When Buying a home in todays marketplace - when is a “GOOD DEAL” really a “GOOD DEAL”?
Since the economic crash of the past 5 years in Real Estate – everyone has been trying to position themselves in a manner that will help them to capitalize on a GOOD DEAL when one comes along… However most people don’t know what to look for when trying to assess a Good Deal compared say to an average deal or a flat out “BAD DEAL”
Just like back in 2007 there were those of us attempting to find that one GOOD DEAL that would make us a small fortune – thus allowing us to live the life of the Rich and Almost Famous…But alas – those opportunities were mostly those that were made up in our minds and not necessarily based on reality. Thousands of people were buying second and third and – well NOT PRIMARY residences with the hopes of flipping them and turning a great big profit.
This may comfort some of you and then it may not – however many very wealthy investors – people supposedly savvy and in-tune with the happenings in the marketplace – LOST THEIR SHIRTS! Yes, that’s correct – many lost fortunes because they tried fabricating GOOD DEALS almost to an obsession… They either couldn’t stop themselves or they wouldn’t - trying to skim the last of the CREAM off of the top of the marketplace. When the market crashed – so did they and their fortunes.
Haven’t you/we learned from the past? Yes – there are many people even today who are making thousands of dollars – even millions of dollars in this wild and crazy market. However the pickings are getting slim – thanks in part to the wisdom of the government hearing the demands of the Realtors. In order for our country to rebound from this economic pit we are sitting in – we need to get 1st time / owner occupants into homes – more so than do we need investors buying up all of the starter homes and then renting them back to the unfortunate Home Buyers who can’t compete against these Hungry CASH buyers.
But don’t mix finding a good sound home with buying and making a million dollars. Leave that part to those who can afford to make a mistake. The rest of us should buy a home based on sound financial ability and how the home will meet our needs and then our wants… It is said that we shouldn’t go grocery shopping when we are hungry (That is why vendors are positioned through the store on certain days offering tasty morsels in the hopes of tempting our taste buds to want more, more, more…) WHY? Because chances are we will buy more of something that we don’t really need or even want. Alas - No truer words were ever spoken…
The same thing applies when Home Shopping. Sit down with a NON-EMOTIONALLY INVOLVED Professional – a REALTOR, and calculate what your needs are and then your wants and then STICK TO YOUR LIST! Don’t shop with the intent that this home purchase is going to make you a million dollars – HOWEVER – it should make you FEEL LIKE A MILLION DOLLARS while you live there, and THAT my friends “IS” a GOOD DEAL!