What Kind Of Homeowner Are You?

 

The older I get, the more I find that a novel idea is merely something that has been thought of before; no idea is ever quite new under the sun, except that some people execute on their dreams, while others don't. A quote from Les Brown applies here: 

The wealthiest place on the planet is the graveyard, because in the graveyard we will find inventions that we were never ever exposed to, ideas, dreams that never became a reality, hopes and aspirations that  were never acted upon ~ Les Brown

 Although there is never truly a unique idea, many homebuyers and investors approach real estate in similar ways. There are some who believe that markets are perfectly efficient, while others believe markets are always inefficient. Some residential buyers will start their home search using google, which usually leads them to Zillow listings which may or may not be completely accurate when it comes to information. Some homebuyers are in it to live inforeseeably far into the future, while there are those who have a buy and sell mentality. 

Some current homeowners are more flexible whereas others are more inflexible. For example, some homeowners cannot envision themselves moving far away from their community or neighborhood because they are attached to it. The only way they are able to sell their home is if they will be able to move to a bigger home in the same neighborhood. Others are more flexible with their neighborhoods so long as the prices, amenities, and other statistics match their preferences. Meanwhile, the most flexible are less attached to their city or even state, and will transition to a new state if it meets their needs; one example of this is if they have to move for their work or if the cost of living is too high for their preferences. 

This brings me to my current and last point: the markets is like a wave, and there are those who can surf while there are those who cannot. It's always a preference if you want to take up surfing as a hobby or not, but it's always necessary to be wary of the risks for each. Surfers can eat a huge wave — whether good or bad, while non-surfers can suffer the consequences of over-leveraging themselves or live with a cushion otherwise. Being able to adapt no matter what type of homeowner you are, surfer or non-surfer, is integral to being able to consistently meet your expectations.