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Battling Buyer Fatigue in a Hot Seller's Market
June 9th 2017
BUYER BURNOUT
This can be a tough market for buyers if you are still approaching offers & the market the way you did 6 months ago.
If you are getting buyer fatigue from making offers on multiple properties only to lose them to another buyer it might be time to revisit your strategy.
1- What is your pre-approval value?
2- If you step over that in a bidding war and the house doesn't evaluate can you come up with cash to offset the differential between the appraised value & purchase price? This is critical information because you start competing in multiple offers.
3- If properties you qualified for 6-12 months ago are selling for prices you are not qualified for you should reconsider your wish list, preferred areas, level of upgrade, size of property.
4- If you are qualified for the numbers but can't make a firm offer there are strategies that can help strengthen your negotiating position.
All is not lost. It's time to adapt and broaden your options.
Homes that are in less popular areas may have reduced audiences giving you an advantage. As the hot neighbourhoods continue to rise the demand for properties will spill over into other areas and those values will start to rise. You can be on that ground floor of that appreciation. Neighbourhoods that may have been in decline will start to revitalize as buyers begin to invest in them.
Neighbourhoods on the outskirts of the city might also provide excellent options you hadn't previously considered.
Expand your thinking and you will expand your options and your chance of a successful and satisfying purchase.