Don't lose the waiting game

Dated: June 13 2020

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More often than you might think, people in the market for a new home hit a snag in their search because they have their hearts set on a neighborhood or category of home that their budget will not support. Whether they think they must move back to the neighborhood where they grew up, or must move into a larger home than the one they’re renting, they respond to being priced out of their wishes by deciding to wait until later. Here are two true things that I hope buyers in this position will understand:

  1. Every home purchase—even those involving multiple millions of dollars—involves compromise.
  2. Until you become a property owner, time is not your friend and waiting is usually a bad idea.

In the wealth-building game, the deck is stacked against renters in favor of homeowners. Of course price fluctuations and big changes in income create exceptions, but in the big picture, buying your first home gets harder over time—not easier. And another thing I have noticed is that families usually look back on their first home—even though it was a compromise when they bought it—with great fondness.

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DAVID DUNLAP

As a residential real estate executive with an extensive background in corporate marketing, I am able to apply unusually strong skills in marketing communications, e-marketing, strategic planning and ....

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