5 Tips To Overcome Buyers Fatigue
How To Overcome Buyers Fatigue
When we hear the term “buyer fatigue” in the housing market it’s often an indication that there is a slowdown in sales. But in the case of Ottawa, buyer fatigue is more likely to refer to frustration at not being able to find a home in the city’s hot Spring market.
For more than a year, the Ottawa Real Estate Board has been reporting declining inventories of homes for sale in Ottawa, which in turn is shortening days on market, leading to price creep and in some cases resulting in bidding wars. When demand outstrips the supply, it’s a seller’s market and in the case of Ottawa that imbalance can lead to buyer fatigue, particularly for those who have been searching for the perfect home for months and keep missing out.
Does this mean you should give up looking? Not at all! But it does mean you need a strategy to stack the deck in your favour. Here are our team’s top tips for surviving buyer fatigue in a seller’s market.
1) Hire a pro
The first step is always finding an experienced Realtor you can trust. Whether it’s your first time buying a home or your 10th, you need an agent who will advocate for you. Choose someone who excels at finding the balance between writing a winning offer and protecting your interests as a buyer and look for someone who is transparent and clear about the risks involved in waiving contingencies. Ask us how we can help you.
2) Get pre-approved
Getting as much of the financial paperwork — meaning mortgage pre-approval — sorted out before you search will save you precious time when you find the right home and give you the confidence to know that you can afford it and can act quickly. It also shows the seller that you are a serious buyer with solid financial backing.
3) Reset your priorities
If you’ve been unable to find the perfect home in the perfect neighbourhood at the right price, it might be time to adjust your wish list and expand your search. Perhaps there is merit in broadening your search area to an adjacent neighbourhood. And learning to look past cosmetic updates that are needed can go a long way. Things like changing out a laminate counter for stone or refinishing hardwood floors are easy fixes that can breathe new life into a home that already has a good layout and efficient use of space.
At the same time, if you’ve been looking for awhile, it’s a good idea to reassess to make sure homes you originally qualified for are not now priced out of your budget. If they are, you may need to reconsider your list of wants and needs.
4) A hidden gem?
Consider looking at homes that have been on the market for awhile. Yes, homes that are priced right and in good shape are selling fast, but just because a home has been languishing does not automatically mean there is something wrong with it. It might be simply that the home is overpriced. If that’s why it’s not selling, it’s possible that the seller may be getting anxious and might be ready to consider a more reasonable offer.
5) Be decisive
When you do find the right home, be prepared to move quickly. You’ll want to make sure your offer is as attractive as possible to give you the best shot at capturing the seller’s attention. This is where we can be invaluable in guiding you through the various options and helping you determine the best way to proceed.
Buyer fatigue happens when you’re not prepared. By having a solid strategy and hiring the right Realtor, you can find your dream home before the process drains your energy and excitement.
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