IT'S TIME FOR A HEART TO HEART: "This Seller's Market is Killing Me" and Other Buyer Laments
Sometimes it’s important to have a heart-to-heart chat about the current real estate market. And let’s be honest—for Buyers, this is a tricky time to buy a home. Most Buyers already know the basics regarding the preparation for buying a home, such as getting your finances in order and getting pre-approved by a lender. It’s vital to know how much you can reasonably afford.
This step is very important. But …
Many Buyers are not prepared for the reality of a Seller’s market. It’s HARD. It’s super competitive. At times it can even be mind-boggling. I recently had an extremely qualified Buyer in a pool of 22 other offers for a nice property.
So, what’s a Buyer to do? Throw in the towel?
Rather than giving up on home ownership I want to offer a fresh thought process:
1. The process should be FUN! You are searching for a new home! At the end of the tunnel, through some potential heartache and some frustration, you will find yourself in a new home! Take the time to savor the process. Enjoy looking at homes. Eat at restaurants in the neighborhoods you visit. Chat with the locals. Soak up the entire experience because in the big scheme of life, these moments are fleeting.
2. Instead of fighting with all the other home buyers over the “newest” listing to show up on Zillow, take a look at some of the listings that have been on the market a little longer. Sometimes you will find hidden gems that have fallen out of escrow for some reason or that need a little TLC. The competition for these homes is often less, putting your offer nearer the top of the pile.
3. Be flexible. Maybe you need to look in a new neighborhood or consider a different style of home. I smile every time a client who says, “No stairs!” buys a two-story home because they fell in love with its unbelievable backyard or proximity to the trendy downtown restaurant scene. Stay open-minded. It’s kind of like falling in love! Sometimes opposites attract.
4. Can you be open minded about repairs on the listing disclosures? Many identified repairs can be accomplished without completely breaking the bank and by making the process easier for the Seller, an offer looks much more attractive.
5. Be prepared for your home search to take some time. If it doesn’t, that’s great. But in today’s market, most of my clients are finding that buying a home is a process, not an event.
And if you only take one thing away from my heart-to-heart, go back to suggestion number one.
The process should be FUN.
Finding a new home is magical. Listen to your heart—not just your head. Together, we will get you there!