Tired of House Hunting? How to Avoid Home Buyer Fatigue
It’s a common problem: you’ve decided to buy a home, you’re excited and ready to get out there and start looking. And then reality sinks in. You begin touring homes and either can’t find something you like or can’t get your offer accepted.
This is especially difficult in a seller’s market where inventory is low, interest rates are low, and prices are high. Once you lose out on a few homes, it’s easy to get tired of house hunting and start to experience buyer fatigue. There are some ways to help avoid home buyer fatigue, so let’s take a look.
Tired of House Hunting?
1. Set realistic expectations
The quickest way to get discouraged is not to have the right expectations. To help set those expectations, choose a trusted real estate professional to walk you through the house buying process. They will help you build a realistic foundation for the type of house you can afford that will suit your needs. As a buyer in today’s market, you’ll need that real estate professional to ensure that you stay on track.
2. Get pre-approved
Since homes are selling so quickly, you must be ready to pull the trigger if you find a home you love. Also, by getting pre-approved, you’ll know exactly how much house you can afford so that you don’t fall in love with a home that is out of reach. If you consistently lose out on homes because you can’t afford them, that could quickly lead to home buyer fatigue.
3. Know your parameters and stick to them
While searching online for possible homes, make sure you’ve set your search parameters to fit your needs. If you have to have a house in a particular city or neighborhood, and that’s a deal-breaker, don’t waste your time on homes that don’t fit that need.
Unless there’s an ounce of flexibility in location, filter that out, so you aren’t distracted by homes that look great but don’t fit your needs.
Indecisive buyers that can’t decide where to live, how much to spend, what type of home they want. When there are many unresolved issues, burnout can happen quickly. Potential buyers end up looking at a lot of homes that won’t fit their needs.
At the beginning of a home search, it’s common to have some unresolved issues. If many items are up in the air, take some time to do some research and consult your real estate agent so that you know what you’re looking for.
5. Know the selling cycle
In the current market, homes are being listed on a Thursday or Friday and reviewing offers on Monday or Tuesday. Be prepared to follow that cycle when searching for a home. Unless there’s a significant problem with a property, homes are not sitting on the market for long periods of time.
If you decide to see a home on a Tuesday after they are finishing up showings, likely, they will already have offers, and you may not have a good chance of having your offer accepted. By paying attention to when a home went live on the MLS, you’ll have a better chance of hitting the cycle with an opportunity to be competitive.
6. Be prepared to negotiate
If you want to find a home in a reasonable amount of time prior to experiencing buyer’s fatigue, be ready to get creative with your offers and be willing to compromise. A good agent will advise you in ways you can make your offer the winning bid.
You’ll likely be asked to consider removing or lowering some contingencies like an appraisal or home inspection. Another tactic is to offer free rent back to the sellers while they find their new home. A creative agent will know how to set your offer apart.
7. Know your timeframe
Are you in a hurry to find a home, or is there no rush? You may start the home search with no rush, and then when you lose out on a couple of homes, your sense of urgency may increase. You may become anxious or feel the fatigue setting in because you aren’t finding what you want.
Take a step back here and make sure your judgment isn’t being clouded. It’s easy to compromise on your parameters just because you’re tired of looking for a home. In the long run, that could cause buyer’s remorse far worse than dealing with some buyer’s fatigue.
The best way to prevent buyer’s fatigue is to be prepared, set proper expectations, and be willing to compromise. Rely on the advice and guidance of your trusted real estate agent to get you through the process and into a home you’ll love. Start your journey at Homes & Land.