The reasons and motivations for why people move from one home to another are virtually endless. Some rarely move, while others move because that’s what they do.
Each situation comes with its own assortment of motivations and experiences. From the nervous first-time buyer to the savvy 12th-time buyer, the variety in how events unfold is always a fascinating part of our day-to-day journey as Realtors.
This blog is about two different people on notably different paths who had more in common than you might think.
Danielle is a first-time homebuyer. A research machine, she came to us with a determined vision of what that first home would be. Shiny and new grey vinyl laminate floors were not going to cut it. We were looking for a home that had character and spoke to her. When asked about what was important, Danielle said, “While most people might have a checklist with move-in ready, new build, or white kitchen, I was looking for character, eclectic style, and potential.”
With her financing plan arranged and her ducks in a near-perfect row, we set off on our mission to find that eclectic gem of a home.
Elly, meanwhile, is a first-time home seller. Having been in her home since the mid-1960s, selling the family home was no small event. After all, this is where she and her husband had raised their kids and formed a lifetime’s worth of memories.
This was not an asset to be leveraged for returns. Well, not exactly. It was an emotional roller coaster that required pauses, family meetings, and a plan mapped out with clear steps.
Sitting down at the dining room table with Elly and her sons, it was a profound reminder that we don’t simply sell bricks and mortar. Homes are where we share exciting news and, on other occasions, comfort each other after a heartbreaking loss. Birthday candles are blown out, presents are opened, and doors are slammed as a pre-teen tantrum unfolds. We paint walls, wait for the plumber to arrive to fix the leaky tap, and stain the deck. Neighbourly chats in the driveway, memorable snowstorms, and major world events are all tied up in the emotional buffet of a home where we’ve spent 50, 60, or 70% of our lives.
So, here we have Danielle, a first-time homebuyer looking for a special character home, while at the same time, we’re working with Elly, a first-time home seller, working through the emotions and to-do list of selling a home she has been in for 60 years.
What commonalities could they possibly have?
They both approached their move with grace and thoughtfulness. We sat down, put everything on the metaphorical table, and mapped out a plan: What happens now, and then what happens next. What do I/we need to do to ensure we don’t trip up in a few weeks on something we forgot to get sorted out?
Was there stress? Absolutely. But was it made more manageable thanks to a general understanding of what comes next? Also, absolutely.
As a homebuyer, there is a logical sequence of events. Determining your financial position is a huge first step. What numbers are you working with? Then, it’s time to sit down and explore the marketplace and what your ideal home is within that budgeted amount.
Leaping headfirst into a home search without getting those first items clarified is akin to showing up at the airport to hop on a flight without any thought about where you’re going. Oh, and you don’t have a passport.
Changing lanes to the home seller, and the analogy is even more obvious. We see homes that are put on the market all the time that clearly had little to no thought or strategy considerations.
What work or preparation needs to be done to maximize the home's value?
What are the market conditions as they relate to the home? Is there a little bit of competition out there? Or is the market oversaturated with similar homes?
How strong is buyer demand for a home like the one Danielle is looking for?
How many homes are for sale that are like Elly’s home?
Too often, we see people use the ‘let’s see what happens’ approach to buying or selling. Knowing that a home is a massive piece of our financial health, ‘winging it’ is probably not the greatest idea.
Don’t take our word for it. After going through the steps of buying her first home, Danielle had some sage advice to share. “I think the best pieces of advice I could give is to surround yourself with good people (i.e., an incredible Realtor named Patrick who has a rolodex of reliable tradespeople and a wealth of information) and don’t be too proud to ask for help,” she said.
After working through the preparation process, Elly’s home went on the market and was an absolute charmer. From the covered front porch to the oak hardwood flooring, the market response was strong. Those ducks we lined up in a row were paying off.
“What if…”
When the offer came in, we moved on to the next stage. Around Elly’s dining room table, we discussed the what-ifs. After all, a home inspection on a 100-year-old home is guaranteed to turn up something.
One step at a time, we worked through the pieces of the puzzle. Whether a first-time seller or a seasoned vet, the waiting during a home inspection is typically torturous. After all, you’re sitting in a waiting room, completely at the mercy of the buyer and how they’re processing their own emotional bouncy castle.
Deep breaths. Inhale for seven. Hold for three. Exhale for seven. Repeat.
Drawing on our earlier conversations, Elly and her family were gracious and understanding of the tug-of-war that can happen during the conditional period. After all, both buyer and seller want to protect their turf.
We worked through the requests and concerns, and a few days later, it was time for a sold sign!
Meanwhile, Danielle found her eclectic real estate gem, and it was time for a home inspection on an 80-year-old fixer-upper. Like Elly, it was time to assess what to expect and set up reasonable expectations for how to proceed. It was time to line up a roofer, carpenter, electrician, general contractor, hardwood refinisher, landscape wizard, and so (so) much more.
Deep breaths. Inhale for seven. Hold for three. Exhale for seven. Repeat.
Similar to Elly, Danielle worked through the expected bumps with the awareness that they were to be expected, at least to some extent. Questions were asked, further inspections were completed, and the path forward was finally visible.
When faced with surprises or adversity, there are endless options for how a buyer in Danielle’s position can respond. In her wise words, “The first thing that comes to mind is learning to roll with the punches. Even with under two months of being a homeowner under my belt, there have been multiple unexpected challenges that have come up already. Now don’t get me wrong, there have been many tears on my end, but the next day I make a plan, figure it out, and move on to the next obstacle.”
Selling a family home that is filled with family and memories? Make a plan, be prepared for the emotional roller coaster, and lean on those around you.
Buying your first home that requires ample amounts of elbow grease? Make a plan, be prepared for the emotional roller coaster, and lean on those around you.
After over 50 years of combined real estate experience, it is fair to say that we’ve seen just about everything. With over 1,000 sales in just about every market condition possible, patterns and paths to success become clearer. While perfection is a rare event, employing an informed, realistic approach is a far more realistic strategy.
We couldn’t be prouder to have worked alongside Elly and Danielle. They’re the reason we tie up our laces and get to work every day!