Missing Out On House After House As A Buyer


Missing Out On House After House As A Buyer
By Scott Rogers • November 4, 2020
Some buyers in this market -- particularly those seeking a home under $250K -- are likely feeling like they are missing out on house after house. It is a tough time to buy a house under $250K and there is a LOT of competition from other buyers. Many buyers are thus finding themselves having to approach each new listing asking themselves how far above the list price they are willing to go for the house they are viewing. A few thoughts... 1. Just because you missed out on ANOTHER house on which you made an offer - that does not necessarily mean that your offers were not reasonable and your offer terms were not strong. It likely just means that some other buyer made an even stronger offer - be that in regards to price or the other terms. 2. If you walk into a new listing and find it to be a near perfect fit for what you are hoping to buy, or a better fit than anything else you have seen, it is reasonable to consider offering a good bit ($5K? $10K? $15K) above the asking price to try to be buyer who gets to but that house. 3. Carefully weight whether you would want to do something like removing your home inspection contingency. If a seller receives two offers of $240K on a $230K house and one buyer will be doing a home inspection and the other will not, the seller is likely to choose the offer without an inspection contingency. You shouldn't necessarily waive the home inspection, but that is likely a way to make your offer more competitive. 4. Don't grow discouraged. Don't give up. Keep trying. It can be depressing to miss out on house after house - but eventually you really will secure a contract on a house. Get out there early to see new listings and make as strong as an offer as you are comfortable making. Best of luck, buyers. It's a tough market out there! 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 22, 2024 (unless otherwise noted).
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