Beware the Real Estate Unicorn!
Ah, the beloved unicorn. Unicorns remain very popular and it’s easy to see why. What could be more endearing-or desirable than a powerful, magical and sparkly unicorn?
However delightful that unicorns may be, they can become a problem when they rear their mystical horns in real estate.
Why? Because, despite a Buyer’s firm belief otherwise, real estate unicorns do not exist!
Are you a buyer looking to avoid the allure of the elusive real estate unicorn? Take my advice and check out these ‘Universal Unicorn Truths.”
Number One: There is no such thing as a perfect property
The size of your budget doesn’t matter. Even buyers in the highest end of the market will attest to the fact that there is no perfect property.
It’s easy to get caught up in the search for a real estate unicorn—perfect location, perfect view, perfect finishes, perfect backyard, perfect commute location, etc. Unfortunately, looking for a home that checks every box—a real estate unicorn—can narrow a buyer’s vision and even hamper their search for a great property. Additionally, this tunnel vision may lead a homebuyer to overlook some properties that may prove to be great options if viewed from a slightly different perspective.
Number Two: Keep an open mind during your search
Many homebuyer’s wish lists are based on three key factors—location, size and price. The inability to be flexible on one of these factors can stall a home search because in most cases, compromises may be needed to find a home. For example, if location is the most important factor, searching for a smaller home may be necessary to meet the buyer’s price requirement. On the other hand, if square footage is a priority, perhaps considering a different location with a lower price point may be a good idea.
Additionally, looking for perfection in a potential home may complicate or delay the home buying process. This approach can limit your real estate search to certain neighborhoods without a lot of inventory and can also lead to you overpay for a home simply because it ticks all the boxes. Searching for perfection also tends to lengthen a home search which can result in buyer frustration and fatigue.
Keep an open mind about what’s on the market and consider putting in some sweat equity. Remember: Gardens can be planted. Floors can be refinished or replaced. Vanities can be updated.
It’s important to remember that real estate unicorns are made, not found!
Looking for more great ways to beat the unicorn blues? Check out my great tips for Homebuyers—and avoid the allure of the Real Estate Unicorn!