By Johanna Wiseman
The biggest challenge for many buyers in the current real estate market is competition. With a limited number of homes for sale, demand is greater than supply. To be selected as the winning bidder, buyers are offering ever-increasing sums.
Despite the triumph a buyer feels when their offer is at last accepted, the excitement can fade. Buyers get cold feet for a variety of reasons. Historically, the fear of overpaying is the greatest concern. As news outlets repeat obsessively, real estate prices are soaring to record levels. Overpaying is arguably a universal condition at the moment, yet we are all aware that the financial climate could change quickly and without warning. These days, a buyer having second thoughts is more likely to have made a decision under pressure, and regret that the home they’re contracting to purchase doesn’t meet their needs. Upon reflection, the home can begin to seem inadequate in terms of size, access, location, condition, or other factors.
Ungrateful buyers? Actually, no. The hyper-competitive market has created intense pressure for buyers to see homes quickly, and often without privacy. Open houses are crowded, and showing appointments are tightly scheduled with potentially overlapping visits. Prospective buyers typically have only a few days to place an offer, without much time to deliberate.
Why do seller’s agents work to promote a home with professional photos, floorplans, and descriptions when it may be shown 60 times the first weekend, and receive two dozen offers? Some might think it’s unnecessary. Here is why: good visual documents are valuable resources and worth my expense. High-quality, accurate, detailed photos and plans allow a buyer to study before and after seeing the home in person, so that they can carefully consider if the size and orientation truly meet their requirements. The buyer has the opportunity to consult the online listing to check whether furniture will fit, for example, or study maps to refresh their memories of the location. Buyers should have access to clear and correct property details and be encouraged to examine disclosure documents in advance of making an offer.
In the heat of the moment, it’s impossible to notice everything. Access to reliable reference material reassures a vague memory. Most buyers do not return to the property until after the contract is finalized by attorney review and their second visit will be a costly home inspection. What a waste to walk back into a home and have second thoughts which should have been resolved earlier. If a buyer has not sufficiently observed a home’s condition or important features, they might be tempted to aggressively exploit the home inspection contingency. Asking for excessive repairs can result in contract termination.
Maintaining an updated list of backup offers streamlines the process of moving on, in case of a fall-through. It’s wise to keep a record of qualified candidates who will be ready to step in if there is a second chance to buy a home they thought they missed out on.
People really want to become homeowners, and any market is navigable if we work intelligently for successful outcomes. To keep sales on track and prevent the loss of time and money, the best tools are knowledge and preparation.
Local expert Johanna Wiseman of RE/MAX Preferred Professionals can be reached at 908-705-0652, or visit www.MyBridgewaterHome.com
