Biggest Regrets Of Seattle Homebuyers

Christian: [0:12] episode of the Awesome in Seattle podcast. This is your host, Christian Nossum, of the Awesome Nossum Group at Wilson Realty Exchange, Inc. We are a group of Seattle-area real estate agents, and I'm here with one of my favorite agents on the team, Joanna Beecher.

Joanna: [0:27] Hello.

Christian: [0:28] Well, thank you for being here.

Joanna: [0:29] Nice to see you.

Christian: [0:30] So today, we're talking about something that we have dealt with, not necessarily with our clients, sometimes with our clients on some of these situations, but usually with people that have started somewhere else and then come over to us, uh, for assistance when it comes to buying. And the topic today is buyer's regrets, and the biggest ones that we hear about and encounter over and over again. And I've been doing this for almost 20 years at this point, and I probably heard it all. So I wanna highlight kind of the main ones and how you can help yourself. If you are a buyer- Not have those regrets. That is the goal. If you're educated, and you're gonna hear this over and over again, if you're educated, if you're informed, you can make that informed decision. You don't make a regret. You don't have a regret. You, you feel good about your choice, and that's kind of the goal of today's episode. So let's talk about the first one, the biggest one, and that is timing. Most people regret that they didn't buy sooner.

Joanna: [1:26] Absolutely.

Christian: [1:27] Hear that all the time.

Joanna: [1:28] Mm-hmm.

Christian: [1:29] God, I wish I bought last year.

Joanna: [1:30] Huge, huge regret.

Christian: [1:31] God, I wish I would've bought two years ago when we thought about it.

Joanna: [1:34] Wish we wouldn't have waited.

Christian: [1:35] Wish we wouldn't have waited.

Joanna: [1:36] Mm-hmm.

Christian: [1:37] Hear this a lot. And the way, well, the reasons that a lot of people are having this regret is because they weren't informed. They did not know that they didn't need that 20% down payment. Right. That's the biggest myth in real estate, the 20% down payment, and they didn't know that they didn't need that. So listen to that episode. It's one of the podcast episodes. I can't remember which one.

Down payments: [1:59] biggest myth in real estate, I think is the title of it. I'm

Joanna: [2:02] sure if you just scroll down you'll find

Christian: [2:03] it. It's, it's somewhere in these almost 100 episodes at this point. So that's the biggest one, is I regret that I did not buy sooner. M- And a lot of that boils down to, again, to education. They just weren't educated. So how you can combat that is simply by getting educated. And we have a great way to get educated. It's free and it only takes an hour. It's our free beers and home buying class. We have them-

Joanna: [2:29] Super helpful … Speaker: every single month all around the Seattle area at different restaurants or bars, and it's free, and there's no pressure. It is super laid back, and it's just great learning first steps, how the heck do I buy a house? That's the whole goal of this class. So- We try to keep it very simple- Mm-hmm … and understandable, knowing that not everybody's a real estate agent or a mortgage lender- Exactly … for a living. Exactly. And, yeah, really helps clear some initial questions up, for sure.

Christian: [2:59] Yeah. And I'll, I'll say this too. From someone that has bought more than one house, I've never regretted buying the houses I bought. I've only regretted the houses I didn't buy. And that's a powerful statement because there's a lot of times where I'm like, "Man, I wish I would've bought that. Man, I wish I would've bought that."

Joanna: [3:15] I hear it a lot.

Christian: [3:16] Yeah.

Joanna: [3:16] And it's like, well, you cannot go back in time, so-

Christian: [3:20] So … Joanna: let's keep moving forward. But, you know- Yeah a lot of people dwell 'cause you can't shake that deal. A lot of the times it was a great deal, and you just couldn't see it at that time. Mm-hmm. Yep. The other thing is that people are often waiting for, like, the perfect house, the one, which your first home generally isn't the one. You buy a house, the first one, for the five to seven years, which is the average length of the first, well, everyone that owns a house, which is crazy. Mm-hmm. Five to seven years is the average length that you own a home. You buy that first one, you're in there for five to seven years, you build up some equity, you use that to parlay into that- Yeah … next one. Maybe the next one's the perfect home, but that might not even be the perfect home. And

Joanna: [4:00] it's your learning curve home.

