If there’s one thing we’ve succeeded and exceeded in over the past 12+ months its scaring the crap out of most anyone looking to purchase a home, especially sellers who fear having nowhere to go or overpaying for that next house as they leave behind the one they’ve worked so hard to build equity in already.
While just hearing the term “seller’s market” is enough to give most current homebuyers the heebeejeebies, all it really means is that there are more buyers than there are homes available. What this ends up meaning for many buyers is that it just takes a little more grit and patience to find “the one.”
Unfortunately, the sense of panic many buyers have entered this market with have prompted them to rush into decisions, asking to write offers on most anything they see (and many things they don’t) and to come in WAY over asking price in hopes of getting their offers accepted.
In this time, its incredibly important to slow down and really think about whether you are doing it all because of the pressure of the market or because this really is THE house.
Now, let’s be fair – in the vast majority of cases, you aren’t going to find a home that checks all the boxes (shy of having it built to your specifications). Still, we each have things that we can flex on and things that will absolutely have a big and direct impact on our enjoyment of our homes. Whether its the noise, the freeway you can see from the back yard, the long commute to work or the tons of work needed to bring the home up to your standard of living, being thoughtful is incredibly important BEFORE you make that huge commitment.
Yes, it may feel like the sellers hold the deck and you take what you’re dealt in this market. Still, there is no amount of seller pressure that should prompt you to buy, rather much over pay, for something you simply don’t really want. I’d rather walk you through a dozen more houses than sit at a closing table with you as you sign yourself to one of the largest investments most people ever make for a home that your heart really isn’t in. This, of course, being on top of potentially draining you physically, mentally and financially in upgrades and repairs where you may never see a solid return on those investments.
Fortunately, the market is trending in a better direction as we are seeing an inventory increase and movement slow down a bit (not to a crawl by any means but less buyers/agents are in a drag race to the door of those new listings.
Your takeaway for today: DON’T RUSH IT! When the day comes that I get to hand you those keys, I want it to be one of incredible joy as you open the door to a new and beautiful chapter in your life.
If you have any questions about what you can or should be doing to get in position as a buyer in today’s market, don’t hesitate to give me a call at 717-874-9787!