Dealing With a Long Home Search & Lack Of Inventory
While today’s real estate market remains hot, there’s no denying that it can be a long and challenging experience for buyers. There are more people looking for homes than there are homes for sale. For some buyers, this means making many offers on homes that end up going into contract with someone else. If you’re a buyer who has been dealing with a long home search, it may certainly be frustrating. But there are things you can do to shift your perspective until you finally get an accepted offer.
Know what you’re getting into
When you begin your home search, have an honest conversation with your real estate agent about expectations. Your agent is an expert in your market and can give you valuable advice about how long it may take to close on a home in your area. As tough as it may be, buyers need patience in today’s market. Knowing what to expect before you begin can help to ease some of that frustration.
Accept that it might be hard
The beginning of any home search is often a very exciting time. Daydreaming about moving into your new home is part of the process. But as the weeks go by and you still haven’t had an offer accepted, you may start to have some negative emotions around the experience. This is completely normal. Accept that the process will be tedious and long, but try not to dwell on it.
Reward your hard work
Searching for and touring homes for sale takes time and it can certainly tap some of your energy. You may feel depleted after a long day of house hunting. For this reason, you should plan to reward yourself along the way. Order a pizza from your favorite restaurant, binge a fun show on Netflix, or simply take a long, hot bath. Buying a home is hard work, and you should take care of yourself along the way.
Know your best offer
It’s essential to know how much house you can afford before you begin your search. Not only does that keep you from going over your budget, but it also helps you lead with your absolute best offer. When several potential buyers are bidding on the same home, you want make the best offer you can so you have no regrets later. Crunch the numbers so you know what that offer will be and can act quickly.
Take a break
Unless you have a hard deadline like moving for a job, don’t be afraid to take breaks from your home search. Remember — your real estate agent is also looking at listings for you. They can alert you should a home become available that’s just right for you. Give yourself a break from constantly refreshing your web browser in search of a new home.
Work with a great agent
In today’s real estate market, it’s more important than ever to work with a great real estate agent. They know the ins and outs of your local market and can advise you throughout the process. They also have access to off market properties. This is important when there is a lack of inventory. Also they have strong local relationships. This is important to getting your offer accepted during multiple offer situations. Working with an expert in the beginning can help relieve a lot of the home buying stress. Also they can introduce you to local lenders. What are you waiting for. Call Ray Lyon for a free buyer consultation 310-993-1065.
Compliments of Virtual Results