Home How Many Homes Should I Look At Before Making an Offer?
November 2, 2018
How many homes must I look at before I find, “The One?”
This may be a question you have thought in your mind or have come out and asked your Realtor. Does anyone have the answer to this question? Realtor.com seems to think that the average buyer will look at 10 homes in a 10 week span before finding the right one, but we know you are not average. We usually hear follow up questions such as, will I feel it in my gut? What kind of sign will I receive? How will I know?
In a world where we can find most answers on the internet, this question will not be one of them. It starts with talking to your Realtor about your lifestyle, so they can identify what area of the city or suburbs will most likely fit your needs and budget. If we can identify the area it will quickly narrow down the 1,000 of homes to a handful of homes. The market can also predict how many homes a consumer may look at. If we are in a buyer’s market, we will have over 6 months supply of homes and there will be a lot of choices. We can tell you right now, more choices does not make the decision any easier.
There are so many emotions involved when buying a home. Emotions you don’t even realize exist. The largest one being, FOMO. The fear of missing out. Consumers purchase out of fear. We may think of this phrase in relation to missing out on a trip or a party, but in fact we see consumers react to making purchases because of FOMO. — If I don’t buy this house today, then someone else will.— I saw ten other people at the Open House and they all loved it, I better call my Realtor to put in a bid.— There are no other houses for sale in the neighbor, I need to buy this one or I will be homeless. In a seller’s market we will experience a more jerk knee reaction of buyers putting offers in on homes in fear that someone else will beat them to it.
In our current market we are transitioning from a seller’s market into a buyer’s market. We may experience buyers looking at more homes considering there are more options. We encourage buyers to embrace the idea of more options, although they may instead be inflicted with a theory known as analysis paralysis, the fear of a potential error, exceeds the potential for success and prevents a decision to be made. In this situation, you will need to trust your advisors and trust your instincts. Ask questions and feel empowered in the home buying process.
We can work with a buyer to understand and recognize what is most important in a home to them. We often refer back to these items when the buyer is in need of help with making a decision. We also know that there is something to be said about having a feeling. Walking into a home and feeling it in your bones that it’s the right one. We work with clients, or you may hear stories, about people who look for years. If you are looking for a home for an extended period of time, most likely you are not in a position to move. If there is something stopping you from moving, talk with a professional. Either your Realtor, mortgage broker or financial advisory, if you are concerned with the financial obligations. Or maybe you are hesitant about a neighborhood, speak with their school board or go to the Alderman’s office. You might be considering a downsize. Speak with someone who has recently sold their family home and opted for a condo. What were the pros and cons, and are you ready for a smaller space?
If you are asking yourself, how many homes must I look at before I find the right one, you are most likely in the market to purchase. We encourage people to be positive about their home search. The act of looking at homes can start out as exciting and can sometimes turn into, what feels like, a full time job. Voice your feelings. Let your Realtor know what is difficult about the process. How can we be of value in the search process? You may look at 1 home or you may look at 100 homes. In the end we can not make the decision for you, but we can encourage, support, guide and listen to you throughout the process. Grab your stake and put it in the ground! Claim a piece of the american dream.
“If you want to conquer fear, don’t sit home and think about it. Go out and get busy.”