Home Buying in 2020 and into 2021 has become a much stronger competitive feat than it was just shortly before the pandemic hit. Right now, with the low inventory in homes and more interested home buyers than usual, it can take much longer for a buyer to find a home and have their offer accepted. This can cause for a bit more of an emotional experience than a buyer may face when the inventory is much higher.
The road to homeownership can be bumpy right now, but the end destination is one worth getting to. When you know what to be prepared for in this hot seller’s market it just may make those bumps a little less jarring.
Here are some things to help you best prepare for the potential stresses and emotional ups and downs of purchasing a home right now from the experts:
Set Realistic Expectations
The first and best advice we can give is to be patient. Things will be moving more slowly from pulling credit reports, to finding a home, to closing on the loan. Where it used to take just a few months to find a home until you were fully living in it, now it can take anywhere from 5 to 8 months or more. So hold loosely how you expect, hope, see the entire process going. ~ Joe Hayden, Louisville Realtor
Know What You Want….. and Where You are Willing to Compromise
In any market, and especially in one with a low housing inventory, buyers should expect to compromise on the list of items they will find in their next home. It is always good to know what you want. In fact, we suggest making a list of wants, needs, and must haves in your next home. This will help you to better prepare for compromising on items because you have already determined those items that would be nice to have but you don’t need to have. ~ Jordan Matin, Portland homes for sale
Make Decisions Quickly
Right now homes are selling just hours after they are listed for sale. This means that if you find a home you can see yourself living in with all of the items you need, and it is in your budget, go ahead and put an offer in on it. It is also good to stay next to the phone and answer all calls that come from your realtor or lending agent right when they come in. Also be available to make good on the requests they need like initialing a change in a contract or providing more income verification right away. These things are usually what slows the process down or causes buyers to lose out on a home. ~ Frank Tinsley, Avon Indiana Homes for Sale
Don’t Take Anything Personal
In hot sellers’ markets when homes are moving very quickly it is not uncommon to have your offer rejected, a request denied, or a no on something to come from a lender. Don’t take these as personal hits. It is a natural reaction to want to, but these things are strictly business, not personal. Don’t let rejection deflate you or make you want to give up. ~ Jean Wawrzyniak-Fry, San Tan Valley Homes for Sale
Wait to Celebrate
When your offer is finally accepted by a home seller, it can feel amazing, go ahead and get excited, but don’t go overboard in celebrating just yet. An accepted offer is the first step in the actual purchase process there is the inspection, other lender requirements, and other things that have to be done to get to the final approval and closing of the loan. A home could end up with a bad inspection report or an appraisal for less than the purchase offer price, these things cause sales to fall through. When you are handed the keys to your new home is time to celebrate.
Remember that Sellers are Also Humans with Needs
We all have things that pop up in life and create twists and turns, in the process of home buying we need to remember that sellers go through these things too. Make an appealing offer and be prepared to give a little grace if needed when it comes to making appointments, or the exact time of moving into the home. Everyone is bound to have hiccups and it is not unusual for sellers to have some as well.
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