5 Things for Buyers To Keep in Mind
Five things that buyers should keep in mind about today’s market.
A lot of people are saying that it’s harder to buy a home today than it’s ever been, and I’m sure many buyers out there feel the same. It’s frustrating to submit offers and lose over and over in multiple-offer situations; it feels like buying a home should be easier than that. I don’t want to undermine the feeling that buyers have, but I think success is possible in the current market. However, here are a few things to keep in mind:
1. Success begins with your mindset. Whether you think you can or can’t, you’re probably right. If you’re approaching buying a home thinking that it will be impossible, stop there because it will be. If you believe you can be successful, I do too. It starts with what you think, so be intentional about your thoughts and words.
2. Your Realtor needs to share your mindset. If they believe that it’s too hard to buy, that prices are too high, or that it’s too much work, then they won’t be able to help you. If your agent doesn’t share your positive mindset, I recommend switching Realtors.
3. Not all homes are getting multiple offers. There are markets where 95% of homes are getting multiple offers, but in most markets, it’s more like 70% to 80% of homes. If 10 houses come on the market in a month, there are probably two that don’t get multiple offers. If you’re not comfortable waiving contingencies or offering above asking price, those are the homes you should pursue. Focusing on the best options for you and your specific situation will lead you to success.
"I believe that every buyer can be successful in today’s market if they believe they can be too."
4. Know what you’re looking for and only pursue those homes. If you’re making an offer on a home but it doesn’t have the one thing you really want, you can’t compete against buyers who wholeheartedly love the house. You don’t need to make an offer every week; hold out for the homes that are the best fit.
5. Know what asking price and comparable sales mean to you. Coming up with a listing price is not an exact science. If the seller and listing agent know they’ll get multiple offers, they are not scrutinizing the list price in the same way a buyer might. In the end, look at what the home is worth to you, not the asking price. Comparable sales are important to gauge how things are selling in the neighborhood, but we can’t use them as a metric for determining prices today because they are in the past.
I believe that every buyer can be successful in today’s market if they believe they can be too. If you know anyone who’s struggling to buy a home, I’d love to talk with them and offer my opinion. If you have any questions about these tips or real estate in general, feel free to call or email me.
I recommend checking in on your policy every few years with your insurance professional to ensure it suits your needs. If you need a recommendation, I encourage you to reach out to my friend Mike Herson with Congressional Insurance at (240) 912-4150 or [email protected]. If you have any other questions about real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.