Besties Don't Do Real Estate Alone: Here's Why Your BFF is Your Secret Weapon

Besties Don't Do Real Estate Alone: Here's Why Your BFF is Your Secret Weapon
June 8, 2024

Happy Best Friends Day! Today, we celebrate the incredible people who enrich our lives. But did you know your BFF can also be your secret weapon in the often-stressful world of real estate? Buckle up, because research shows having your best friend by your side can significantly improve your home buying or selling experience. Even if you're considering co-ownership, your BFF's support can be invaluable.

The Emotional Rollercoaster of Real Estate (and How Your BFF Saves the Day)

Let's face it, buying or selling a house can be an emotional rollercoaster. A [National Association of Realtors (NAR)] survey found that 72% of buyers and 86% of sellers experience stress during the process. From bidding wars that leave you breathless (literally, according to a [University of Chicago] study on stress hormones) to open houses overflowing with questionable décor, navigating real estate can be overwhelming.

That's where your best friend swoops in, cape and all, ready to be your emotional rock. Here's how they shine:

  • Hype Person: Feeling discouraged after a tough offer rejection? A [University of California, Berkeley] study suggests strong social connections can boost resilience. Your BFF is there to remind you of your rockstar real estate goals (remember, 90% of first-time buyers eventually achieve homeownership, according to the NAR) and celebrate every win, big or small.
  • Voice of Reason: Lost in a sea of granite countertops and backsplash options? A [University of Queensland] study suggests friends can help us make clearer decisions by offering a neutral perspective. Your bestie will help you stay focused on what truly matters in a home (and avoid those emotional decisions that might lead to buyer's remorse).
  • Celebration Squad: Just landed your dream home? Get ready for the best celebratory dance party with your BFF by your side!  Research by [Harvard University] shows strong social connections can increase happiness and well-being.

Your BFF Brings Practical Power

But your best friend isn't just there for emotional support (although that's pretty darn important!). They can also be a valuable asset during the real estate process, especially if you're considering co-ownership:

  • Honest Feedback: Your best friend knows you better than anyone. They'll give you honest feedback on potential homes and potential co-ownership scenarios, helping you avoid compatibility issues down the line.  A [University of Michigan] study suggests honest feedback from trusted friends can lead to better decision-making.
  • Second Look: Can't decide between the charming bungalow and the modern condo? Having your BFF there for a second (or third) viewing can offer a fresh perspective and help solidify your choice.  According to a [Zillow] study, 42% of buyers make an offer on a home they've seen multiple times. This is even more important with co-ownership, where you both need to be comfortable with the property.
  • Teamwork Makes the Dream Work: Dividing and conquering tasks like scheduling viewings, researching neighborhoods, and navigating the legalities of co-ownership can make the process much more efficient. Plus, it's way more fun to tackle this together! A [University of Pennsylvania] study suggests collaboration can increase productivity and enjoyment of tasks.

The Rise of Co-Ownership and Why Your BFF Can Be Your Best Asset

The rising cost of real estate has led to an increased interest in co-ownership, particularly among young adults. 6% of Canadian homeowners co-own their property with someone besides a spouse or significant other, with 7% specifically co-owning with friends. Having a best friend as a co-owner can be a great way to achieve homeownership, but it's important to go into the situation with clear expectations and a strong foundation of friendship.  Open communication and a well-defined co-ownership agreement are crucial  for success.

So Next Time You Think About Real Estate, Think BFF

We, at Coldwell Banker Horizon Realty, are all about making your real estate journey smooth and successful, whether you're buying, selling, or considering co-ownership. But let's be honest, having your best friend by your side adds a whole new layer of fun, support, and laughter.

P.S.  Looking for expert guidance to navigate the Kelowna real estate market?  Our team is here to help!  Contact us today and let's make your real estate dreams a reality (with your BFF by your side, of course!)

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