Buyer burnout is a very serious issue, especially in today’s South Florida Real Estate Market. The home buying process is very exciting and emotional. When Buyers struggle to find the right fit, they often look at dozens of homes, which itself is confusing and exhausting. Imagine making 15 offers before you finally get an offer accepted… the thought alone is enough to diminish the excitement of finding a new home.
Good news – buyer burnout is avoidable! Please read for more information.
Current Local Market Conditions
If you don’t already know, the current real estate market is tough for buyers! People ask me what I mean by that, and I have a great illustration for the challenge of the current market:
House Tours Have Changed
Two years ago, with a more balanced market, it was possible to schedule a “normal” house tour. We had enough inventory that buyers could see 5-6 homes in a couple of hours. The homes would be similar and close together.
This past weekend, I scheduled a Saturday house tour for 5 houses that started at 9 am and ended at 6 pm. We started in Port Saint Lucie, then went to Boynton Beach, Royal Palm Beach, Stuart and back to Port Saint Lucie.
The drive time was 4.5 hours. Why? Because inventory is low, so the homes were very spread out, and the listings are getting so many showings that we could only work with available times.
Additionally, many listings are only allowing showings during open houses, so several of our showings had to spill into the following day.
Solutions & Strategy
Avoid Buyer Burnout:
- Slow Down. The search and acquisition takes a little longer these days, so setting realistic expectations goes a long way towards creating a satisfying experience while house hunting. Because of the inventory shortage, fewer properties hit the market in any given area or neighborhood. Setting appointments for showings and being on a tight schedule creates unnecessary stress when buyers are still just learning about the area.
- Learn the Area First. Knowledge is power, and the more buyers understand where they are looking, the more confident they feel in their home search. I do what I call an Inventory Study for buyers, to teach them the areas and neighborhoods that have the homes that match their desired criteria. It is a great idea for buyers to drive to those areas and take note of things like traffic, restaurants, shopping and demographics, in a relaxed manner.
- Go to Open Houses. While buyers learn the area, going to open houses will give them a sense for the types of homes, prices, and activity at the open houses (which gives an indication of the level of buyer demand there). I send my Buyers open house lists every weekend, so they can, in a relaxed way, learn the market.
- Narrow the Search Area. When buyers have a good idea of where they want to live, taking into consideration things like school ratings, commute time, access to highways and the local community, it is a good idea to focus on that area alone. Narrowing the search makes the hunt far less confusing and challenging.
- Identify the Target Neighborhood(s). When buyers discover a neighborhood that has the features and homes that fit their budget and lifestyle, they will be better prepared to move quickly when the right house becomes available, while I work to find off-market homes in that neighborhood.
This process prevents chaos. People make bad decisions when stress levels are high and emotions are charged. Finding the right home is very important, so staying level-headed and having control over the process is empowering. Even in this market, buying a home can be fun.
Make the Strongest Offer:
As you can imagine, making an offer on a home is emotional. Buyers become attached to the home and the outcome of the offer. Because most listings are getting multiple offers right now, it is not a good idea to make a lot of mediocre offers on homes and hope for the best. The best strategy is to pursue the right house with the strongest possible offer.
In a multiple-offer scenario, the offer that has the highest price, a closing date that appeals to the seller, and the fewest contingencies is the one that will get the house.
Contingencies that are common in contracts:
- Home Sale
Any time a buyer can remove the contingencies, the offer gets stronger. It takes some finesse and due diligence to ensure that buyers have a good chance to win the bidding war. I always speak to the sellers’ representative to find out the sellers’ position and the level of interest buyers are showing on the home. This knowledge ensures that we are best prepared to make the strongest possible offer.
Call me at 561-806-8550 if you have any questions!
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Jupiter Dream Life Team | The Corcoran Group
Team Lead — Heather E Towe, PA
REALTOR®, CRS®, CLHMS®, e-PRO®, PSA®
(561) 778-1642 | firstname.lastname@example.org
Licensed to Sell Real Estate in Florida
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