Christian: [4:02] It- yes, exactly. Exactly.

Joanna: [4:03] That's, I feel like a lot of people, a lot of clients that I've had, they wanna, you know, learn everything up front so that they're super prepared for this perfect home that they find, and then they just basically psych themselves out of ever moving forward-

Christian: [4:19] Mm-hmm … Joanna: and that leads to that regret we just talked about. Exactly. It's like, had I just, you know, understood a little bit better in their own minds, you know, that it wasn't going, it didn't have to be perfect. Yeah. But they could have made it really great and made it work. Yep. All right, so another one is, I have, I have all, I'm spending all this money, m- this house has to be perfect. If I'm spending a million dollars, or one and a half million, or two million, or three million, it's gotta be the perfect house. It's, it's gotta be, because I'm spending this much Unfortunately, this market is very expensive.

Joanna: [4:54] Yes.

Christian: [4:54] Also, pretty much universally, no matter if you're buying a house or a car or anything, you always want a little bit more than you can actually afford.

Joanna: [5:04] Absolutely.

Christian: [5:04] That's just human nature. So-

Joanna: [5:06] Absolutely … Speaker: remember that when it comes to buying a house. You're not gonna get, no matter what your price point is, you're not gonna get, most likely, every single thing on your must-have or- Yeah … desired list. It's just probably not gonna happen. No. So try and get that out of your head. Try and figure out what the most likely things are that you can get, and then hope that you find a house that has all of that. And we're gonna- we have a tool to help you figure those things out, and to really calibrate you to the market. We'll talk about that at the very end of this episode. Um, let's, let's move on to the next one, Jillian. Okay. So a huge regret a lot of our clients have is using a big bank instead of a local lender. Mm. Yep. Um, and the reason for this is that big banks tend to take longer, um, once you go into escrow, and have less flexibility, and that makes, uh, the transaction a lot more bumpy. Mm-hmm. Um, and if it is a competitive situation, uh, which is a lot of the times in Seattle, no matter what the news is trying to tell you-

Christian: [6:06] Yeah

Joanna: [6:06] um, the sellers will look at your offer less favorably, usually- Mm … if you have a big bank as your lender, because their agents know-

Christian: [6:14] Mm-hmm … Joanna: how it is to work with these big banks. Yes.

Joanna: [6:17] And- It's

Christian: [6:18] very difficult.

Joanna: [6:19] Like, if- They have just a lot of- they can have a lot of issues. Sometimes they can go great, but you never know.

Christian: [6:23] It's been very rare in my 20 years that the big banks have gone great.

Joanna: [6:28] Yeah, especially if it's a condo situation.

Christian: [6:30] Mm-hmm.

Joanna: [6:30] Forget about it.

Christian: [6:31] Yeah. It's, um- Not gonna

Joanna: [6:32] happen … it's tough. Yeah. It's tough. So, and agents know that. Yep. And they will tell your, you know, the sellers that you're trying to appeal to-

Christian: [6:42] Mm-hmm

Joanna: [6:42] "Hey, maybe this isn't the right direction to go if you're competing with someone else that has a similar offer, even if it is a little bit less favorable than yours price-wise, or maybe contingency-wise." If you have a big bank and they have a local lender that that agent is a little bit more familiar with, you're guaranteed your offer is going in the trash.

Christian: [7:02] Yeah. That's the likely truth. That is just how it works right now.

Joanna: [7:07] Yes. So, you know, the big banks do have their place, but always do your due diligence, talk to your local lenders, and know that, in Seattle specifically, it's a great way to go.

Christian: [7:17] Yep.

