Unicorns have always been popular, and it's easy to understand why. They possess an enchanting charm with their sparkling presence and magical allure (like Dustin and me! lol), making them incredibly fascinating creatures. However, when it comes to real estate, these mythical beasts can pose a problem because real estate unicorns do not exist!
Let me explain.
A real estate unicorn is a perfect home in a perfect neighborhood on a perfect lot at a perfect price. In other words, a real estate unicorn does not exist. It’s simply an illusion. If you wish to avoid falling for the illusion of a real estate unicorn, keep a few important points in mind. Let's delve into the truths behind these elusive creatures.
Truth Number One: The perfect property is a myth
Even buyers searching in the highest echelons of the real estate market will attest to the fact that there is no such thing as a perfect property. It's common for buyers to get caught up in the pursuit of a real estate unicorn—a home with the perfect location, view, finishes, and backyard. However, this narrow focus on finding a property that ticks every box can hinder the buyer's search for a great home. It may cause them to overlook properties that, with a different perspective, could prove to be excellent options.
Truth Number Two: Maintain an open mind during your search
The initial criteria for most homebuyers are usually centered around three key factors: location, size, and price. Being inflexible on any of these factors can stall the home search because compromises are often necessary. For instance, if the location is of utmost importance, one may need to consider a smaller home to meet the price requirement. Conversely, if square footage is a priority, exploring different locations with lower starting prices may be appropriate.
Searching for perfection in a potential home can complicate or delay the home buying process. This approach not only limits the neighborhood search parameters but also increases the risk of overpaying for a home simply because it meets all the criteria. The quest for perfection also tends to prolong the search, leading to buyer frustration and disappointment.
The Takeaway: Real estate unicorns are created, not found
Keep an open mind about what's available on the market and be willing to invest some effort if needed. Gardens can be cultivated, floors can be refinished, and vanities can be replaced. It's important to understand that real estate unicorns are not stumbled upon but are the result of personalization and improvement. Remember, the process of transforming a property into your dream home is what brings it to life.
If you're looking for more ways to navigate the real estate market without falling for the allure of the Real Estate Unicorn, check out our fantastic tips for homebuyers. Stay informed and make wise decisions as you embark on your home buying journey, avoiding the pitfalls of chasing the unattainable.