Buying or selling a home is a very large decision and can be filled with difficulties and complexities. One common form of interference that I often experience is when home buyers and home sellers over rely on their friends or family members for advice on what they should do.
While I am a proponent of getting feedback from those you trust when you are making a large decision, you must keep in mind that the advice you are receiving is solely based on that person’s personal experience with the matter and not a well rounded responce (unless the person has gone through the same situation several times).
For example, if a trusted co-worker of yours purchased an investment property several years ago out in Mountain House–rode the appreciation wave up while collecting rent from a tenant, and then sold at the peak in 2005 and put over $200,000 in his pocket–he would probably encourage you to purchase investment property in a speculative market. Ask the same question from the person who bought that home in Mountain House in 2005 and now their investment is worth 40%-50% less than their purchase price and they may have a different view on that market. One friend will tell you it is the best time to buy today, while the other says wait it out. You cousin says don’t ever buy a condo and your aunt says never buy something older than 30 years. As you can imagine, too many ‘experts’ can make an already difficult decision even cloudier.
When deciding between your options in a real estate transaction, it may be your best bet to rely on the real estate professional that you are working with. Given that you should already trust the individual, you can rely on their expertise, as they do this day in and day out. They have most likely been in the same situation before with other clients and can provide you with your options so that you can make a well informed decision. And remember, it is always okay to ask for statistics or hard facts to back up the advice your real estate professional is sharing with you.
Just because you live in a home, doesn’t make you an expert in the field! So while friends make great people to hang out and have dinner with, they may not be the best source for expert advice when dealing with real estate. Would you take your friend’s advice over your doctor’s or attorney’s suggestions? Buying or selling a home is a highly complicated process and the help of an expert in the field is as important as ever.
Chris Kamali is a TriValley Real Estate Agent, helping clients buy and sell homes in Dublin, Pleasanton, San Ramon and Livermore.
