Why You Should Recognize The Difference Between Fads And Enduring Value In Real Estate
You might not know it, but we see fads and style changes in real estate that come and go.
Just as "saggy pants" had most of us scratching our heads in men's fashion, so too do some of the favorites of today's home buyers.
Current Fads & Trends In Real Estate
For the longest time, the most favored homes in Tallahassee were all red brick homes. The only time we saw a builder "get crazy" was when he changed the color of the brick away from deep red to something with more orange or even pink. But red was always the show stopper.
Occasionally (rarely), one might find a stucco home that would sell for the same price as a brick home, but 9+ times out of ten, brick made the home more valuable.
But times change.
15 years ago (or so), we saw the return of the craftsman style home.
While brick was strong and sturdy, the craftsman style was cozy and replaced the hard exterior brick with shingle siding. Open porches with overhanging beams and rafters reminiscent of homes built in the 1930s have been selling like hotcakes over the past five years.
But there is something important about these changing fads and styles in real estate that today's prudent homebuyers must know.
Long Term Real Estate Value Is In The Dirt
You can always shower and dress a bum up nicely to make him look presentable, but at the end of the day, true character always wins out.
The same is true for real estate. You can put up a nice home in the wrong place and it will never hold value like a decent home in a great location. And consider this ...
You might love a certain style of home today, but what are the odds you'll be selling this home in market conditions identical to those today?
People Will Always Value Location
A property's location will always be an element of value, and traditionally, it has been the single greatest component of the home valuation process. You should keep this in mind when you select your next home.
Sure, buy a home that is built in the style you would like, and ensure it is adorned with all the features and amenities that you absolutely want. But first, make sure "the dirt" is right.
When we refer to "location" in real estate, we are addressing more than one point:
- Location refers to "where" the property exists in proximity to the most desired features and attractions of a municipality. Typically, the closer one is to said amenities, the higher the value of the property.
- Location also refers to "what" the property allows you to do. Bigger is typically better. A future buyer is not going to be able to enlarge a home on a tiny property like he or she might wish to do if the property were larger.
It is my belief that the bottom 99.9% of the home-buying market makes sacrifices when it comes time to choosing a home. There is no PERFECT home out there for most of us. Unfortunately, many buyers today appear to be sacrificing location in order to satisfy their craving for the other benefits a home has to offer.
Work With A Trusted Home Buying Expert
It is so easy to confuse yourself when buying a home. Even though you set your priorities before beginning the home shopping process, the fact that no two homes are exactly alike confound the decision making process. This is why you need a highly trained advocate working to help you make a decision.
Read what a recent homebuyer in Tallahassee said about working with our home buying specialist:
Top rated real estate agent in Tallahassee"Frankly, I can't even begin to say enough about Kevin and Alex. They have been so wonderful to me throughout this whole home purchasing process. The truth of the matter is that buying a house is exhausting and always more expensive than you think it will be. It can be a frustrating experience if you're on a tight budget and/or have a tight window to buy and move out of your rental like I did. Couple that with the fact that I have never purchased a home before... Well, it could have been a disaster. Kevin and Alex were the big brothers in this process that I never knew I needed or wanted. We didn't always agree on homes , but I always knew that they were being honest with me and had my genuine best interest at heart. They were always responsive, willing to meet with me, and talked me off the ledge more than once. I could always trust and respect their judgement. But never once did I feel like they were pushing me. They presented options that would meet my needs and tell me truthfully how they felt in a way that still always left the decision up to me, which I appreciated. They were a nice balance to my constant cries of, "Oh my goodness, what is happening?!?!?!". It isn't just Kevin and Alex though. The entire office team will take care of you with courtesy and respect. I really couldn't imagine buying a home with any other team. - Yolanda Banos"
So long as there is somebody looking over your shoulder the whole time, it is highly unlikely you'll get too excited and make a bad decision that you'll regret. And before you think "I wouldn't do something like that ..." consider the Chase Survey that found 80% of homebuyers wish they had done things differently when buying their home!
If you are planning a move in the next few months (or years), come on in and discuss PROCESS with our home-buying team. These specialists will put you on a path to saving money and getting a great deal on the RIGHT home for you. The earlier we meet with you (in the process), the less likely you will succumb to buying a home that is wrought with current fashions that hide a lack of enduring value. Drop us a note and we'll help begin the process that will leave you loving your home through all the cycles.