How to Avoid Buyers Fatigue
“Nearly 50% of homes sold for more than their list price during the four weeks ending May 16, but there are signs that housing market demand may be reaching its peak, according to a recent study from Redfin.” - Residential Realty Today
The largest gains in sales were in places that had the most abrupt slowdown of home sales in April 2020, including San Francisco (up 184%) and San Jose (up 150%)
Prices have gone up, demand is high and inventory low, this can lead to Buyers Fatigue.
What is Buyers Fatigue?
When you experience buyer fatigue you have probably seen too many properties, written too many offers, and lost a lot of multiple offer situations or downright “bidding wars”. With today's low supply/high demand, this is pretty common. We have many active buyers out there with a very low inventory. Luckily if this is how you feel, or close to feeling (i.e. tired, exhausted and about to give up) there are ways that can help you motivate yourself to continue the search.
5 Steps to avoid or overcome Buyers Fatigue
1. Learn the market and be realistic.
List all your “wants”, “nice to have” and “don’t want”.
Make sure that every tour or open house has your requirements and don’t waste your time and energy on properties that are a “maybe” or are too close to your highest bid.
2. Choose an experienced realtor.
We know a lot of you have uncles, cousins and friends that are realtors but this is not the time to pick someone who just got their license. You need an agent who can write a winning offer, who knows the risks and can protect your interests.
3. Be prepared and get pre-approved.
Make sure that you are ready to write an offer and that you are fully pre-approved. Many agents require a preapproval letter from a reputable local lender prior to viewing the listing or making an offer. The pre-approval is usually good for 60-90 days.
4. Know your timeframe.
Are you in a hurry to find a home or do you have time to wait for the right one? You might start feeling urgency when houses leave the market so quickly but it is important to take a step back and look at your options. Don’t compromise on your parameters just because you are tired of looking for a home.
5. Do not hesitate
No matter if this is your first home or if you have been looking for months, making an attractive offer will give you a better shot in winning the bids. Talk with your realtor on how you can be creative in getting the sellers interested in your offer.