How many times have you gone to the store and left a bottle of ketchup because the label had a scratch? Remember that the ketchup inside the bottle is the same regardless of how pretty or ugly the label is. Some homes are like the ketchup bottle with the scratched label, but our brains have been designed to look for what’s wrong in everything. This is an instinctual and survival mechanism of all humans. Our primary unconscious question for most situation is always “What’s wrong? Am I in danger?”
When buying a home you might come across many “scratched” ketchup bottles. So, it is important to be clear in what you are looking for in a home. Over the past few weeks, there have been a few buyers frustrated with how quickly homes are selling. The most common question asked is “Why are homes selling so fast?” The simple answer is: We are in a seller’s market, and seller’s market can create many frustrated buyers.
Buying a home is a time consuming process and it requires patience, patience, patience and a clear understanding of what type of home is desired. Given that we are in a seller’s market, inventory of homes are low. This means that there are more buyers than homes available. This creates competition for any home priced properly. Although there are many tactics Realtors use to strengthen buyer offers, the most important tactic comes down to a focused buyer with a clear understanding of their perfect home.
We live in a society with a lot of options. As consumers, we love the idea of endless flavors, colors, sizes, etc. We go to a restaurant and we can pick and choose. We go to a car dealer and we can spend days and days looking and test driving cars. We go to a retail shop and we see aisles and aisles of options. We have become accustomed to having many options and all the time in the world to make a decision on buying. When it comes to buying a home, things can be a bit different if you are not buying a new-custom-built home and especially in a market where there are more buyers than homes available, like today.
So if you are one of the frustrated buyers that can’t seem to find the right home, here are some tips to help you navigate this seller’s market.
• Step 1: Be very clear and specific. Write exactly what you need in a home. There are always “Nice-haves” and “Must-haves”. The more clarity, the easier it will be to make a decision when you find the right house.
• Step 2: Begin researching homes. First thing to do in the morning even before brushing your teeth (that’s right!) is to look at the daily list of homes.
• Step 3: Speak up. Identify and send all the homes you like to your Realtor ASAP to confirm status and set appointments.
• Step 4: Make yourself available. If you see a home you like, do whatever it takes so see it right away.
• Step 5: Work with experienced professionals ONLY. When working with us, you don’t have to worry about that as we only work with the best lenders, home inspectors and title companies and that’s why we are one of the best and most successful teams in the nation.
• Step 6: Stay focused. Don’t waste time looking at homes with pretty pictures if they don’t have what you need. If you need a home with a garage, don’t visit a home that doesn’t have a garage. You will only confuse and distract yourself from your objective.
• Step 7: Beware of Perceptions. Not all homes will be fully remodeled, clean or smelling good. That doesn’t mean that home is not a good option. Remember the ketchup bottle? Some homes are like that. They may have a scratched label, but the ketchup is good.
Following these steps have helped our buyers compete and find the home of their dreams in this seller’s market. Sometimes success is as easy as training our brains to look for what’s right- instead of what’s wrong. By doing this, our buyers are excited to find those “ketchup bottles” most people tend to disregard.
Happy home search and let us know how we can help!