Homebuyer fatigue occurs often in our Denver real estate market. It is, quite literally, when homebuyers get so exhausted from the house hunting game. According to one study, buyers in Denver look at an average of 50 homes prior to purchasing, up from 15. I don’t know about you but I wouldn’t want to look at that many homes. The exhaustion really kicks in when you start writing offers on a good number of those homes but get beaten out. How can you ensure you do not get exhausted from this home search?
- Give yourself plenty of time for your search. I typically would start the search 6 months in advance to wanting to move. This will give you plenty of breathing room to start the search and not feel as if you have to find a home.
- Be very clear on what you are looking for. Like all things in life, the more clear with what you are looking for, the easier it will be to find it. Prior to looking for a home create a list of items you want in a home and through the process continue to revise based on current market standards.
- Look at an “off peak” time of year. It may seem like their is no slow time in the Denver real estate market but there is. We typically start seeing buyers start mid-February and then taper off mid July. Consider looking in the Fall, as more listings are on the market but fewer buyers.
- Be willing to move. When you find that home, be willing to pull the trigger. Homes move quickly in this market which means a decision needs to be made quickly. Additionally, know what it takes to get a home in this market.
- Consider being a backup. Since decisions need to be made quickly, 1 in 5 homes fall out of contract. Just because you did not get chosen for the home this time around, consider putting it a backup offer. This would mean if the home falls out of contract, the sellers would move on to your offer.
- Consider spending a little more. Know your numbers! What is the average purchase price of a home in your desired neighborhood? Consider spending a bit more, you will find the competition isn’t as fierce.
- Take a break. If you are getting tuckered from the search, consider a break. I am a firm believer in the pause button. Taking a step away allows you to preserve your energy and puts things in perspective.
In this market, homebuyer’s certainly have a few obstacles. As an agent, I am very aware of the homebuyer’s fatigue and will work to mitigate it from the beginning. A strong level of homebuyer fatigue leads many buyers to sit out of the market. This is a disservice, especially in a market where there has been appreciation year over year.
Liz works full-time as a Real Estate Agent with LUX. Denver.
