The Reality of Buying Real Estate in Today’s Seller’s Market
This isn’t the same market it used to be.
Jonathan Yokley - May 13, 2021 7:23 am CST
San Antonio, TX – If you think you’re going to find a home the way you’ve always done it, you need a reality check. The days of finding a home online, finding an agent to show it and represent you, making an offer and closing 30 days later are over. Gone. Additionally, the days of coming into town for the weekend, lining up a bunch of showings, and making an offer are over…. Yes, Gone.
If your agent isn’t talking about how things are truly different now and have a strategy for working through this market, you may consider looking elsewhere.
I’m not oblivious to the fact that you could get lucky and find a property the “old way”, it could happen. However, my experience tells me that those with success the old way is without a doubt the vast minority. This is not only the new world we find ourselves in as we manage our way through COVID, but also a rare seller’s market that feels like a burning wildfire. How and when it gets under control is anyone’s guess but if the FED is to be believed, may not be slowing down until sometime in 2022.
What is so different and how can you be a successful buyer?
Be aggressive…. Be, be, aggressive!... You need to be aggressive and have an agent that is even more aggressive. I’m not talking about mean, pushy, or used car salesman-like…. I’m talking about hustling and working hard! Here is what you can do be successful at finding and winning the bid on a home in today’s market:
- The first thing you need to do is find an agent that knows the market and how to navigate it. They should have a strategy (like in this article) to be successful in this market and explain to you what that is. Moreover, find an agent that will (be able to) take you on full time and be ready to show you a home every day if necessary.
- Have your agent set up a REAL TIME MLS search based off your most general search criteria (more on this in a later article).
- Vet EVERY listing the same day that is sent to you to see that it really fits. Have you seen every photo? Google Earth or street viewed the property? Have you mapped it to/from work? Etc.
- If the listing passed your vetting process you need to contact your agent and arrange to see it on the first day.
- You’ll need to be prepared to write the cleanest, best, and final offer on the first day and to be sure your agent is prepared to move and submit the offer the same time. When writing and offer consider that there is more than just price that can make for an attractive offer.
- Get in your head that you very well may lose offers multiple times before you get an accepted offer in today’s market. There truly are around 5-10+ buyers for every property listed (that doesn’t have overt issues)…. Keep on, press on and you’ll be successful.
I think it goes without saying that if the agent you are considering working with needs to know how to navigate this market and to be “all in” it for YOU.
I know this may rustle some feathers but I’m going to say it:
EVERYONE knows someone that has a real estate license…. Everyone! It might be your sister, friend, neighbor, cousin, co-worker. You know what I’m saying…. In this crazy unprecedented time, I do encourage you to ask yourself if it really is the right market to take a risk working with your cousin who does real estate part-time?
I know, I know not more than 6 months ago you could find a home on Realtor.com, text your real estate buddy to show the house and write an offer. Pretty easy and normal and what we’re used to…. I EMPLORE you to reconsider the norm and find yourself a true real estate professional to help you find your next home. Save yourself time, money and heartache. This market is rough, this is not the market for an amateur.
In sum, times are different now and different approaches are needed to help you find a home and be a successful buyer. Your agent should be talking about this with you and working through a plan to help you land your next home in this crazy seller’s market.
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