In the spirit of the month of March, Haute Residence members give their expert opinions on how much luck is involved with finding the perfect house.
Is there any luck involved with buyers finding the perfect house?
Lisa Tanjuatco, Corcoran Reverie, Scenic 30A, FL
No. As a buyer's agent, I am very strategic in finding the perfect home for my buyer by ensuring the buyer looks the best in the eyes of the seller. Getting the buyer's financing in order so they have already gone thru underwriting and can close in just a few weeks versus 2 months. When we find the perfect home we have to act quickly and submit the offer so we can look the best in the eyes of the seller by making it easy for the seller. I also look for off-market properties in neighborhoods my buyer likes by calling owners that may be thinking of selling but are on the fence. I also look at FSBO's which a lot of other buyer's agents avoid for various reasons. I have found some awesome homes for my buyers from FSBO. So in conclusion, I do not rely on luck to find the perfect home for my buyers however I always welcome luck 🙂 I do have a bit of Irish blood in me from grandmother Sullivan who immigrated from Ireland at the beginning of the 19th century.
Kris Zacuto, Silicon Beach, CA
In the Silicon Beach market with inventory so low, some may equate buyers landing a great property with luck. Being in the right place at the right time. On the broker side, we are working to put our clients into the best possible position - whether the property is off-market property, coming soon, or on the open market. Access to property and a deep understanding of market values are some of the key components we provide to our clients. In this market, it's essential for buyers to act quickly and confidently in order to secure an attractive property. We put them in a position to do so. After landing a highly sought-after home in this market, some may feel the buyer is fortunate in such a low inventory market. What may appear to an onlooker as a lucky find, in reality, is the successful execution of a strategic plan.
Once in a while, a Buyer will get lucky. Sometimes a home comes to market and for whatever reason does not get the kind of activity one would expect. We experienced this twice in the past month (even in this crazy, overbidding market) whereas Buyers on two different listings of ours ended up getting the respective homes below value.
I share a personal story each time I work with a new Buyer. Years ago Adam and I were looking to buy a home for ourselves. We made an offer on a home and lost by over $100,000, and we didn't even like the house. The next day we were going to write on another home but decided not to bother. We figured, since the home, we didn't like went so far over the asking price, and we liked this other home more, it was probably a waste of time to even write an offer. We learned later that our offer would have prevailed! Not taking the time to write was our mistake; lesson learned. Ever since that personal experience, we encourage our clients to write the offer, as one never knows when they will prevail and luck will be on their side.
Xunantunich Ruins, Belize
Photo Credit: Shutterstock
There are many factors to consider when buying the perfect home as the choice is as individual as the person making it. Are you seeking a large backyard for a future family? Or would you rather have a killer view from your bedroom window? One must also keep in mind their budget, whether they want to be part of an HOA, and a touch of luck. Not to worry though, this is the kind of luck you can make yourself, no pots of gold or four-leaf clovers required! It’s imperative that prospective buyers stand out from the crowd who are also seeking out their dream home. Making a cash offer, getting pre-approved for financing, and waiving contingencies are some of the ways you can increase your chances of homeownership. Being flexible with trade-offs from one place to another can also be key in locking in the best place available to you on the market.
Some may call it luck, but most will call it a really great real estate broker when it comes to finding the perfect home, especially in today’s competitive market. The advantages of working with a full-time, high-producing real estate team, like my team on St. Croix US Virgin Islands, is the best way for you to create your own luck. Your professional partner in the real estate field knows the market, knows what will move quickly, has the skills and relationships to negotiate your offer, and knows of properties coming on the market before they even hit the MLS. Not only will you be more likely to go under contract on your perfect home, but you will also be guided through the process by experts ensuring that you will make it to the closing table and through the doors of your new home.
Many buyers take to the internet before hiring a real estate consultant, and we believe this is a great way to start! However, your local real estate agent offers way more “luck” than any Zillow or realtor.com listing. Who you work with matters! So choosing the right real estate agent for you will be the most important thing to bring you “luck” in your real estate buying process. Be sure to research the agents in the area you are interested in purchasing. Beyond the BIG Z (Zillow), we suggest searching on social media sites including Facebook, Instagram, YouTube, and LinkedIn. Following agents on social media will give you an idea of how active they are, who they are, and if they are the right agent for you. If you are waiting to get lucky, you’ll be waiting for a long time. So start researching local real estate professionals to increase your “luck” in finding your perfect home!
Myra Nourmand, Los Angeles, CA
I believe there is a little bit of luck involved, from being at the right place and the right time! However, there is no such thing as a 'perfect' house, no matter how much you spend. There are always things you want different from what you're buying and everyone has to compromise either with price, location, features, etc.
French Riviera Coast, Cote D'azur, France
Photo Credit: Shutterstock
Carlton International, The French Riviera
Luck is probably the single most important ingredient in the purchase of a property. Luck has two sides, good luck - and bad luck. Good luck in finding the right home. Bad luck is waiting too long to buy it, and it is sold to somebody else.
The real estate market is in constant evolution, as indeed the portfolio of properties available. Somewhere there is an ideal property available for an ideal buyer. Luck is finding the right agent who will understand the buyer's needs and discover the right property to suit them.
Homes of ranging characters and styles are always available. Exceptional needs can require an exceptional property - rarely on the market. Luck is being there at the right time. Bad luck is not being able to finance to purchase.
