In Search of a Real Estate Unicorn: There is No Such Thing as Perfect Property
Unicorns are trendy creatures these days and it’s easy to see why. There’s something exciting and endearing about mythical creatures with magical powers and plenty of sparkle!
However delightful a unicorn may be, they can become a problem when they rear their ugly horns in real estate. Have you never encountered a real estate unicorn? Probably not, because real estate unicorns, like their mythical counterparts, simply don’t exist.
There is No Such Thing as a Perfect Property
Many buyers, especially first-time homebuyers, can get caught up in the search for a real estate unicorn—that home with perfect location, a stunning view, ideal flooring, a perfect garden, etc. Looking for the home that checks every box can narrow a buyer’s choices and greatly hinder the process. A narrowed focus may lead a homebuyer to overlook some great options in the hopes that something better will come along, in a never-ending search for that elusive real estate unicorn.
How To Keep an Open Mind During Your Home Search
Most homebuyers’ initial criteria is based on three factors—location, size and price. The inability to be flexible on one of these factors can stall a home search. In most cases, concessions may need to be made to find a home. For example, if location is the most important factor, perhaps searching for a smaller home is in order to meet the price requirement. If size is a priority, then considering a different location with a lower price point may be in order.
Looking for perfection in a potential home may complicate the home buying process. First, it could limit your real estate search to certain neighborhoods without a lot of inventory or could lead to you overpay for a home that seems to tick all the boxes.
Looking for perfection also tends to lengthen the home search leading to frustration and even heartache.
What’s the Takeaway for Homebuyers Searching for a “Real Estate Unicorn?”
Keep an open mind about what’s on the market and be willing to put in some sweat equity, Lawns can be resodded. Bathroom vanities can be replaced. Carpet can be removed. Remember that real estate unicorns are made, not found!