Who among us couldn’t use a little bit of hope in our lives, especially those of us who have been searching for that perfect house for so long?
Today I want to talk about a concept called “Reverse the Search,” which is for people who have been searching for a property for a while with no success.
First, I want to tell you a story to provide context for today’s topic.
We recently listed a home for someone and ended up getting it sold. There had been a ton of traffic coming through the open house we held—over 60 groups in total—and we received 14 offers on the home. The house ended up selling for well over list price; my sellers were thrilled.
But what did that transaction look like from the perspective of the buyer? After all, many of the people who put an offer on the home had found what they thought to be a gorgeous dream home. Unfortunately, the competition was extremely stiff. Many people go through this kind of frustration during their home search.
In order to avoid that sense of disappointment, I suggest you reverse the search. Ask your real estate professional to provide you with data from the previous year which matches the criteria you have set up for the home you are searching for. Consider:
- How often does that type of home come on to the market? The type of home from my story does not hit the market very often, and when it does, the competition is fierce.
- If the kind of home you’re looking for doesn’t appear except for a handful of times throughout the year, you need to adjust your search. Each time the type of house you’re looking for appears, you’ll be competing against so many other people, leaving you spinning your wheels in the attempt to land the home.
If you look at the data about comparable homes that have sold in the past year, you might find a new perspective on your current living situation. Maybe you don’t really have to move at all.
More realistically, you’ll probably end up revising your criteria for what must be present in the house you’ll buy—your budget, the location, the condition, etc. I’m not saying you should settle for a tear-down home, but maybe, per your situation, it’s more feasible to buy a home in good condition, however dated certain features might be. Those updates can be done over time, but by relaxing your standards, you’ll at least get into a good home.
The purpose of reversing your search is to provide you hope. If you feel like you’re spinning your wheels, this method will help you reframe how you look for a home in a way that will lead you to success instead of disappointment and frustration.
I don’t want you to think about it as a compromise, and I also don’t want you to get stuck in the process of an endless home search; this is simply what people sometimes have to do in order to successfully purchase a house.
If you have any questions about reversing the search or about buying a home in general, please feel free to reach out to Maven Real Estate. We want you to look at the home buying process with hope, not hopelessness.