Why Home Buyers Need To Be Decisive

Back in the early 2000s, home buyers needed to make split second decisions about a home or risk losing it to another home buyer within the hour. Sometimes those decisions turned out to be good.  Sometimes, not so good. Back in those days, though, it wasn’t so much about the house as it was about the decision about what type of mortgage to get or whether or not to take the risk of asking for a home inspection.

A Changing Housing Market

Fast forward to 2012. We have had years of a major housing decline with rampant foreclosures and short sales. Even if the home owner had equity in their home, they might price it too high in the hopes of catching a non-existent wave or blip in the market. This was great for home buyers because it meant prices were coming down to affordable levels. It also meant they could come back and take a second or even third look at a house they were considering.

Eventually, home prices stabilized. Some areas were even seeing an uptick in home prices. Other areas were seeing homes sell faster (less Days on Market). However, this time the home buyers haven’t caught on yet. They’ve been lulled into a kind of complacency that could mean they don’t get the home they really like.

Someone Bought My House!

Awhile back I wrote about a house that sold pretty quickly…in December.

A man and a woman with moving boxes in an empty roomThe house was in a good location. It had been maintained well by the owners. They had the home professionally staged. Most importantly, they priced it competitively.

They wanted to sell their house.

During the showing period (it only lasted 18 days), I got a couple of calls from other Realtors asking me to let them know when a offer came in. Why? Their clients were seriously considering the house but just weren’t ready to make the offer themselves.

OK. Fine.

An offer did come in. I called the other Realtors and both said that their clients still weren’t ready to act. Hey, works for me.

Fast forward four months and I occasionally get an e-mail from one of the other Realtors wondering if I know of any other similar homes that were going to come on the market.  It seems the person who wasn’t ready to act then is experiencing a different kind of buyer’s remorse. The kind of remorse that comes with letting the good one get away.

Don’t Second Guess Yourself

I don’t know the reason why the person who is now eager to buy a house similar to the “one that got away” didn’t act when she had a chance. Maybe she thought house in similar condition at a similar price would come on the market.

Not so.

I’m finding that the housing inventory is slowly getting smaller which means there will be less to choose from. I’m also finding that home prices are stabilizing.

  • Low interest rates
  • affordable home prices
  • small housing inventory

These are all conditions which point to making a decision about your home purchase. This means that sleeping on it for too many nights may mean someone else slept on it one night less than you did.

There’s an old saying in the real estate profession: “While you’re sleeping on it, someone else may be sleeping in it.”  Meaning they’ve made the decision to purchase and they’re ready to move forward.

Don’t lose the house you really want to someone else who is ready to make a decision. Be thoughtful about your decision…but make it!

Don’t lose sleep over your home purchase. 
Give me a call at 240-417-9100 or e-mail me

 

 

About Ken Montville

Ken Montville is a Realtor® and Associate Broker with RE/MAX United Real Estate in the beautiful Maryland Suburbs of Washington, DC. He has been selling nice homes since 1999. Way back in the 20th Century.

When Ken Is not doing the real estate thing he can be found all over social media in places too numerous to mention and he listens to jazz, reads a little (mostly non-fiction), hangs out with the Rotary Club of Parole (Annapolis), MD and can be found blogging at MDSuburbanHomes.com