One of the most difficult parts of my job is dealing with the advice from friends/family/co-workers. Occasionally I think it would be easier if I only worked with unemployed orphans with no friends.

Sometimes friends give advice because they genuinely want to help. Sometimes they give advice to make them feel important. Sometimes it's because they don't want you to do better than them. Like any Armchair Quarterback the advantage friends have is they are unencumbered with the need to be right.

I sold this house last week. 5 years ago I was working with a woman who has a young daughter and she was under contract for a home in the same neighborhood with the same floor plan. A great home within walking distance of a 10 rated elementary school for her daughter.

At the same time there was a tragic shooting in the neighborhood. To this day it's hard to understand what happened other than someone was trigger-happy. What I do know and knew at the time is it wasn't an indication that crime was increasing in the neighborhood.

When my client told her boss and co-workers what she was doing they told her the real estate market in the neighborhood was going to crash because of the shooting. They scared her so much she cancelled the contract and to this day never bought a home. I failed at getting her to understand how market value works although in my defense it’s hard to compete against someone’s boss.

This house sold last week for $108,000 more than the home she was going to buy 5 years ago. That likely would have been the single best financial decision of her life. I wonder if her boss and co-workers are going to chip in and give her $108,000.

Even well meaning friends may not give great advice about real estate. Someone who last bought a home 20 years ago isn’t going to understand the real estate market in the Austin area in 2017.

It’s much better to educate yourself about the market and take in information from professionals who are active in the Austin real estate market every day. When you are ready to make a purchase contact us at 512-791-7473 or for a no obligation consultation to get some great advice about your particular situation.

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Posted by Eric Peterson on
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