No one likes to be rejected. Especially when something big like your “dream home” is on the line. But in the reality of today’s real estate world, there is a lot of rejection going around.
Karen has personally delivered rejected offers to her clients. She recently described one transaction in which she was representing a buyer… “the third time was the charm!”
It is an extremely competitive market requiring way more of buyers than what was traditionally required. A down payment, a steady income, and a good credit score will not get you a house in today’s market. You will also need thick skin, tenacity, determination, and nearly always, more money.
However, as a buyer, you do not want to go too far and skip certain steps. See Karen’s earlier two part blog post on the Importance of Due Diligence.
The Current Climate
The number of homes for sale in the U.S. fell to a record low in February according to the National Association of Realtors.
Additionally, the houses that are on the market are selling lighting quick- often in less than 20 days.
Prepare Yourself
Karen has represented multiple buyers in recent months, and the single most important thing she does out of the gate is help them set realistic expectations. First, as to the limited inventory and then to the difficulty in landing the prize. This is not to be negative but instead to be forthright and help spare the heartache that can come for a buyer in the current market.
Prepare to Pay More
Show them the money. There is currently a solid trend in buyers making offers that are significantly over appraisal value. This is not an isolated story but one that is playing out all over Atlanta and the country at large. Other efforts to literally sweeten the pot include leaseback periods, more earnest money, and bigger option fees.
Prepare for Rejection
It is hard not to have an emotional response when your offer is rejected. So go ahead and feel the disappointment, then move on. Focus on the future and embrace that it is a process that may take a while.
Try not to take any of it personally, because with large sums of money at stake, it is just business. This market is rarely one and done for buyers. So do not spend hours fantasizing about your new house that may not be your new house. In other words- it is difficult but try to not fall totally in love just yet.
Your Realtor
Karen will prepare you for all this with the calm, reassuring voice of experience. Also, because of her long career and multiple contacts, her last two buyer represented transactions were completed with homes FOUND OFF MARKET. Both transactions still required a lot of negotiation and perseverance, but that is why she was entrusted to represent the buyers. She delivered for her buyers!
Contact Karen today and she will prepare you fully, and be in your corner all the way.
