In all my years as a Realtor, I have to say this is the toughest market I’ve faced. Inventory is so low that all normal convention and reasoning has flown out the window. I have a well-qualified client looking for a home in the Greenlake/Ravenna area. Her offers have been turned down multiple times for head-scratching reasons. She’s waived inspections, appraisals. Added accelerator clauses. She could literally close in weeks, but time after time, her offers are rejected. Sound familiar?
If you are struggling to get an offer accepted in the Seattle area, my words to you are that you are not alone – and don’t give up. Here are a few survival tips for you:
- Don’t get emotionally attached to a home. You may have learned this the hard way by now, but to the extent you can, stay objective and detached. Unless you are one of the lucky ones, the reality is you will not get the first house you bid on, or maybe the second, or even the third. Don’t put yourself in a place where you have gotten too set on one home.
- Learn what you can from your losses. My comment about lack of reason in this market not withstanding, see if there is a pattern as to why you lost out. Maybe you got beat out because you you weren’t flexible enough on a closing date? Maybe you didn’t include a personal note? Maybe you asked for too many concessions from the seller? Learn from each opportunity and hone your offer to be better next time.
| || |
- Keep an open mind. If you haven’t already, make a list of the “absolutely must haves”you’re your new home. Maybe it’s commute time, or schools, or condition of the house. Prioritize those things and identify the items that are of the utmost importance to you – and those you are willing to give on. Then, if the perfect home you are searching for just isn’t on the market or becomes out of reach, you can expand your search.
- With that said, be prepared to walk away. Don’t allow yourself to settle to the point you are giving up too many of your priorities just because of the grind of the search. This home will be a significant investment. Don’t feel pressured to spend more than you can afford, or give up things that are important to you. If you do, you may find yourself with buyer’s remorse down the road.
Lastly, find a Realtor who listens, understands your priorities and is in it for the long haul. Most likely this will be a months-long, emotional journey. Find a partner who will help you stay true to your goals and keep fighting for you. Whatever you do, don’t give up. The right home is out there for you. And, where there’s a will there’s a way.