Beware the Real Estate Unicorn!
Unicorns are pretty popular these days and it’s easy to see why. Sparkly, powerful, and magical, unicorns are both exciting and endearing.
However remarkable unicorns may be, they can become a problem when they rear their mystical horns in real estate. Why? Because real estate unicorns simply don’t exist!
Looking to avoid the allure of a real estate unicorn? Keep a few things in mind.
Unicorn Truth Number One: There is no such thing as a perfect property
Even buyers in the highest end of the market will attest to the fact that there is no perfect property.
Buyers can easily get caught up in the search for a real estate unicorn—perfect location, perfect view, perfect finishes, perfect backyard, etc. Unfortunately, looking for a home that checks every box—a real estate unicorn—can narrow the vision and hamper the buyer’s search for a great property. Additionally, this narrow view may lead a homebuyer to overlook some properties that may prove to be great options if viewed with a different perspective.
Unicorn Truth Number Two: Keep an open mind during your search
Most homebuyer’s initial criteria are based on three key factors—location, size and price. The inability to be flexible on one of these factors can stall a home search because in most cases, concessions may be needed to be to find a home. For example, if location is the most important factor, searching for a smaller home may be needed to meet the buyer’s price requirement. Conversely, if square footage is a priority, perhaps considering a different location with a lower starting price point may be in order.
Looking for perfection in a potential home may complicate or delay the homebuying process. Not only can this approach limit your real estate search to certain neighborhoods without a lot of inventory, but it could also lead to you overpay for a home simply because it ticks all the boxes. Searching for perfection also tends to lengthen a home search which can result in buyer frustration and even heartache.
Keep an open mind about what’s on the market and be willing to put in some sweat equity if needed. Gardens can be planted. Floors can be refinished. Vanities can be replaced. It’s important to remember that real estate unicorns are made, not found! HGTV offers some sound advice for Homebuyers here.
Looking for more great ways to beat the unicorn blues? Check out my great tips for Homebuyers—and avoid the allure of the Real Estate Unicorn!