Joanna: [7:17] So another regret that we hear a lot about is that people feel that they have to use a family member or friend that is an agent just because-

Christian: [7:29] They feel like they

Joanna: [7:30] have to they feel like they have to. Yeah. And it's like, okay, absolutely, if your family friend or your friend is a great agent- Go for it … go for it. Yeah. Like, 100%. And I'm sure they will help you and- Mm-hmm … educate you along the way. But if it's somebody who's just very, very, very part-time, or, you know, they really do it, like- I guess part-time is, like, the major thing. Or, like, they do a few deals a year- Yeah … but they're not, like, consistently- Mm-hmm … keeping up with, like, the day in, day out, boots on the ground kind of real estate market stuff. They don't have that ability to really navigate and help you making offers the way that- Yeah … realtors- A

Christian: [8:11] full-time agent's gonna do- Yeah that's really good.

Joanna: [8:14] Exactly. Yeah. And so although it's lovely that you wanna do that, it's probably best to find someone that you can work well with, even, you know, if that maybe makes a family member- Mm … a little upset, it will help you get your best deal down the road. And there are some times where you are going online, and you feel like you have to maybe use that broker that you made an appointment with online, but you don't have to do that either. Seriously, just educate yourself as to what makes you feel the most comfortable-

Christian: [8:45] Yeah … Joanna: and move forward in that direction. Interview other agents, please. Yeah,

Joanna: [8:48] absolutely.

Christian: [8:49] Just even if you're going to our class, you can still interview other agents. Make sure that you feel like you have the right fit for that agent, whoever that is- Mm-hmm and that you're comfortable, and you like their process, you like their systems, you think they know what they're doing, they show you proof that they know what they're doing. Go with that person.

Joanna: [9:06] Yeah, and if you are starting to feel like, "Oh, I don't know how this is going," if you don't feel like you can communicate with them, not a great sign.

Christian: [9:15] Mm-hmm.

Joanna: [9:15] If they're making you feel uncomfortable and pressuring you, also not a great sign.

Christian: [9:19] Yeah.

Joanna: [9:19] So just keep that- Be aware … in mind. Yes. See those red flags, trust your gut, and then, you know, reach out to somebody else. There's a lot of us out there. Mm-hmm. Not all of us are great.

Christian: [9:30] Also

Joanna: [9:31] true. Not all of us are a great fit for everybody, so just do your due diligence.

Christian: [9:36] Yep.

Joanna: [9:36] It was a big deal- Very … buying that house.

Christian: [9:39] Very, very big deal. All right, so another mistake and another regret that people have, and I can, in all my years, can say that I have never had someone come to me that was a client that came back with this one, thankfully. But that is where someone bought a house, and they didn't get an inspection or see an inspection report, and they found way too much stuff and were very, very, very angry at their choice to not get an inspection or review an inspection report that the seller provided. It's not fun when that happens. I have- we've had clients that are, like, past… People that bought a house before, and now they're selling, and now they have to deal with all these issues that are popping up. Um, it, it's not a good spot to be. So always look at an inspection report, whether you're the one that pays the inspector to come out and do it or the seller is providing one. Just don't buy a house without getting an inspection.

Joanna: [10:38] Now, what would you say, 'cause I, I thankfully haven't had this either, I've gotten to either, even through, like, the crazy competitive times- Mm-hmm … able to get one or able to see a seller's inspection. Yep. If, if you have a client that really loves a house that's very competitive that does not have an inspection-

Christian: [10:58] Mm-hmm

Joanna: [10:58] and they missed a time to get it pre-inspected- Mm-hmm … 'cause obviously, if there isn't one, that is always something that we will suggest you do-

Christian: [11:07] Yep … Joanna: um, so that you're not- Yeah … Joanna: contingent, right? Exactly.

Joanna: [11:11] But if there's not that time-

Christian: [11:12] Mm-hmm … Joanna: what do we tell people if they're like, "I love this house, and I do not have time to get an inspection"? That's a great question. That's where they gotta understand what that risk is, and- Right … it can be huge. Even with new construction, you- Oh, for sure … always wanna get a, an inspection. Mm-hmm. Almost more with new construction 'cause - Joanna: Yeah. They sneak some stuff in there- They do … Speaker: you don't know. Well, and it's not necessarily that they're doing it on purpose. No, no. There's just so many different contractors- Yeah … in there at the same exact time, and this guy thinks that that guy is doing it because the other subcontractor- Right … that he worked with on the house next door did it, but this- Yeah … is a new guy, and he didn't know.

