We understand that in this market it has been a hard time for hopeful buyers. We just made it threw a very busy summer and spring, which statistically is a busy time for real estate, but this year the housing market has been on fire! We have seen bidding wars, we have showed houses that have received 15 offers before you have even had a chance to step foot in the house, we have seen accepted offers thousands of dollars over asking price. We get it! We understand the frustration and fear this can bring for our buying clients, but….
Did you know you can use other buyers’ burnout to your advantage? A lot of buyers that have been looking for their NextHome are running into the same ‘burnout’ you are experiencing creating this fear to place offers on a property that may receive multiple bids. Buyers are hesitant to get into a bidding war or are backing off until they are more comfortable with the pace of this hot market. Interested and motivated buyers are backing off because they are wary of the stress a bidding war MAY cause them! Use that!
We also understand that sometimes it is not as easy as just sticking with it, so we have a few tips to avoid homebuyer burnout.
Start by making a plan and sticking to it. You will want to know your budget, what you can and cannot afford to spend, what you want in a new home and what you don’t, know the town, city, or location you want to live, and stick to it. Just because the housing market is this competitive doesn’t mean you should sacrifice your wants and needs. This is a HUGE purchase so you should be absolutely sure this is the home for you!
Get preapproved- you know this is a big purchase, so you should be absolutely sure that you can afford a house before you even schedule a showing. You do not want to fall in love with a property that is out of your price range or that is not compatible with the kind of loan you will be using. Getting preapproved is an essential part of your financial preparations and will reduce a lot of the stress surrounding the whole process. By being preapproved you are making yourself more attractive to sellers because they know you can afford their home and giving yourself a much better shot at an accepted offer when and if you decide to bid!
Be Flexible! The right house is out there, but it may take a lot of knocking at doors before you find the one for you! We encourage all our buyers to stay the course but keep an open mind. Maybe you really liked a house, but it didn’t check all the boxes, so you must decide between your “must-haves” and your “nice-to-haves”. We know that rain shower would be amazing in your new home, but you might be able to compromise and buy a new shower head that creates the same effect. By being more open-minded, you will open yourself up to more possibilities.
Don’t make an offer on every property! We understand that we might be asking you to compromise a few things to find you a home, but we certainly don’t want to see you placing offers on homes you don’t like or ones you don’t see yourself or your family in. This will just add to your negative feelings surrounding the homebuying process.
Learn from your rejected or losing offers. Sometimes other buyers’ offers are just more appealing than the one you place. Next time you might have to offer more, or decide faster, or even just getting creative with ways to appeal to the seller. Each rejected offer can be used as a tool to steer you in the right direction next time!
Lean on your real estate agent, that’s what we are here for! Our job is to help you through the process of buying a home with as little stress possible. Chances are we are working with a few buyers going through and feeling the same way you are. This kind of market is new for us too, so we are learning with you and taking it day by day just like you are. We are here for you!
And when all of it seems like it’s gotten to be too much for now, it might be time to take a break. Putting a pause on your home search may not only be good for you, but for your wallet as well. This may be the time to start putting away more money for a bigger down payment, building up your savings for a bigger budget, or even just taking a little break to settle the nerves and the stress. With limited inventory and a market flooded with buyers, it may just be time for you to take a step back and reevaluate whether now is your time. We don’t want you to forget about us, though. Maybe you take some time off from your house hunt, but we are still actively working for you and with you! We want to see you find your NextHome, so when you decide to hop back into the process of buying, give us a call! We have been with you this far, and chances are we have still been looking for that property that is going to put you back in the game!