Buying A Home In An Under Supplied Segment Of The Market


Buying A Home In An Under Supplied Segment Of The Market
By Scott Rogers • October 2, 2020
There are plenty of segments of our local housing market where it is HARD to buy a home right now. There are waaaaay more buyers than sellers in the market and the process of trying secure a contract on a house can be frustrating, depressing, infuriating, aggravating...I could go on. Even if a home buyer... is already prequalified for their mortgage sees the house on the day it is listed for sale makes an offer on the house on that same day makes a full price of higher offer includes an escalation clause to show a willingness to go even higher writes a beautiful and heartfelt cover letter ...they might still not get the house. After all, well prepared buyers in this market will do all of these items. And if there are (for example) 20 showings in the first two days that a house is on the market -- and eight offers by nightfall on that second day -- it is likely that there will be several other very strong offers from very eager buyers. And in the end, the seller can only accept one of the multiple acceptable offers. So, when getting the call (or text or email) letting you know that your offer was not accepted -- recognize that you might have done everything possible to buy the house -- and have made a very reasonable strong offer to purchase it -- and the seller might have been very willing to accept your offer -- except that there were multiple similarly strong offers for them to consider and they only have one house to sell. In the end, I'm not entirely sure how to console such a buyer in today's market... I guess the lesson learned is to keep trying for that next house, with the same strategies, and hope that if your offer is as strong as it can possibly be but is competing against other similar strong offer that hopefully the seller will choose you as the winning buyer the next time. Sorry buyers, it is a somewhat heartbreaking time to try to buy a house right now in some segments of our local market. Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 21, 2024 (unless otherwise noted).
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