had all but given up. My husband ran across a home that was “For Sale by Owner” in Sunset Terrace, and he rushed home with the address and phone number.
I called the owner to get details about the home and it sounded perfect for my clients. My husband and I rushed over to preview and sure enough, it had EVERYTHING on my clients’ wish list. I called my clients and they rushed right over to see it. The Seller gave us his price and we wrote a contract the next day.
You guessed it again. My client was offered an awesome job in another state, and slightly a year later, we have their home on the market. I wouldn’t have thought we would have any problem selling this home, but we have. And the bottom line is that we all got so excited to find my clients’ “forever home” that we may have paid too much for the house. It is somewhat an anomaly for the neighborhood and will take someone in a particular living situation to want the same layout.
I’m guilty too. When I purchased my first home by myself at age forty, I was certain I would never re-marry, and I planned to die in that house. I even measured for wheel chair access, because I am a planner. Seven years later I married and moved. Thankfully, I made a very decent profit when selling, but the story is the same.
My point is that there is no such thing as a “forever” home and every Buyer should always keep resale in mind. You never know when an income will decrease, poor health will occur, you will fall in love or the perfect promotion in another area will be offered.
I do think that the homes I mentioned were perfect for my clients at the time. And sometimes it’s okay to overpay for a home if it brings you happiness in the short time you’re there. However, if your financial situation has no room for errors, do your due diligence to consider resale or be prepared to take a loss when selling.
Hate to sound cynical, but there is no such thing as a “forever” home, and resale should always be considered.
If you would like me to help you search for your “forever” home, please call me, 918-852-5036 – but expect cautionary advice when you fall in love.
Content written and published by Lori Cain.
