Over the years, I’ve guided countless buyers through the landmines of purchasing a home — and helped them understand which risks are worth taking, and which ones are deal breakers.
I’ve advised buyers to walk away from homes they fell in love with because of major structural issues. And I’ve urged others not to jeopardize a great house over small repair items that could easily be fixed later.
I’ll never forget one buyer from decades ago who rejected every house — including one that was nearly perfect — simply because the bathrooms and kitchen didn’t have GFI outlets. (A simple, inexpensive fix!) That was the moment I realized: Some buyers will never feel ready to “pull the trigger,” no matter how ideal the opportunity.
Today’s Market Isn’t Making It Easier
In certain markets — especially downstate NY — prices continue to rise with no signs of slowing. First time buyers are frustrated as their offers get rejected in favor of significantly higher bids.
I empathize deeply with them.
But I also tell them a hard truth: in this market, you must either stretch your offer beyond what you feel the home is worth, or adjust your expectations and consider a more modest property.
The Payoff Comes Later
Once these buyers finally purchase a home and settle in, something remarkable happens:
A few years later, they’re shocked at how much their property has appreciated.
And suddenly, trading up becomes far easier than buying that first home.
Getting into the market — even if it means stretching a bit — is often the most important step.
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Warren Goldberg is President of Mortgage Wealth Advisors, a Certified Mortgage Planning Specialist®, and a published author. His interviews include Blog-Talk Radio, Newsday, The Daily News, Anton Press, and the Long Island Herald. Since 1992, he’s been sharing his financial knowledge and wealth-building strategies, including how to properly use your mortgage as a financial tool. His clients regularly express their trust and appreciation by recommending friends and family call when in need of mortgage, real estate, and financial guidance.
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