What Buyers Need and Should Expect!
Or are They Just Needy?
In our busy and competitive Carlsbad seller’s market, buyers have some challenges in purchasing a home in many price ranges. Limited inventory and high demand create a perfect storm for fast-moving, multiple bid situations for many homes, where only 1 buyer among many is destined to win.
It’s an emotional time, and it’s easy to feel anxious and get frustrated, especially when you lose out on a wonderful home, or see things moving so quickly.
WHAT BUYERS MUST DO
Buyers must act quickly when there is a new home on the market and decide if it’s right for them, and then get in to see it as fast as possible. They must also be prepared to make an offer right away, rather than sleeping on it or thinking for a few days. That also means being financially prepared with an updated pre-approval in hand.
The nature of this market leads to all sorts of questions buyers might ask – how many offers are there? Will they get multiple offers? What should I offer? Should I offer asking or higher? Will I get a counter offer? Should I go in with my best offer or leave room to negotiate? Can I think about it, and for how long?
There will likely also be requests to see homes as quickly as possible, with limited notice, or repeated calls to see if anything new has come on the market, or if the home that they lost out on is still in escrow.
Buyers might feel very needy, or perhaps even have pangs of guilt that they are bothering their Realtor with too many questions. I’ve had a couple of buyers express this in one way or another.
My response? No, you are not being needy. You are doing what you should, and need, to do so that you can hopefully be successful. It's how you buy a home!
Personally I’d rather work with buyers who are dedicated to the home buying process, ask lots of questions, want to understand the market conditions and they mean, watch for new listings like hawks, and take steps to move quickly so they get the house they want, rather than being lackadaisical about even in the face of saying they want to buy.
WHAT BUYERS SHOULD EXPECT
So what IS needed, and should be expected, as a buyer in this competitive market?
Communication is paramount – ongoing, regular, honest, clear, and prompt. You have questions, I have answers, or will get them for you.
Responsiveness – especially when respond to questions, and to request for showings on a hot property.
Knowledge of the local market conditions – what are the factors that are going to affect your offer amount, offer strategy, and the likely outcome.
Trust – buyers need to feel they can trust what we are telling them, and the advice we are giving. Yes, they need to make the decisions, but how can they without trusting they are getting the information needed to make an informed decision?
Knowing that we care – today’s buyers need to feel we care about their situation, and how they are feeling, and we understand the concerns they have. It’s all about them, not us, and they should feel that in a powerful way.
Competence and expertise – they should expect, and receive, the best we can offer in terms of what we know about pricing, offer strategies, negotiations, and ways to solve problems.
Is this being needy? Heck no. It’s what needs to be done these days in many markets to be successful. Plus it’s what we are supposed to do for buyer clients. They have needs and expectations, and we should exceed them.