Have you ever heard the statement “Smart people learn from their own mistakes, but wise people learn from others’ mistakes”? Of course everyone wants to be wise, but when something exciting comes up we can lose our heads and sometimes our shirt. Buying a home can be very exciting and if you don’t look at others’ mistakes, you may find yourself repeating them.
I know a lot of people who get excited about buying a house when they find a house they want. Sometimes they’re driving down the street and fall in love with the neighborhood. Other times they are browsing online and find the perfect home for their family. This gets them excited and they end up making the same mistakes that other home buyers made. If they’re not careful these mistakes can cost them time, money, and even the home of their dreams.
Recently I talked to a buyer who thought they got a great deal on their property. They found it for sale, got excited, and jumped on it because the seller said they would give them a discount. After the fact, they were devastated to find out that they overpaid for the home by at least $20,000. They didn’t know enough about the comparables in the area to know what the home was worth. They also didn’t know that the seller was desperate and would have taken an offer much lower.
So what do wise people do? They find out about other home-buyers’ mistakes, and learn from them. Chase recently did a study asking home buyers what they wish they’d known before they bought a home. Here are the results:
More than half of home-buyers wish they would have known:
- More about financial process involved, including the closing process.
- Process of making an offer and negotiating.
- More about the home before they decided.
Looking back on the example above, what would have saved this buyer from their painful experience?
Relying on others with first-hand experience. That is the truth behind the smart versus wise statement. Someone who has been through it, and made mistakes, knows first hand how to do it right. You can also rely on the first-hand experience of professional experts. For example a reliable loan officer would have been able to help them understand the financing process.
Another source of wisdom is someone who specializes in real estate in that area, a Neighborhood Expert. Because of their first-hand experience with that area they know the local market. But knowing the neighborhood isn’t enough. You also need someone who has done a lot of transactions. You need a goBE Expert!
goBE Experts are more than a neighborhood expert because some ‘neighborhood experts,’ don’t sell enough homes to really know all the ins and outs of a real estate transaction. They may know the area really well, but it takes many transactions to know the MARKET. Only goBE Experts have proven experience in helping many buyers and sellers with their real estate transactions.
So I would like to amend the statement from above. Smart people learn from their own mistakes, wise people learn from others mistakes, and really wise people learn from other wise people.
goBE wise and find your goBE expert today!