How to be more decisive as a Real Estate Buyer

BY REALTOR SCOTT MOORE

One of the hardest things about buying real estate is knowing when to go for it.

Over the years, I’ve seen countless people wait on a home only to wake up the next morning ready to write an offer-- only to find out that it sold last night. The other thing that can happen is that in the meantime there’s another offer in the mix, which means that we’re now in a position of having to compete for the home, ie: pay thousands more for the home than if we had just written the offer before someone else came to the table.  

The reality is that “sleeping on it” can result in either losing a home or having to pay more to get it.

So how do you become more decisive? Well, it’s easier said than done, but after all my years in the business, I have some suggestions:

First, you need to check in on your expectations. The biggest barrier to being decisive is the idea that you’re going to find a home that is 100% perfect. One of the biggest secrets in real estate is that no house is ever 100% perfect, even with an unlimited budget. Even if you love it, you really wanted a 6-car garage instead of 5, you wanted it facing West, not North West, and it’s a 15 minute commute from work, but you wanted the commute to be under 10 mins.

No matter what, something won’t be right on every home. The first step to being decisive is to quit asking yourself “is this home perfect” and start asking “does this home make sense?” If the home makes sense, then this could be the one. 

Secondly, focus on the macro features of the home, not the micro details. Layout and location are the most important, paint colour and countertops are not. If the macros make sense for you, then we might be on the right track.

Thirdly, ask yourself what is the worst thing that will happen if you buy this house. Forcing yourself to name the concerns can really help to put them in context. Sometimes the process stops here, but often you realize that the fears are either manageable or they are unlikely enough that they shouldn’t hold you back.

Lastly, visualize yourself living in the home. What does breakfast look like? How about Thanksgiving dinner, or a child’s birthday party? If you’re getting excited about what your life would look like in this home, then we’re really on the right track.

I’m not a fan of “sleeping on it” for the same reasons above- the risk of losing a good home or having to pay more for it. But I’m not a fan of rushing decision-making either.

If you just saw a home that you’re seriously considering, rather than “sleeping on it,” I recommend “eating on it.” Go for lunch or dinner, without your kids or other influences. Ask yourselves these four questions:

1.     Does the house make sense?

2.     Do the macro features of the house work for us?

3.     What is the worst thing that will happen if we make an offer on this house today?

4.     What would our life look like if we bought this house today?

That discussion should take you about as long as it takes to have a meal together.

If the answer at the end of the meal is yes, then call your realtor and start working out the mechanics of the offer.

If the answer is no, then back to the drawing board.

If you are seriously considering the home, make sure you loop your realtor in for their opinion. Recall that your realtor has seen thousands of homes, and their entire job is to be familiar with availability, value, and costs in real estate. If they tell you “this is a good one,” they mean it. Sometimes it does really help to go back again for another look. If you’re not 100% sure, ask your realtor to book you in for another showing.

However, if after all that you’re still not clear, ask yourself this fifth question: How will we feel if we wake up tomorrow and find out the house is sold? If you wouldn’t care, there’s your answer, but if you would be sad or disappointed, that’s also your answer.