Homebuyers – Would You Buy That Home in a Buyer’s Market?

Dated: July 12 2021

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There’s  one  phrase  which strikes  fear  into  the  heart  of  a  potential  homebuyer  – “seller’s  market.”  A  seller’s  market  is  created  when  there are more homebuyers than inventory  from  which to  choose.  The  anxiety  this  causes  many  potential buyers  causes  them  to  write  offers  on anything  and everything, just  to  hedge  their bets  on having  one  accepted.  

But  it’s  important  to  slow down and  consider  the  purchase  carefully.  Is  the  home truly  the  right  fit?  If  the  pace  wasn’t  so  frantic  and the  pressure  to  decide  so strong, would you normally  buy  a  home  that  backs  to  a  busy  road?  Would you consider  a  property  with power  lines  blocking  the  view or  seek  a  property  in need of serious  repairs?  

It  may  feel like  the  sellers  are  holding  all  the  cards  in  this  crazy real estate  market. Even homes  that  would normally  be  considered fixer-upper  properties  are  asking, and getting,  top dollar.  But  buying  and owning  a  home  is  a  major  financial investment  in your  future.  Buying  the  wrong  property  could put  a  serious  burden on your  finances  for years  to  come.  Not  only  might  the  home  repairs  and upgrades  cost  thousands  of  dollars, but  once  a  normal  market  reasserts  itself, the home could lose  value, forcing  you to  sell  at  a  loss  should you need to  move.  

Homebuyers  don’t  buy  just  any  home.  If  you wouldn’t  consider  the  home  in a buyer’s  market, you shouldn’t  rush into  it.  

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Don Ritchie

My Real Estate career started because of my wife. She is a Real Estate Settlement Officer, and while attending real estate functions with her, I soon developed a network of friends across the real est....

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