Patience is a Virtue - Even in Real Estate?
“Patience is a Virtue” – William Langland c.1360
A world-famous quote that we can apply to all situations in life. But does this really hold true when in comes to purchasing real estate?
Well, the answer is not a simple yes or no. Patience is a very difficult trait to remind yourself of when talking about purchasing real estate in todays market. Chances are that the dream home that you believe is beautiful and you must have, somebody else is dreaming about it as well. This is actually a good thing is because it is a sign that the house is a true gem and will be very sought-after which increases its value today and in the future.
Let’s talk about competition in the real estate market. How would you feel if the house you wanted to purchase as your dream home had zero competition and nobody else wanted it? You may feel like there is something wrong it. Chances are that there probably is, whether it is price, structure, stigma, or location, there may be a valid reason that you are the only one showing interest in that particular home.
What if the house you loved had a lot of interest or competition? Is that something that would scare you and turn you away? The reality is in today’s market you must embrace this competition as it is the reality and we will need to use our patience.
What are the benefits of being patient? Well, patience brings a positive outlook. You want to see a lot of interest in that dream home. This will confirm the true beauty that you see in this property. Patience helps you achieve your goals. During these times of practicing patience, you will be able to educate yourself, learn your numbers, prepare your finances, get comfortable in todays market and how the public reacts to specific properties. Most importantly, patience, taking the time to get your ducks-in-a-row so to speak, will make you less reactive. When that dream home comes on the market, your questions are all answered and you know this is the one, your financing is in order, you’re educated and comfortable with today’s market - this is when you can put your patience aside and be pro-active. Go secure that dream home!
If you wait until tomorrow in this market, chances are you will be late the party and that property will be sold. The Jennifer Jones Team has been very successful in this market with securing properties that are holding offers prior to their offer dates. This is because we have all our clients exercise some patience at the beginning of the buying process which will allow us to take proactive actions to close on your beautiful dream home. So, when your dream home comes on the market, you know what an attractive offer will look like on offer date, you can confidently put a cherry on that number and pro-actively secure that dream home.
So YES, patience is a virtue and all good things come to those who wait. However, when you have done your due diligence and you are fully prepared, do not wait, do it now, and go get that dream home!
Written by: Matt Carroll (email@example.com)