BUYER FATIGUE when house hunting in Seattle
Buyer Fatigue: A state or feeling of discouragement for home buyers from losing out on offers, not finding what they want, ultimately causing them to stop searching.
Buyers fatigue is real. Especially in the Seattle area. If you've lost out on offers or if you feel like you're "not seeing anything you like," you could be tempted to halt your home search. But, hang in there. Things will get better. Chris Lord and I explain...
What is buyers fatigue?
- Buyers fatigue is the state of being discouraged when buying a home.
- It comes from losing out on offers or not seeing any inventory on the market, resulting in discouragement and a potential halt in your search.
- It's common, especially in the hot market like Seattle. We are competitive AND we don't have much to offer in terms of inventory.
- This time of the year, in February, is too early to start feeling fatigued. More inventory will come. Patience is needed!
Should I give up?
- How long have you been searching? If it's months, no. We're just getting going in the "season," which is typically the spring months.
- If you've been consistently looking and losing, it's time to re-evaluate your expectations, search in a lower price range, or think about hiring another agent.
- Yes, it can be exhausting to consistently find a house, make an offer, and lose -- emotionally especially.
- If you feel you're overpaying than what the market tells you - plan to live there for 15-20 years or potentially be a rental.
How can I avoid buyers fatigue?
Great question. First thing is have a good team on your side.
Not all offers receive multiple offers and go well above asking price. Make sure your realtor keeps you informed in the offer process as well as sets clear expectations for you.
If you're losing out on countless offers, think about expanding your search.
If you're not seeing any houses you like, again, think about expanding your search.
Yes, this is a hard pill to swallow sometimes, but if you're serious about home ownership, this is what needs to be done.
Are you thinking about starting your home buying journey? Reach out, we can help you.