The most important house you buy will be your first one.
It will be the one that sets you up for the next house and the next one and so on. You want to carry as much equity into your next house as possible.
Buy a good one and it should be easy to sell when you want to move up or take that dream job out of town.
Buy the wrong one and it can be like having an iron ball shacked around your leg.
The hardest thing for most buyers, especially first time buyers, is to think about the exit plan. One day, you will want to sell your house as much as you wanted to buy it.
Here are some unchangeable features that are often deal killers:
1. Steep driveways. Kids can’t play. Nobody wants to slide down it in the winter.
2. A bunch of small rooms.
3. A busy road, either in front or back.
4. A sloping backyard. Slopping downhill from the house is a little better than sloping uphill.
5. Noise. Could be a bus stop, traffic, a train.
6. Lack of privacy. People do not want to be in their backyard and feel like they can’t scratch their butt without a neighbor seeing them.
Keep in mind that in a fast market, ANY house will sell. We are in a market like we were in 2005 where there are not a lot of choices. Buyers are feeling happy to get any house. Many people who bought 2nd tier houses back then realized their mistake in the bad market of 2007-2012. Just because the market is hot now does not mean it always will be.
If you are a home owner who has a 2nd tier house, then now is your time to sell it!