Posted June 24 2016, 3:00 PM PDT by Jill Jacobi Wood, OB Jacobi & Geoff Wood

Perspectives: Buyer Fatigue

Posted in Buying and Perspectives by Jill Jacobi Wood, OB Jacobi & Geoff Wood

Buyer fatigue. It’s a very real thing and we’re seeing it in cities all up and down the West Coast. What’s causing it? Intensely competitive market conditions in which bidding wars and properties selling for significantly more than asking price are the norm. It’s tiring for buyers. It’s tiring for agents. And it’s emotionally draining when you continue to find, and then lose, the perfect home over and over again.

We recently received a letter from a buyer detailing their experience of bidding on and losing home after home. Eventually they were successful but they wanted us to know that they couldn’t have done it without their agent. Not just the winning offer, but the grueling process it took to get there. They felt that their agent provided the perfect balance of emotional support and professional expertise that they needed to stick with it and eventually find a great home.

For us, this really underscored the importance of having a well-trained agent who not only understands how to compete in a seller’s market, but also truly cares about their clients and the outcome. This market isn’t for the faint of heart, so to be successful you have to be determined yet patient, and you need an agent who will put together specific strategies to help you achieve your goals. It requires total transparency and, at times, brutal honesty.

We wish we could tell you that we’re going to return to a balanced market by the end of the year, but unfortunately that’s highly unlikely. So, if you’re already out there, stay strong. There’s a lot of pressure to overpay for homes right now, so be sure to consult with your agent about the best course of action for your situation. If you’re thinking about jumping in, we can’t stress enough how important it is to work with an agent who will help you successfully navigate the rough waters of this unpredictable housing market.

 

 


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