How can both sellers, buyers avoid regret?
A: They say the best defense is a good offense. In the case of real estate regrets, I would have to agree wholeheartedly. Knowing potential pitfalls in advance will help to avoid them altogether.
Regrets on the short list for a seller are feelings of not achieving the highest sale price, not selling the home to the right party and not investing in fresh paint, updates and professional staging for an optimal return.
Buyers have a few more opportunities for that pit-in-the-stomach feeling to happen. Not adhering to a budget, not fully considering commute times, not shopping for the right mortgage, choosing a property that does not match their needs and procrastination are by far the most common regrets.
There are a few points in time when these thoughts and feelings of regret are likely to creep in. The first is right when your offer gets accepted. The thought might be, “Did I just overpay?” Next is when the final inspection contingency is removed. “Did the inspectors miss something?” And the worst comes when you open the door for the first time. “Do I really want to live here?”
These feelings are natural. My advice is not to avoid but rather anticipate these feelings and deploy a strategy that intercepts them. Perform your due diligence, believe in the data and trust in yourself. Shawn Kunkler, Paragon Real Estate
Group, (415) 857-4188, shawn@shawnkunkler.com.
A: The most common regret I hear from both buyers and sellers revolves around price.
Whenever a buyer wins in a competitive bidding situation, some almost certainly experience instant buyer’s remorse. Winning generally means they are paying more than their competition, and that’s worrying.
I try to prepare them in advance that the winner necessarily pays the most and advise them to bid no more than they feel comfortable after discussing the recent comparables, despite the competition.
Where I see sellers often experience regret is when they decide to market their home privately. With fewer buyers looking at the house, and with it often not presenting at its best without staging, sellers may wonder whether they undersold. I try to explain in advance that I can do my best job when the property looks its best and I’m able to market broadly. If they choose another path, that comes with risks. Nina Hatvany, Pacific Union Real Estate, (415) 710-6462, nina@ninahatvany.com.
A: For buyers, a common regret is not fully “going for it” when the opportunity arises.
Competition is fierce, and properties tend to sell for much more than the asking price. When there is little time to think, I help prepare my clients to place winning offers by constantly updating them on the most current pricing trends and successful offer strategies so they know what it will take to get the home.
Seller regrets come in the form of not properly preparing the home to come on the market and selling at an unfavorable time of year.
The strong selling seasons play a crucial role in buyer traffic and how a home looks and feels. I inform my sellers on the importance of staging as well as coming on the market during the strong real estate selling seasons so they have the best chance of getting top dollar for their home.
Allison Crawford, Sotheby’s International Realty,
(415) 297-9596, allison@fortini-crawford.com.