It's still a buyer's market here in Keene, NH. Our average Days on the Market period is almost double where it was last year and there is a little over 12 months listing inventory. Buyers have a wonderful selection of property and, if timed well, they can view a property with enough time to think about it and compare to others to secure a solid decision.
Taking time to think about it doesn't always benefit the buyers, however, when competing offers come in on the property. But what's the likelihood of that happening in this type of market?
It happens quite frequently in the niche market I work with. The first time buyers are competing against a large pool of other first time buyers and investors alike. They have to assess a property completely and determine their decision making strategy quickly.
If the property has just received a reasonable price reduction where the buyers are now seriously considering the property, others are too. This is a time when making a quick decision (after the seller has reduced their price) could secure the buyers the home of their dreams. Oftentimes a buyer loses the opportunity to purchase the first home they ever fall in love with because they were not well guided through the decision making process at this point.
As a buyer's agent, I let buyers know from the start that if they sense the home they see is right for them and they are getting excited about it, it's their cue to make an offer. I'll often write up a tentative offer with them at that time so they are able to take it home to become "acquainted with" the process of making an offer.
My goal is to have the first time buyer well versed in the process so that time is saved when the right property comes along and they need to make that quick decision. My goal is to have the buyer ready to give me their offer terms over the phone so that I can write up the offer and email it over to them for signatures and they know exactly what that 5 page contract means. They even know where to sign!
**This blog was written with my most recent first time buyers in mind. Congratulations to the Leagues for well navigating themselves throughout their entire first home purchase!
Follow me on Twitter at http://www.twitter.com/keenenhrealtor if you're a first time buyer in Keene. I'm happy to help guide you through the process of buying your first home so that you feel you are an educated decision maker!
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