When the market shifts, shift with it
If you’ve shopped for a home at any point during the last two years, you likely have felt some level of buyer’s fatigue. You may have moved from wanting to look at homes in person consistently, to then wanting to view no homes at all. Your attitude may have shifted from the possibility of finding the right home, to, “even if I find the perfect home, I won’t be able to buy it.”
This exhaustion is completely understandable. Through the pandemic, buyers were faced with a barrage of uphill battles when finding and purchasing a home, number one being a lack of inventory. Buyers were losing out to cash buyers, investors, and an over-inflated pricing market that priced them out of homes.
Now that the pandemic has eased and inventory is growing, there is a different level of challenge. Increased interest rates and market instability have once again handed the buyer a cause for pause.
So, what can you do to overcome ongoing buyer’s fatigue, especially when it’s causing you to miss out on opportunities that could positively impact your future?
Take a brief break.
Taking a brief, and I mean brief pause (one week) can be a very helpful. However, the idea of completely shutting down the search process can cause you to miss out on a potentially great home match and investment. If previewing homes in person is what’s exhausting you, then spend more time on virtual tours until you feel refreshed. Buyers should expect and ask for live virtual tours from their agents. This really does allow for a more “at ease” and stress-free approach. I do this myself for numerous clients, especially out-of-town clients.
Get clear with your buyer’s team.
The key to success in any market is clear and constant communication between all parties involved. You, your real estate broker, and your lender (if financing) are a team. By developing a plan based on current rates and lower home prices, your buyer’s team can most likely find the right home for you, at the right price. By keeping in communication with your lender, you’ll be advised of new rates and programs that may help facilitate a purchase more quickly. For all these reasons, it is key that you are confident with the team you have in place before you start shopping.
Be patient and follow your plan.
Once you have a clear plan that you’ve created with your buyer’s team, do everything you can to stay the course. It might not happen tomorrow, but it will happen. Staying patient, being clear in what you want, and committing to the long haul until you find the right home is so important. Discouragement is normal and you may find yourself disappointed more than once. But the key is to keep going, keep talking to your buyer’s team, stay positive.
With the right professional team in place, now is a great time to pick up the home search. If you decided to sit the bench for a while during the height of the pandemic sales rush, take time to reevaluate your position today. Renew the relationship with your buyer’s team. Start taking steps, together, towards finding the right home for you.