These are great points for frustrated buyers. I especially like Barb's point that there are things buyers have control over. You can't control the market, buyers nor sellers do, but you can control how quickly you can write an offer and how attractive that offer may be. In a "Seller's Market," buyers should put their best offer to the seller and your Realtor is a great resource to help you do that.
Aside from writing great offers, persistence, faith and a little flexibility are the best ways to win in this market. Here in La Mesa and all over San Diego county, we continue to get 8-14 offers on every reasonably priced home. 95% of the offers are very strong, and well over list price. It’s easy to get discouraged, so here are a few helpful pointers to help you stay in the game and win.
1. Separate the emotion from the economic reality. Hunting for a home is a very emotional experience. But from an offer-acceptance point of view, homebuying is purely economic, and right now it’s low-supply-high-demand. Even if you are overqualified, you do not get to point-and-buy. Once you submit your best offer, it’s highly competitive, and now you must wait for the seller's decision.
2. Delete “perfect home” from your vocabulary. You’re in the midst of a supply vs demand battle. Right now we have only half of a what is considered to be a healthy supply of homes for sale, and an over-supply of very well qualified, determined buyers.
3. Make sure there aren’t any counterproductive “shoulds” running amok in your mind. Just because you really like the house and have the money, does not give you the automatic right to win the bidding war. Purchasing real estate is a totally unique shopping experience!
4. Acknowledge what you can and can’t do. You control your search criteria, the amount you’re willing to take out on a mortgage, how quickly you go see the homes, how quickly you write an offer, and the price and terms of your offer.
5. Once you've submitted 5-10 really good offers, it’s time to expand your criteria and open up to a few more possibilities. For example, many La Mesa buyers start their home search requesting “nothing south of the 8 freeway”. Mt Helix is completely south of the 8, and is one of La Mesa’s most gorgeous neighborhoods. For more suggestions, see Create new criteria for your San Diego home search
6. Do NOT give up! If you are a little open-minded, and very persistent, you will find and get a very nice home.
2013 Barb Fischer San Diego La Mesa
La Mesa, CA San Diego, CA