Don’t Fear a Hot Homebuyer’s Market

A recent survey of would-be home buyers revealed fears that the market is too hot, driving many people to sit on the sidelines. Don’t let “macro fears” drive your decision-making process. There’s still plenty of opportunity to find the right home at the right price.

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If you’ve found yourself paralyzed by this active market, you’re not alone. According to a recent survey of 3,500 buyers, a whopping 58% of potential homebuyers are sitting on the sidelines because they’re afraid the market is too hot. Here’s a breakdown of their top concerns:

  1. Affordability: Prices are rising or too high (27%)
  2. There’s too much competition from other buyers (17%)
  3. There aren’t enough homes to choose from (14%)

While it’s true we’ve seen a dramatic increase in market activity over the past few years, it’s important to remember that what you want isn’t necessarily what everyone else wants. Where you want to live and the type of home you want to live in isn’t necessarily subject to the “macro trends” in any given market situation.

Your dream home is as unique as you are, and the only way to understand what’s out there is to take the time to share the details of what you’re looking for with a professional who is tuned into the market. What’s more, an agent can help debunk market myths and keep an eye out for properties which fit your specific criteria.

Now is a good time to make a list of criteria for your next home. Begin with your “must haves” and move on to your “nice to haves.” Consider square footage, neighborhood, amenities, and your budget as you put together this list. Reflecting on this information will help you have a productive discussion with a buyer’s agent and also contribute to your understanding of “what’s out there” in your immediate market.

Often our fears turn out to be unfounded. If you’ve been letting your perception of the market stymie you from pursuing your dream, now is a good time to start a discussion with someone who can help you see the whole picture.

If you have further questions, I’m happy to help you answer them! Get in touch with me, your trusted local real estate professional; call me at (905)940-3599 or email me at info@samjia.com today.

Survey source: https://www.redfin.com/research/reports/real-time-market-sentiment

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