You might have heard of buyer fatigue, and it is real.
Many home buyers have submitted offer after offer on homes only to be outbid by another buyer or trumped by a cash offer. Some homebuyers feel manipulated by sellers and are opting out if there is already an offer submitted on a property – buyer fatigue. Some homebuyers blame the listing agent for trying to get the highest price for the home, but they might not understand that it is THE LAW for listing agents to do what they can to meet the sellers’ goal and represent the seller’s best interest. (That is why home buyers should NEVER use the listing agent to represent them as buyers).
If a home seller wants a clean offer (one with few or no contingencies) and wants to be able to select the closing and/or possession date, then the listing agent and home seller might select a strategy of pricing the home aggressively to secure multiple offers. Then the home seller can select the offer that best suits their needs. For some sellers, the closing date is more important than price, which is why your buyers’ agent must have a conversation with the listing agent to learn what is most important to the home seller and prepares a compelling presentation on the benefits of accepting the buyers’ offer.
Some home buyers have decided not to purchase in our area settling for less expensive locations like Sequim or Pt. Angeles, and even inland markets like Idaho and Montana, where home prices are still relatively low. Other home buyers are sitting out for the summer, focusing on the activities missed this last year due to COVID-19. Traveling and spending time with family and friends are the priorities for the next few months. Lastly, some buyers are trying to figure out what the new norm will be for them. In a world where Covid-19 seems somewhat controllable but will likely never disappear in our lifetime. Go back to the office? Change jobs? What are childcare options? And the need to be close to family is a stronger magnet than ever.
The expectation is home buyers will return to the real estate market in the fall, and more inventory will come on the market through the summer and fall. Many city homeowners know they can work from home, at least part-time, and some will move to our area. Amazon’s warehouse in Arlington and the distribution center to be built in Burlington will create hundreds of jobs and attract even more businesses.
Whether you plan to sell now, 2022 or several years later, it is wise to watch the hyperlocal statistics for your neighborhood and your type of home. If you would like personalized updates, please contact any of us; all of us are full-time career real estate brokers. We watch every aspect of the market locally, statewide, nationally, and even globally for the luxury market. We provide accurate information so that you can make the right decision for yourself and your loved ones. Contact us at [email protected] or call or text 360.941.3734.