Joanna: [11:51] Right.

Christian: [11:51] So there's stuff that gets missed.

Joanna: [11:52] Yeah.

Christian: [11:53] So yeah.

Joanna: [11:54] There is- One other option, but it's not always competitive either, is, is if you do a just for our own information- Mm-hmm … inspection, and you say, "We're not gonna be contingent on it. We just want somebody to come in and inspect so we know what's going on." Yeah. "We're not gonna back out of the deal." Mm-hmm. That's also an option, but you do also, it's like being forewarned- Yep … if all of a sudden because you get that done, you realize, oh, crap, there's a boatload of mold in that attic that- Yeah … we weren't prepared for. Um- Or a

Christian: [12:25] $20,000 sewer repair that you

Joanna: [12:27] didn't know about. Exactly, which has happened. Yeah. Not to me or to my clients, but to someone else I know. Mm-hmm. Um, and terrible.

Christian: [12:34] Yeah.

Joanna: [12:34] But that can come up.

Christian: [12:37] Mm-hmm.

Joanna: [12:37] So that's just something to be forewarned about. It is, it is, you know, kind of a risk, a risky behavior.

Christian: [12:45] Yeah.

Joanna: [12:45] So now some money mistakes that people have regret, um, in the past. So 15-year mortgage.

Christian: [12:53] Mm-hmm.

Joanna: [12:53] And this sounds super smart, and it does give you a lower rate. However, a lot of people end up regretting this, because you are stuck with such a high payment.

Christian: [13:01] Yep.

Joanna: [13:02] Um,

Christian: [13:02] if you- If you think about it, you're taking- Yeah … if you were comparing, you know- To a

Joanna: [13:05] 30 … Speaker: a 30-year fixed, which is pretty standard- Mm-hmm

Christian: [13:08] versus a 15-year fixed mortgage, your interest rate on a 30-year fixed is gonna be a little bit higher than the 15-year, but your payment's gonna be almost double. Yeah. Not quite, but almost- Almost … double what the 30-year fixed mortgage payment would be.

Joanna: [13:21] Yeah.

Christian: [13:22] And people are like, "Well, I want this paid off as soon as possible."

Joanna: [13:26] Don't we all?

Christian: [13:27] Yeah.

Joanna: [13:28] But you've gotta be realistic.

Christian: [13:29] Yeah.

Joanna: [13:30] Mm-hmm.

Christian: [13:30] And if- Something hits the fan-

Joanna: [13:33] Mm-hmm … Speaker: down the line that you're unprepared for or didn't plan for, didn't- you, you get fired or medical issues- Yeah … pop up or something, you now have a much higher payment that you have to deal with. That's hard.

Christian: [13:46] Versus having that 30-year fixed loan, where you can always make the extra payment. You can make-

Joanna: [13:52] Right … Speaker: the, the payment for a 15, 15-year fixed loan, even if you have a 30-year. Right. And it can go towards buying down your principal so that you can pay it off faster. And if you want that paid off faster, that might be the better route to go- Yes instead of pinning yourself into this situation- Mm-hmm … that could-

Christian: [14:08] Yes … Joanna: come back and bite you. Mm-hmm.

Joanna: [14:11] So this also is a huge one, not budgeting first.

Christian: [14:16] Mm, yes.

Joanna: [14:17] This is-

Christian: [14:18] This is- … Joanna: huge, huge, huge. This is- so I'm gonna jump in- Yes … because a lot of … When I started, it was in 2005, January 2005, and the market was starting to do this crazy thing before the recession, the Great Recession. And I saw what other agents were doing, and I didn't wanna do it, but I saw other agents doing this, and this was, they would get someone really excited about a house before they were pre-approved, because they knew that you could get pre-approved for any amount, 'cause the banks back then did not care. You didn't actually have to qualify.

Joanna: [14:54] That is terrifying to me.

Christian: [14:55] It is super slimy.

Joanna: [14:57] I can't believe, I can't believe that happened.

