The 7 Habits of Highly Effective Homebuyers Today
There was a time, not too long ago, when purchasing a home was rather straightforward: All you had to do was arrange some visits, make an offer, and before you knew it, you were living in the house.
The housing market of today, on the other hand, is a very different animal—one that is swift, vicious, and always shifting. In such a climate, it is no longer a given that all prospective homebuyers will have no trouble finding a house and concluding the transaction. And what’s even more startling is that the lucky few who do succeed aren’t exactly swimming in cash once they’ve made it. On the other hand, real estate brokers and many other industry experts with whom we spoke opined that successful homebuyers in today’s market just have a particular mindset and a set of behaviours that enable them continue in the current market.
You might be wondering, “So, what exactly are these qualities?”
1. They don’t give up easily
Even while the market may be slowing down in some areas, buyers are still experiencing tremendous competition for available properties in other areas. This indicates that you may need to make bids on multiple homes before you find one that will accept your bid. Because of this, it is more important than ever before to be persistent.
She goes on to say that recent data “showed that homeownership rates climbed from a year earlier, both overall and for nearly every age range, racial and cultural group, and geographic region.”
The takeaway from this is that you shouldn’t give up if none of your offers are accepted the first, second, or third time around.
2. They are able to keep control of their feelings.
The process of purchasing a property can be fraught with strong feelings, particularly if you are doing it in a competitive environment where there are other offers on the table. Be careful if you find yourself falling in love with a certain house. You can find yourself in tears, or even worse, hopeless, as a result of the disappointment that follows the rejection of your proposal.
Even though it’s natural for feelings to get out of control, you should make an effort to prevent your mind from straying too far into the negative and leading you to question your own mental health.
“Don’t take rejection personally,” says Ashley Chambers, a partner at ASAP Cash Offer in Miami. “Successful purchasers” do this, she says. They are aware that there will be more houses available in the event that one does not work out.
Make an effort to rely on logic even while you are experiencing strong emotions, and do everything in your power to prevent yourself from becoming overly attached to a house before the transaction is finalized.
3. They are flexible in their thinking and eager to relocate.
If you were looking for a home in the past, you probably looked within a fairly small radius, particularly one that provided you with a commute that was bearable to your place of employment. These rules, however, have been updated to reflect the growing popularity of working from home, and prospective homeowners should modify their expectations accordingly.
According to Hale, “an exceptionally strong labour market that is allowing workers the option to negotiate remote or hybrid working arrangements even as in-person work is increasing more common is one element fueling the success of home shoppers.
“With flexible work arrangements still available, home shoppers are able to consider homes farther away from the office, in the more affordable suburbs, or even in a new, less expensive state altogether,” adds Hale. This allows home shoppers to implement their own personal plan to combat rising costs of living.
If you have access to employment opportunities that allow you some degree of flexibility, you might want to broaden the scope of your home search outside the typical areas. It’s possible that you’ll come across other choices that offer better bang for your buck elsewhere.
4. They aren’t embarrassed to seek clarification when necessary.
Smart consumers will have questions before making the largest purchase of their lives, whether those inquiries are regarding the home they intend to purchase, the Homebuying process in general, or anything else. However, because the housing market is so quick and competitive, some people may feel pressured to limit the number of questions they ask in order to keep the transaction going forward. This makes it seem as though you should consider yourself fortunate that a property seller accepted your offer at all.
Rinal Patel, co-founder of We Buy Philly Home in Philadelphia, proposes that you present your queries to your real estate agent so that you can enter into your deal with complete self-assurance. This is true even if you are experiencing apprehensions regarding the transaction.
When you go house hunting with your real estate agent, make it a point to grill them with a lot of questions. This will not only help you have a better grasp of the home and the market, but it will also provide your real estate agent with a good concept of what it is that you’re searching for. He recommends that you do this. “The more information you have, the better prepared you’ll be to choose the option that’s best for you.”
5. They look beyond the outward appearance of a house.
Everyone dreams of having the ideal house. On the other hand, given the nature of this market, it is highly likely that you will be required to make some concessions. As a result of the low inventory and the high level of competition among buyers for the limited number of available houses, you will have a better chance of finding success if you are flexible and willing to make concessions.
According to Ashley York, managing broker and owner of Realtopia Real Estate in Lockport, IL, “the most successful buyers of today are able to see beyond superficial repairs.” “They are able to picture the possibilities of a house that other homebuyers may overlook in their search for the perfect home, which is something that everyone else desires right now.
6. They are able to differentiate clearly between desires and requirements.
Realistic expectations are essential for today’s homebuyers, in contrast to those of previous generations, who may have been able to get their dream home with relatively little effort. They are able to achieve this in a number of ways, one of which is that they are aware of the distinction between the things they want and the things they require in a house.
Marie Bromberg, a real estate agent with Compass in New York City, advises prospective purchasers, “I encourage buyers to establish a list of necessities as opposed to wants.” If the list of needs is longer than the list of wants, then they should probably rethink the criteria that they’re using.
Be willing to be flexible in regard to your wishes, particularly in the event that they are things that can be added to the property at a later time. Needs, on the other hand, can be non-negotiable. If you ever want to buy a property in today’s market, you will need to meet these requirements.
7. They are adaptable and available when needed.
According to Kerry Sherin, a consumer advocate with Ownerly in Austin, Texas, “Being adaptable is another crucial behavior to cultivate if you want to become a homeowner.” Waiting until the weekend to look at a house that is selling at such a breakneck speed could mean that you miss out on the opportunity.
Sherin gives the following piece of advice to her clients: “If your real estate agent contacts you at the last minute with a terrific new listing, you should go as quickly as you can.
In addition, if you do decide to make an offer, Sherin advises that when it comes to negotiating the terms of the contract, you should be “flexible and accommodating.”
If a house seller receives many offers, the buyer who is flexible and willing to work with the seller’s terms will stand out more than the buyer who insists on extensive renovations or other conditions before the sale can be finalized.
