So you wanna buy a house. Buckle up, the competition is fierce. Although we are starting to see signs of a more balanced market in the middle and luxury price points, entry-level markets are still hot hot hot in favor of sellers.
Here’s what most buyers are going through…
Imagine you’ve been home shopping for 6-months. You’ve lost the last 3 homes in a bidding war. More time goes by and you worry that you’ll never find another home you love. Finally, it appears. The market has gone up again so you are already paying slightly more, but this isn’t your first rodeo. You offer asking price or maybe a few thousand over and concede some terms to seal the deal. You win. Finally.
First-time buyers just getting started are often flabbergasted when faced with this reality. They haven’t had the benefit of time spent actively shopping. Most buyers these days have to “lose” at least one property they loved in order to be ready to play ball next time around.
We find that most buyers have to go through this experience first-hand, especially first-timers. With each lost property in a bidding war, buyers feel more comfortable being more aggressive the next go around. The good news is, there is always a happy ending. We’ve seen it time and time again. Heck, most of the time buyers say “I’m so glad I didn’t get the last home, because this ones so much better”.
Shopping for a home is a learning process. The more time you spend, the better off you are. Oftentimes buyers start out with a certain idea in their mind of what they want and it changes over time. So, although the competition is high, there may be a silver lining.
All that time spent touring properties, writing offers, discussing negotiation strategies and stressing out, is good! Because you are learning and gaining confidence. Hang in there buyers, your new home is right around the corner.
Katie Griswold is a Realtor with Griswold Group @ Pacific Sotheby’s in San Diego, California. Working alongside her brother, John and dad, Bob, the Griswold’s serve buyers and sellers throughout greater San Diego county. To get in touch with Katie, email firstname.lastname@example.org.