Christian: [14:59] Okay. It did, though. And so you would get the buyer super excited about this beautiful house, and then you go, "Okay, go get pre-approved." They'd go get pre-approved, 'cause anyone could at that time. You still kind of can, to an extent now, um, but way easier back then. And then they end up with this payment that makes them house poor. 'Cause they can't afford to do anything else 'cause their mortgage payment is way higher than they were expecting because they fell in love with the house, but they didn't understand the budget upfront, which is the opposite of what we always recommend- Yes people do. Before we even show you a house, our system, if you follow it to a T, you will get your budget figured out before we even go look at one. Mm-hmm. Before we look at a house. And this is to stop you from getting emotionally invested in homes that you can't afford- Yes … and making that regret that we're trying to stop.

Joanna: [15:52] I will say- That's why we're

Christian: [15:52] doing this

Joanna: [15:53] episode … that, um, and you would learn this if you came to our class, my, I do have a history. I work, I did work at Redfin, um, and that is one of the biggest issues that I experienced was Redfin's easy to click, click, click- Mm-hmm … and you fall in love with houses that you're seeing online. Pictures, first of all, which- Yes … is a whole other thing. Yes. Um, and then you wanna get out. You wanna start touring, but you haven't the slightest idea of what your actual budget should be. You have, I had a lot of people that would be like, "Well, I, I know I want this to be my monthly payment, and that's what I'm gonna make work," and I'm like Have you spoken with any lenders at all? No, and I'm not going to. That's what they would tell me . And I would say, "Why would you do that to yourself?" Mm-hmm. Because I'm not going to start taking you out on tours just to find out that you just basically broke your own dreams.

Christian: [16:52] Yeah.

Joanna: [16:52] You know, it just felt very backwards to me, and that was an issue I had. So I feel like, once again, going back and not understanding what kind of agent you need-

Christian: [17:01] Mm-hmm … Joanna: and it's one that's gonna help you understand that although maybe talking to a lender seems scary, it's the best thing that you can do to prep yourself for the road ahead- Mm-hmm … Joanna: in buying a home. 100% correct.

Joanna: [17:14] So yes, knowing your budget, woo, so important. So important. So, so important.

Christian: [17:18] Yeah.

Joanna: [17:18] One more thing that you wanna think about. Okay, you've talked to your lender. You're super excited. You found your house. You're in escrow.

Christian: [17:27] Which means you're under contract. Right. Same thing.

Joanna: [17:29] So let's say all of a sudden you're like, "Oh, I've got this great big, you know, concrete slab that I can fit a boat on. I don't own a boat, but I'm so excited I'm gonna go buy a boat-

Christian: [17:40] Yep … Joanna: right now before I've closed on my house." Don't do that. Don't do that. Same with furniture. You're like- Or- … "I gotta fill this big house." Yeah.

Joanna: [17:48] Don't buy a new car.

Christian: [17:49] Yeah. Don't do anything. Anything- Don't open a new

Joanna: [17:51] credit card … Speaker: anything that requires your Social Security number, do not do when you are under contract. No,

Christian: [17:57] you just gotta wait. The day after you close- Yeah … go for it.

Joanna: [18:00] Do whatever you want. Don't

Christian: [18:01] do it before.

Joanna: [18:02] People have lost-

Christian: [18:04] Yes … Joanna: out on closing on their home- Mm-hmm … because of something so simple- Yes … Joanna: seeming. Yes.

Joanna: [18:09] Um, yeah, don't do that to yourself. Mm. It'll ruin your dreams once again. It,

Christian: [18:14] it, yeah, it's not good.

Joanna: [18:15] Yeah.

Christian: [18:16] Again, do it the day after you close. Oh,

Joanna: [18:18] yeah.

Christian: [18:18] You just- Then go for it … Joanna: I know we all have that instant gratification- Yes … but, um, just temper it. Mm-hmm.

Joanna: [18:24] Please, patience.

