Should I buy at the top of my price range?

I knew a man who would advise buying as much home as you can possibly afford. His philosophy being, I believe, that you will grow into your investment. In other words, it will never be more affordable than it is today. Furthermore, as you succeed in life its affordability will continue to improve.

The recent economy and seemingly uncertain housing market may have some people questioning this advice. But this suggestion was given at a time when most buyers were looking to stay in their home for at least five to seven years. With this stipulation in mind I believe it is still sound advice today, but I will ad you shouldn’t expect this home to be perfect; leave room in the price for improvements!

I have found many buyers are searching for homes at the upper limits of their comfort zone. When they get inside they are expecting everything to be as if they already owned it. This is mainly because there is little or no money left over after purchasing to create the improvements they desire in order to make the home theirs. As a result they end up feeling disappointed with the selection process, or with a seller’s lack of willingness to compromise on price.

One suggestion is to reframe our thought process when considering which homes to purchase. It may be a good idea to lower our price point, and perhaps our expectations, when choosing what homes to visit. It is important to have a little vision. I’ve never met a buyer who didn’t want to change something in the home of their dreams.

Improvements don’t need to be a bust. Most mortgage lenders today can provide construction loan packages that become part of a mortgage upon completion of desired improvements. This allows one to get the home they want without compromising on those items that are a must have in the next home they wish to purchase.

So consider your price-point-comfort-level in determining how much home you can afford. Have a little imagination, or consult with someone who does; this will allow you to find the basic home you are searching for while leaving room in the budget to make the improvements you need to live happily, for at least the next five to seven years!

John VanderSyde is an Associate Broker with Virginia Properties, A Long & Foster Company, and is also a Licensed Architect. You can learn more about John and Ann by visiting www.InSydeHomes.com or by calling (804) 282-7300

Is There No Winning in Today’s Housing Market?

There is no question it’s a buyer’s market in some rather uncertain times. Sellers still appear unrealistic about price and condition, and purchasers feel no sense of urgency to make a decision – and both sides are unhappy about it. This must be the reason why people feel like there is no winning in today’s housing market.

What’s truly surprising to me is that when making important decisions about their homes folks often don’t use the data provided by us as professional Realtors. They want our opinion, our experience our knowledge, but when the facts are delivered they would rather take the advice of a neighbor or close friend living in another state. I can’t figure it out. I’ve come to the conclusion that irrational justification supersedes all commonsense; there is just no helping some people. The thing to remember for the rest of us is that statistics, when gathered correctly and looked at honestly, tell the story every time. What we must also keep in mind that this target is always moving!

I work hard to get it right! In some cases I’ve missed the chance to represent a seller due to honest evaluation of the market, or I’ve simply had to walk away because of unrealistic expectations. I know I’m better off in the end, but there still remains the feeling that I’ve failed by not being able represent their housing needs. The bottom line is, when not taking good advice from a professional Realtor, sellers keep chasing the market and buyers are missing great deals.

In my market area of Richmond, Virginia where unemployment is 2% lower than the national average, and foreclosures are almost twice as low as the national average, the question remains, who are the winners in today’s market? I can tell you they’re out there, but they are being very, very quiet. They are the one’s who are successfully buying and selling real estate NOW!


Source: John VanderSyde is an Associate Broker with Virginia Properties, A Long & Foster Company, and is also a Licensed Architect. You can learn more about John and Ann VanderSyde by visiting www.InSydeHomes.com

Plan A Vacation and Work, Work, Work!

I think I’ve got this all figured out now. There is an unspoken law of Real Estate that in order to stay busy, one must plan a vacation or schedule to take some time away from the job. No matter how slow things have been, as soon as you do, the phone rings and the property that has been sitting the longest must be shown precisely when you are not available. Oh, good grief!

This past weekend was no exception – a national holiday. In this economy, in a place where no one is in a hurry to make a decision, one would think the entire world would be on vacation, or at least could wait until Monday. This is obviously not the case. Only this time I threw a monkey-wrench at the god’s. I only pretended to make plans to be away from the office, and feigned my inaccessibility to show property. Guess what; it worked!

Thursday afternoon the phone started ringing. I had multiple calls every day through the weekend. Since this wasn’t a surprise, and I had planned around it, I got everything finished I needed to accomplish, and still had more time than usual to spend with my family. It was my best working non-vacation ever, and the results were in my financial favor too.

The way I see it, I am telling everyone I know I have vacation plans each week through the summer. They’ll never know the difference, and as a result, I’m certain to have my best year ever. Well at least until the god’s figure it out, or whenever I actually decide take a real vacation!


Source: John VanderSyde is an Associate Broker with Virginia Properties, A Long & Foster Company, and is also a Licensed Architect. You can learn more about John and Ann VanderSyde by visiting www.InSydeHomes.com

Opening Blog From InSydeHomes

March 30, 2009 - Opening Blog From John VanderSyde, Associate Broker

It's a sunny, warm, spring morning; what better day could there be to get started with a new BLOG? There is certainly no better day to sell Real Estate!

Ann & John VanderSyde are Realtors with Virginia Properties, a Long & Foster Company, in Richmond, Virginia. You may visit our web site at www.InSydeHomes.com for a complete list of services and profiles. Please let us know if we can help you or someone you know with Real Estate in the Richmond Metro area!

Our Mission is to provide specialized professional service to our clients in order to reach all stated goals; we live through respect, ethics, accountability, and measure our success through your satisfaction.

Please look for more posts to come.