July 4 is Saturday, which makes the next three days a glorious holiday weekend.

On Friday, the banks are closed, government offices are closed and title companies are closed, too. Besides reminding me of how nice holiday weekends are, it reminds me how important it is to take some time for reflection.

When buying a home, you have to be careful to factor in this important step in the process – the time to think things over.

My dad had a great saying, and summer was a time when it seemed to me he used it a lot.

I can still see his reaction when we were anxiously asking about going somewhere like the beach on a really hot day or a trip to the amusement park where we heard there was a great new ride or out to our cousins’ farm to visit the animals and swim in their pond. Kids are not known to be patient, especially during summer vacations.

I can see him calmly sitting in his kitchen chair at the table and saying, “Hmm, that’s an idea; I’ll have to ‘thinkidover.’” Just like that. I guess he slurred those words together because we probably made him say it frequently.

In his favor, he did “thinkidover” and we have a ton of great family memories to show for it.
This spring, the real estate market has tipped over to a sellers’ market. Of course, this means that sellers no longer are waiting and waiting for offers and then relisting their homes just to accept mediocre prices. Buyers are alert and making offers on homes more quickly. And we frequently are seeing more than one offer on homes.

But just because the real estate market is hopping, buyers and sellers still need to take a breath, follow a thorough process and be absolutely sure that they “thinkidover” before signing on the dotted line.

We don’t have to look back too far – 2008 – to find painful memories of buyers moving too quickly and not adequately thinking through their goals. Here are some helpful guidelines when buying a property, whether it is residential or commercial.

• Visit it once, visit it twice and visit it one more time. First impressions are very important, but when going in a second time buyers always say, “I didn’t notice that.”

The first time, buyers walk around and look at rooms and sizes and general condition. Some get off track seeing family pictures, trying to identify the owners and learn whether they know anyone in them. Then, as we get back on track, they may go outside and wander.

A first visit is obviously important, but you probably won’t notice the missing floor trim. Or you may not see the chipping paint behind the bathroom door. Most first-time visitors won’t be looking under the carpeting to check for hardwood floors either.
I remember a client calling me one evening after looking at a condominium.

She was washing dishes in her kitchen and thinking about the condo when she realized there was no dishwasher there, or even a place to put one. Neither of us caught this obvious void on our first trip.

You can always revisit a home quickly. One visit one day, and one visit the next – you don’t have to wait a week, especially in a bustling market. Just be sure to go back and see the property you are buying as many times as possible.

• Read the paperwork and understand it. Real estate transactions have voluminous documents to read. A buy-sell agreement is 10 pages long, disclosures can run over 10 pages as well. Then there are attachments and subdivision plats, inspections and appraisals and title reports. All the details are part of the whole transaction and cannot be hurried.

I once had a less than flattering client say to me, “Well, this isn’t rocket science. Anyone can do this work.” While it is true that real estate is not quantum physics, I thought about this annoying comment some more. Recently, I watched “Apollo 13” with Tom Hanks.

This spellbinding movie reminds us all, once again, that the devil is in the details. Missing one contact in an oxygen tank resulted in the world holding its breath for the astronauts’ safe return.
Missing a line in a buy-sell or missing the understanding of a disclosure form could mean that you end up owning a property that doesn’t have an adequate septic system.

Or it could mean you are buying a property that has a history of mold. Or it could mean that the rental you are buying has an ongoing lawsuit you are taking on. While a buyer may not be an astronaut trying to come back to Earth, it might feel that way if you buy something you didn’t bargain for.

Read and understand all the paperwork. If there is anything you don’t fully understand, ask your agent or attorney to explain it before you sign.

• Enjoy the process. Look up, look around and take stock of the entire situation. You should always step back and make sure you are headed in the right direction.

It’s important to trust your instincts as part of this process. It is hard work, but it should be exciting and enjoyable, too.

Moving forward, for most people, can be nerve racking. However, there should be the elements of knowing that this is the direction you wish to head. This is where a team process helps to remind you of your goal. In spite of the paperwork and the visits and the numerous conversations, it is going to be a great move forward for the right reasons.

Remember to enjoy it along the way.
Buying a home is not something you want to do every few years. It should be an exciting part of your life – a time to venture into a new territory whether you are in the same town, a new one or just a new environment in the same town. Wherever you go, be sure that each step of the way you take the time – not too much, but just enough – to “thinkidover.”

***

Joy Earls is a real estate broker/owner of Joy Earls Real Estate. She can be reached at 531-9811 or joyearls@joyearls.com.