Hope & Fear: Two Biggest Real Estate Mistakes
If you are trying to buy or sell real estate this year, your two biggest enemies are hope and fear. These two killers will cause you to lose more money, more time and more sleep this year than anything else. Here is a little free advice to help you avoid the mistakes of hope and fear.
If you find yourself saying “I hope this market turns around. I hope I find what I am looking for, or I hope I find a buyer at my price,” then slap yourself. Hope is an emotional belief in a positive outcome even when there is some evidence to the contrary. It has no place in your financial decisions. Replace hope with optimism based on a sound plan of action. Sellers, don’t hope for the market to turn around. Consult your realtor, price your house appropriately and sell for what the house is worth, not for what you would like it to be worth. Explore options like renting or lease options if you are too stubborn to sell. Don’t waste your time over pricing your house, which ends up selling your neighbors house.
Buyers, don’t hope you can get a better price later. If you need a home now, buy it now. The prices will go down until they go up again. We never know when that turnaround happens. Over time real estate investments always appreciate…always. Stop hoping you find the perfect place tomorrow… and make the great place you have already found perfect for you today.
Many of us haven’t made a sale or a purchase this year because we are afraid. Fear is a response to impending pain. Pain in real estate sounds like, “I don’t want to lose money. I don’t want to end up homeless. I don’t want to make a bad decision.” Conquer your fear in stages. Eliminate doubt by getting the numbers for properties that have sold. No matter what asking prices are, the only thing that matters is what properties have sold for. Eliminate worry by confirming a successful plan of action with someone who has done it before. If you are buying, find an owner and ask them how they did it. If you are selling, ask your realtor to connect you with a past seller. Finally, eliminate indecision by setting goals with due dates. Break up your big decision into pieces, set due dates for each piece and tell someone. This can not be your little secret. Tell at least one person you trust.
Once you conquer your fear and replace hope with a plan, you must act. Do something today to move you one step closer to your goal. The only difference between how you imagined your life and how it is today, is hope and fear. If I can help you in any way to conquer these two enemies, it would be my pleasure. If you would like successful strategies to implement any of these ideas…just AskRey.