The New Flow Of Home Buying Decisions


The New Flow Of Home Buying Decisions
By Scott Rogers • December 7, 2021
Inventory levels are so low right now -- it must be hard for a home buyer, because they have so few choices, right? Not exactly... 1,213 homes sold in the first ten months of last year 1,384 homes sold in the first ten months of this year So, buyers have actually had MORE options this year than last. But... those options of what to buy have come on the market and often/usually gone under contract VERY quickly... thus, keeping inventory levels at any given time quite low! As such, the flow of home buying decisions looks quite different now as compared to -- for example -- three years ago. Three (or so) years ago... Once you decided to buy a home you might have ten or so houses you could go see that would generally fit your home buying criteria. You could compare and contrast each of them, prioritize them, decide which one you might want to buy, make an offer, and if it didn't work out, pursue one of the other houses. Today... Once you decide to buy a home you likely won't find any houses on the market that will work for you. We'll wait for a new listing to hit the market, go see it within a day or two and you'll need to make a decision very quickly about whether you want to make an offer on the house. If not, someone else will buy it, and we'll be waiting on the next new listing of interest to hit the market, and we'll repeat the process again. The difference... Before, you could view 10 houses and compare them and pick your favorite and pursue that house. Now, you can consider 10 houses, but you only get to consider them one at a time... and if you don't decide to buy house #2 because you didn't realize how unexciting houses #3 through #10 were going to be, you can't go back and buy house #2 because it will already be under contract. So, you are likely to have just as many options to buy houses right now -- but the flow of decision making is much different than it used to be! Receive Updates by Email Recent Articles: Is There A Price You WOULD Pay For This House? 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
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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