Are you “thinking” about buying a home?
Don’t “think” too long. There is a good chance that your house went under contract while your were “thinking”.
I have seen buyers become a little frustrated when they take too much time to make an offer on the home they really like.
Major markets around the U.S. have posted double digit decreases in available listings, according to Inman News.
Our area is no exception.
Robbie Fenn, Broker Owner at Your Paradise Group, recently touched on this as well as buyers are getting frustrated with less to choose from.
According to Robbie, we went from an 11 month supply of inventory, to now a 6.5 month supply.
Many times over the past 6 months I have called to schedule appointments for showings, or to present an offer, only to find that the house went under contract and/or has multiple offers already on it.
I had this very “problem” with my own recent home purchase.
It Happened To Me
My husband was out riding his bike around the neighborhood and saw a beautiful home. When he came back from his bike ride he asked me about it.
We had been looking for a new home. Being a Realtor, I was doing the same thing for us that I do for all my customers. I was automatically sending myself new properties fitting our desired criteria.
Obviously, the home he had seen did not fit into the criteria we were looking for or I would have known. He wanted to see it anyway.
I called and set up an appointment to see the home that day. We fell in love the moment we walked in the door.
We discussed it over a few hours and I called the agent telling her I was sending an offer.
She said the sellers had gotten an offer and were in the process of countering – if we wanted to make an offer we needed to bring our best offer.
Having seen a few of my buyers miss out on properties because of “thinking”, I knew if we wanted the home we would have to be willing to reach and make it work.
I even started remembering recent transactions of some homes that I listed, where the house went under contract within a week.
So we did just that. We gave our best offer. Six days from listing to contract. Wow!
I’m happy to say that we love our new home.
What You Can Do To Not Miss Out On Your Home
Multiple offers are ever present on desirable properties in our market today.
My advice is if you are planning on getting a loan – have your pre-approval in hand. If you are making a cash purchase, be ready with your proof of funds. Be ready to make an offer on the property you want
If you find you have “missed out” on the home you wanted, be patient.
Additional homes will come on the market. It just may take a little more time to find what you want.
The bottom line is this:
Don’t be afraid to go over asking price if the home you want is in a multiple offer situation. And do not “think” too long.
You do not want someone else enjoying the home of your dreams.