Christian: [18:25] Mm-hmm. Again, if it needs your Social Security number and you're under contract- Don't do it … don't do it. All right, so earlier I teased how we help buyers really understand their budget and really understand, get calibrated to their market. Yes. That's, that's the whole goal. How we do this is something that is completely unique to us, and it's called a strategy session. Now, at the end of the strategy session, you will walk away knowing

three different things: [18:49] how much home can you actually afford- Where can you afford it, and what does it look like? Like, that is generally what you're going to walk away knowing. Those are the three big things that everyone wants to know. When we have a class, I, I throw this question out there, "Are these the things you guys wanna understand and walk away from?" They say, "Yes." Okay. Well, after the class, sign up for a strategy session. It's one-on-one with us, 30 minutes, Zoom or in person. There's no pressure. It's totally free, and you get all the questions answered that you have. And the whole point of it is so that you don't make a regret.

Joanna: [19:25] Exactly.

Christian: [19:26] You don't have regrets because you, upfront before you started looking at houses, figured out your budget first.

Joanna: [19:31] Uh, yeah.

Christian: [19:32] After you got your budget figured out, and that, that's not just filling out the online calculator and going, "Well, the bank said I'm approved for 1.2."

Joanna: [19:40] Oh my God, do not, d- do not trust that.

Christian: [19:44] It doesn't mean anything.

Joanna: [19:44] It doesn't mean anything.

Christian: [19:45] So what we do-

Joanna: [19:47] It just satisfies a curiosity.

Christian: [19:48] Exactly.

Joanna: [19:49] Very loosely.

Christian: [19:49] So the correct way to do this is to work backwards. You say, "Okay, well, I figured out my budget just on a housing cost expense way. Here's what I have for a down payment saved, or what I'm comfortable using. Here's what I want my max monthly payment to be. I don't wanna go over this, 'cause if I go over that, I'm gonna start to be house poor, and I still wanna go to dinner, I still wanna go on vacation, I wanna hang out with friends- Yes my hobbies, whatever." After you figure out those two things, then we can go, "Okay, well, based on that, here's your max purchase price." From there, once you get your max purchase price, then we show you, based on the criteria, "I want a three bed, two bath, single-family house within a half-an-hour commute of my work when I arrive at 8:30 in the morning." What does that look like? And we can go that detailed, and this is exactly what we do. We go that detailed, and we show you a weird-looking map, and it says, "Here's everywhere that you can live within that desired commute," if we wanna use commute, and you see what has sold recently. Now, we do that, and this is very recent, because the market changes and shifts, and you need to understand what has sold recently. Not a year ago, not even six months ago, sometimes not even three months ago. Like, it could, it could be, like, you need to go 60 days max, maybe 90 days.

Joanna: [21:11] And not what the news is saying, because they- That doesn't mean anything … are definitely behind- Oh, yeah … always.

Christian: [21:16] All the news reports are, uh, usually 60 days out, sometimes 30 days out, but they're all looking way back in time.

Joanna: [21:24] Right. So it's not helpful.

Christian: [21:24] And that's not helpful. It's not at all. So once you see that map of where you can afford what you want, then we show you the homes that match all your criteria that are within that map, and you start to get a real quick idea, "Oh, I can find what I want, or I can't find what I want where I thought I wanted it." Right. And this is just step one. Mm-hmm. Because this is a learning experience. If you find everything that you want in the right price point in the first try, great. But if not, okay, well, maybe we expand it. Maybe we loosen up our criteria a little bit, either on the house or the location. Mm-hmm. And you just start playing around with that until you are completely calibrated to your specific market, and these are the ways that we have found that work the best to calibrate you to it. When you're calibrated, as soon as a, a house comes on the market, you know if that's a deal or not.

Joanna: [22:19] Yep.

Christian: [22:19] You know, "That's way under-priced. That's gonna sell for whatever the price is. I know it. Even though they're 200,000 under, that's gonna sell for $200,000 more."

Joanna: [22:29] Exactly.

Christian: [22:29] You know that going in. When you're looking at that house in person for the first time, you already know, because you know your market. "This is what this house is probably gonna sell for. Do I wanna buy it at that price? Hmm." And that's where you can make that informed decision.

Joanna: [22:44] Right.

Christian: [22:45] That's the goal.

