Family. When you’re in grade school your parents and extended family are ‘uber’ important. Then you grow up some (high school) and can’t wait to get away.
You may head off to college or join the military. But the goal was the same…to get away.
Life was simple. Get an education. Get a job. Live far, far away. Get married, have kids. See grandparents at Christmas.
But then, LIFE happens. And for many of us, you could say **** happens and have it mean the same thing.
We all have are own examples of ‘life happening.’
‘Life happening’ is causing an increase in homes being purchased with the express purpose of combining multiple generations under a single roof.
Lower rent/mortgage costs. Easier to find childcare. Easier to make sure grandma and grandpa are safe. Help with raising children in this crazy society. The list goes on…
The take away:
Buyers: do you foresee yourself taking care of grandparents? Will your new home support extra residents? Could the basement be remodeled?
Sellers: Could your home support a larger family? Do you have egress windows in the basement? If so, it becomes easier to market your home as having the potential for more bedrooms. Or a separate area/bedroom for extended family?
It can feel overwhelming with all the things you need to think about when buying or selling a home and adding more to your list is never fun. But being able to support a multi-generational family is another way to broaden your list of potential buyers. I’ve talked before about casting a wide net and this another example.
This is the second installment of the “I couldn’t have said it better myself” post…
Some call it negotiating. Others call it playing mind games. Read Margaret Woda’s article about buyer’s playing mind games with sellers.
I was in a very similar situation last year. Except that I was the agent representing my brother and his wife in the sale of their home. Mixing family and business is never easy.
I can attest that my brother and sister-in-law felt the exact same feelings described in the article.
Remaining emotionally neutral is extremely important. But there were times when it was difficult for them to not take things personally.
“What do you mean _____ is too old? Its worked everyday we’ve owned the home (5 years).”
“Now you want us to replace it? At our cost!?!?”
It came to a point when they almost would have sold it to another person, at a lower price, than to finish the sale.
But in the end, being in a new home home won out. But just barely…
When you’re ready to make an offer, yes it seems impersonal. It’s just a house. But remember that this ‘house’ has been a ‘home’ for the current owner for years, maybe even decades.
Yes, you want to look out for your bottom line. But at what cost? Will it be OK if you lose this home? How much is it worth to you to be in your dream home?
There are two sides to every situation. Considering both can have a dramatic impact on your situation. For the better or worse.
Last chance to read the thought process a seller goes through when selling.
*Update*
Coincidentally after this post went live Jay Thompson of Thompson’s Realty in Phoenix, AZ posted an article discussing if you’re able to get proof of a competing offer. The interesting story is when another agent tried to bully a buyer into increasing an initial offer by flouting “another offer” in their face. And then the next day, the original offer is accepted…
Read Jay’s reasoning behind why, as a buyer, you’ll never know for sure if there is another offer. Plus reasons why agents are unable to disclose information relating to the offer.
Each is an example of why you shouldn’t play mind games in real estate.
- The first rule of real estate is you do not become emotionally involved in real estate.
- The second rule of real estate is you do not become emotionally involved in real estate.
- If an inspection brings up unknown concerns and one party says stop or taps out the accepted offer is over.
- Two parties to an offer.
- You can have more than one offer at a time. It’s actually encouraged (I guess a buyer wouldn’t encourage multiple offers though).
- No shoes. I don’t want the responsibility for dirt on the new carpet…
- Accepted offers will last as long as they need to. Have you had experience with the new lending regulations? If you have, you know how true Rule #7 is.
- If this is your first time engaging in real estate you do not need to buy or sell a home.
Even after all these years you can remember the first two rules of Fight Club, right? It *has* to be the same in real estate.
So repeat after me: The first rule of real estate is I will not become emotionally involved in real estate.
The quickest way to sabotage the purchase or sale of your home is to begin to take things personally. And things means anything that can, and often, does crop up. From a delay in closing to a misunderstanding in contract language. Or an offer you deem to be waaaaaaaayyy to low.
The worst way to handle any circumstance beyond your control is to get upset. When you become upset/angry/emotional it becomes difficult to rationally attack and solve the problem.
When faced with a difficult situation step one is to relax and calm down. This may take awhile. 
Step two is to try and understand the perspective of the person who just made your life more difficult.
No where does it say you need to like the choices of another person. But if you can step back and remain emotionally neutral, you may be able to salvage whatever it is you’re currently facing.
Photo Credit
Less than 75 days left… Then poof they’re gone.
Just realized that the tax credits are ending only a wee-little bit after taxes are due… Yikes. Hopefully taking advantage of the tax credits can put a smile on your face after the tax-man taketh away.
Corollary–we’ve already received our tax refunds AND they’re also already gone.
Poof, just like the tax credits.
What’s stopping you from getting me on the horn about a question or two? Even easier you could send me an email. Look up and to the left a little bit…
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Stay classy Wisconsin Rapids!
This post is an “I couldn’t have said it better myself” post…
For the most part real estate is a planning activity. It’s not like buying a candy bar or a magazine while you’re waiting in the check-out line at Copps.
And because you have to go through a process to get to the point when you’re ready to buy or sell a home you’re also very curious about what will be happening next, or a few months from now, or next year.
Will it be better or worse? Will mortgage rates continue to remain this low? How much will my credit score go up in 4 months? Will this cause my interest rate to be lower?
Ken Haedrich, a Realtor in Annapolis, Maryland recently wrote a post hypothesizing what the real estate market will do in the upcoming year. Click here to read his Trends and Predictions article.
Two thumbs up for numbers 2 and 3 in his list.
Regarding his point that there will be fewer Realtors in the upcoming year… Yes there is. Our database of area Realtors took a huge hit when the new list came out a month or so ago. One area company seemed to lose 2/3 of their staff. On the other hand the Wisconsin Rapids First Weber office has gained 2 new Realtors in the past couple months. These agents transferred from other area agencies.
Why? I believe it’s because in their effort to create a real estate career they knew they needed to align themselves with a forward thinking real estate company. As Ken states in his article, real estate is “technology driven,” and Realtors who can best handle this new technology will steam-roll agents who can’t or won’t embrace it.
Sidenote–Last year I was going to email a listing sheet (probably something else, but it doesn’t matter what) to another area agent. I had his email from their website. He said I shouldn’t because he “doesn’t do email.” I didn’t know what to say. How can you not “do email?”
Anyway, have you checked out Ken’s super-interesting article yet?
PHONE: (715) 572-8372
My name is Adam Holberg and I’m a Realtor with First Weber of Wisconsin Rapids. This website is designed to inform and help bring conversation to a topic I love, real estate.