Coping With Buyer Fatigue

By Marie Shepherd | Realtor

Due to the recent Sellers market with its high demand and multiple competitive offer situations, many buyers are experiencing ‘buyer fatigue’. This condition has buyers, exhausted by their consistent loss, stepping out of the market. The upside to this situation is that we are beginning to see homes starting to go under contract with far less offers on the table, 2 to 4 instead of 12 to 14. Buyers willing to stay in the market, work through the ‘fatigue’ and continue to put their best foot forward are going to have a better chance of winning the bid. The odds have improved in their favor that, their offer, even when asking for a home inspection or other contingencies, could be the winner.

This was not the case just weeks ago. 

Recently, I had buyers write an offer at the asking price of a property that had been on the market for about two weeks, which is a long time in this market. These buyers asked for a property inspection and a $5,000 concession from the seller. Due to market conditions, the seller was able to counter the offer at a price of just $2,500 above the list price and still offer the $5,000 concession to the buyers. The buyers and sellers were able to make a ‘win-win’ deal.

Another client recently made an offer on a home $12,000 under asking price with $2,500 back at closing. Theirs was the only offer and after brief negotiations, it was accepted. These buyers were thrilled, having lost numerous other times in multiple offer situations.

In both cases, there was no other competition for my buyers. This has not been the case in recent months in this market. Persistence and patience paid off for these buyers.

Buyer demand is still high, homes are still regularly going under contract in a few days. However, buyer fatigue appears to be having an impact on that demand, creating opportunity for those willing to be persistent. As a buyer in this market, it’s important to stay strong and keep working with your agent for the home of your dreams - you never know when the seller will choose your offer! It is still critical to build the right offer to maximize your chance of securing the deal at the best possible price and conditions. The Malley Group has the experience needed to see you through this market and the opportunities that exist as it shifts. We stay one step ahead of the curve, so you don’t have to.