Joanna: [22:46] And knowing, knowing your market is so huge, and knowing that also when you see news headlines, that it's not always just talking about Seattle market. It's talking about the market in general- Mm-hmm … and if you're looking in Seattle, it's very specific. It's very different from the rest of the United States, and I think that's very helpful as to, like, not only zone in on the Seattle market, but the neighborhood market.

Christian: [23:08] Mm-hmm.

Joanna: [23:09] Because from neighborhood to neighborhood, in any place really, but I'm, you know, Seattle specifically, there are very sought-after neighborhoods with, you know, homes that maybe are like… 'Cause, like, we, reaching back to earlier, it's like, "I have a million dollars. I want this particularly perfect home." It's like, well, the average home in Seattle, which- Uh, you know, think about average- Mm-hmm … and 100% is average, is over $700,000.

Christian: [23:37] Yep.

Joanna: [23:37] So a million dollar home is only slightly above average.

Christian: [23:41] Exactly.

Joanna: [23:42] So do that math- Mm-hmm … for yourself, and know that, like, that perfect place is gonna be made perfect by you.

Christian: [23:49] Mm-hmm.

Joanna: [23:49] And you have to have that kind of-

Christian: [23:51] Well, and this is the whole- … Joanna: vision, too … Speaker: this is the whole reason why we do the strategy session, and what we call the sold search- Yes … which is that piece where you look back at what has recently sold that matches your criteria. That answers your question right there. Yep. You don't even have to go look at houses in person. You have not wasted much time at all. Nope. You have not spent any money. You have not committed to buying a house. You haven't done anything other than educate yourself on your specific market, and then you decide, after you do this homework assignment that we give you, at that point, you decide, "Huh, yeah, I wanna buy," or, "You know what? I don't think I wanna buy right now," or, "We need to change our criteria so that I can find out where I wanna buy." Right. But that's the whole point. You got- Yep … tho- those three options right there, and you haven't spent any money. You haven't committed to actually doing anything. You haven't wasted a lot of time. You've done a few steps that are necessary, but that's it.

Joanna: [24:41] And you can be in that head space and feel very comfortable knowing, "I'm definitely buying," or, "I am not," and you feel good about it.

Christian: [24:47] Exactly, and then you don't regret it. No. That's the whole point of today's episode.

Joanna: [24:52] So another regret is, you know, more so talking about forward thinking. So most people will sell their home that they bought within five to 10 years. So a regret we see people having is not thinking ahead as to who is going to be the next buyer of- Mm-hmm … this home, right?

Christian: [25:10] And that makes sense that they're not thinking ahead, 'cause they're looking for themself for the first time- Yeah most of the time.

Joanna: [25:15] I mean, shoot, I don't always think that far ahead either- Exactly … when I'm making certain choices, 'cause you're super excited about, you know- Mm-hmm … just being a part of this whole process, 'cause it's a great-

Christian: [25:24] Mm-hmm … Joanna: cool process to be a part of. Um- This is why, again, going back to choosing the right agent, a good agent is going to help you understand, while you're looking at it for the first time, is this a good house in five, seven, 10 years, whatever your number- Mm is to sell? Is this gonna be an easy house to sell? Is this gonna appeal to the biggest demographic, the biggest buyer pool?

Joanna: [25:46] Right.

Christian: [25:47] Or is this only for one specific type of person?

Joanna: [25:51] Exactly, and if you're buying a house that works for your specific needs, and you're not concerned, you don't think you're concerned with selling for a while, then okay, then- That's fine maybe don't even think, you know, that's not a big deal. But a lot of people will-

Christian: [26:03] Mm-hmm … Joanna: be selling. So it is something that's important to think about. For example, there was, there was a gorgeous, to me- Mm-hmm … um, condo that was listed near, in Magnolia, near Discovery Park, and it was, it was tall ceilings, like- Super vaulted, like

Joanna: [26:19] two stories- Or just- vaulted ceilings … you know, lots of light.

Christian: [26:21] Yeah.

