My biggest advice for homebuyers is very simple, keep in check your emotions!

You are bringing emotions to a negotiating table and on the other side of it sits a seller that has already satisfied his emotions and is now looking mostly at their profit margin. Whoever cares less about emotions and concentrates more on numbers has the advantage!

A house is an inanimate object that satisfies the bottom two levels of Maslow’s hierarchy of needs (Basic and Safety Needs). The top 3 levels are what you make of a home. Neighbors, connections, love, memories, experiences, comfort, traditions, decorations/upgrades, imagination, etc. A house does not make a home. You do.

Sit down and make a plan. Set your needs downs on paper and then run the numbers. If you get all your needs and more for less then that’s a positive. An equal amount that’s fine too. Overpaying for your needs then it’s not a deal. Paying more and getting less than you need than it’s a loss.

When I get a client that loves this or that detail of a home I ask a set of questions. The first one is if I give you the same detail in a home 50k less, and a $200 a month smaller mortgage would you buy it? How about another house that doesn’t have that detail for 75k less and 350 a month less? How much is that detail worth to you? And how much do you think that detail would cost to add to another house?

Then that beautiful 60 sqft of $45 sqft white grey Carrara Italian marble countertop is quantified to $2,700 and can be compared to 75k in price difference and $300 in monthly savings which you could use to buy the marble and pay for installation in less than half a year and still save money on lower property taxes, insurance, smaller down payment, and closing costs. PS you can shop online and find deals on Carrara marble from China at half the price.

If you don’t get the number you believe is reflecting the market and the value of the house, just walk away. Buying a home is no different from buying a car, or a relationship. The one that cares less has the advantage and control. You need to have the ability to check your emotions and make sound decisions based on math and walk away when it doesn’t add up. Especially in this market with growing inventory and falling demand.

You can always put more love into your home later but you should always start by loving the price you paid for the house first.