Buyer fatigue is what I call the effect on buyers who have seen so many homes, written multiple offers getting rejected each time, and are exhausted with the buying process.
Searching for a home can be a huge emotional undertaking, and when you are losing time and time again, you start to feel like you will never win a bid. Potential buyers, especially those just entering the market or looking for more affordable options, are getting worn out from having so few options in a competitive seller’s market like this one.
Here’s what you can do about it:
- Work with an experienced agent. Ask them how they won contracts for their buyer clients in the transactions they’d had this year. Learning their strategies are vital to you winning an offer!
- Don’t be discouraged by the lack of inventory. This market can be frustrating, but waiting for more options isn’t the solution. The best thing to do is push through. Mortgage rates and home values are both on the rise, meaning buyers who wait will end up paying more in their monthly payments years down the road.
- Don’t be afraid to go ‘all in’ with your first offer. Make the strongest offer you can from the beginning with a high earnest money deposit, no contingencies, and consider offering over asking or writing an escalation clause to beat competing offers. If you’re worried about waiving the home inspection contingency, buy an excellent home warranty to cover any major systems/appliances that may need repair or replacement after you make the purchase.
- Update your wish list. If you’ve lost in previous offers, reevaluate your wish list. You can increase the number of potential homes by broadening your preferred neighborhoods or simply consider homes that may need a little updating, which have less competition. A turn-key home is bound to have multiple offers with escalation clauses and in my experience, are selling in mere days.
- Check for back-to-active listings. Ask your agent to set up a search for back-to-active listings, which are homes that went under contract and the buyer backed out. Perhaps they lost their financing or simply got cold feet; it doesn’t mean there is something wrong with the home, which many buyers perceive to be the case and this means less competition.
As always, feel free to call me to discuss buyer fatigue or any other real estate subject. I’m happy to help!
Lynn Cooper is a licensed REALTOR in Virginia with McEnearney Associates in McLean. Whether buying or selling, Lynn is 100% committed to her clients before, during, and after the transaction. Connect with Lynn at 202-489-7894, [email protected] or @lyncooperrealestate.
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