Joanna: [26:21] But specifically made- For a person with cats- Yep … and who likes cats. Mm-hmm. And I am that person. And it was gorgeous, though. They did it with, like, driftwood, climbing posts, like, in the wall. Yeah. And, like, a little cat door out to these, like, very well-crafted shelves to get to this gorgeous driftwood- Mm-hmm like, basically climbing/uh, scratch post. And that was only part of what I saw- Yeah … in the pictures, and I immediately, I was in love with it. I was like, "This is it." Mm-hmm. Especially as a person with cats. Mm-hmm. I would have totally made an offer on that house if I was in the market. But resale value, and this is a famous condo- Yeah by the way. I do- I do wanna say that. It has been shown-

Christian: [27:06] It's been on t- pet TV shows … Joanna: yeah, different things that are available for public to see. Um- Yes.

Joanna: [27:12] But yeah, so it's pretty cool, and uh, but that is very, it's a specific- Very specific … market, you know. There are a lot of us cat peeps out there. Mm-hmm. I'm a dog person as well.

Christian: [27:22] Mm-hmm.

Joanna: [27:22] But yeah, it definitely is something for them to have thought about.

Christian: [27:25] Yes.

Joanna: [27:26] And although very appealing to a lot of us, not appealing to everyone.

Christian: [27:30] Yep. So it, it removed some potential buyers.

Joanna: [27:33] Yes.

Christian: [27:34] This situation may or may not have had enough potential buyers that it was a big enough buyer pool.

Joanna: [27:40] It has gone off market, so I'm sure- Mm it's fine. Um-

Christian: [27:43] Yeah … Joanna: but there are some other ones that I have been inside that are gonna be a harder sell, and in fact- Yes … they are definitely sitting for- Yep … long periods of time, and people that are selling, they don't always understand that. Yeah. 'Cause what they find valuable is definitely not a general value for a lot of people. Well, and this is not to say that you cannot personalize your home.

Joanna: [28:07] No, not

Christian: [28:07] at all. You can totally personalize your home, and you can buy a house that's great for you and your personality. When you go to sell, you might just not make as much money.

Joanna: [28:16] Right.

Christian: [28:17] Or you might want to consider, at that point- Painting or doing something where you're making it more universal and general, and not so specific to a specific

Joanna: [28:28] person. Once again, find that agent that can really help you-

Christian: [28:31] Talk

Joanna: [28:31] you through this … get the best, you know, um, you know, money towards what you're looking for.

Christian: [28:37] Exactly. ' Joanna: Cause they, that's what a good agent can do. Mm-hmm.

Joanna: [28:40] They'll talk you through how to sell it.

Christian: [28:41] Mm-hmm. Here's what you should do. Do step one, two, three.

Joanna: [28:45] It's something good to think about so you don't regret in the future.

Christian: [28:49] Yep. All right, so that is our episode today on the biggest buyer regrets that we see. Uh, again, we have 20-plus years of experience helping out buyers. We've seen a lot of these regrets, and you don't have to have 'em. Just, for us, I would say, obviously, 'cause we created it, but follow our process. If you far, follow our process, you won't have regrets.

Joanna: [29:11] You won't. Nope.

Christian: [29:12] And that's why we built it out the way that we did. We highlighted a ton of them today. Hopefully you found them helpful. If you did, please subscribe to our podcast, subscribe on YouTube. If you have any questions, don't hesitate to reach out. If you want a strategy session, they're simple to do. You can schedule 'em right online. All the agents on the Awesome and Awesome group are great. Uh, our calendars are synced, so you can just go right online at any time that makes sense for you. And, um, and it's very easy. Again, doesn't cost you anything.

Joanna: [29:42] Nope.

Christian: [29:42] Why not? There's no pressure.

Joanna: [29:43] Nope. Don't have a

Christian: [29:44] nightmare story. Give you the

Joanna: [29:46] education. Exactly. Don't have one

Christian: [29:47] of those. Don't be a buyer regret that we talk about on this- … in three years when we redo this episode again.

Joanna: [29:51] No.

Christian: [29:53] All right, thanks for listening to the Awesome in Seattle podcast. Until next time.

Joanna: [29:56] Thank

Christian: [29:57] you. See ya.

Joanna: [29:57] Bye.