How to avoid home buyer burnout

home buyer burnoutIn strong seller’s real estate markets, home buyers are faced with enormous challenges to become the winning bid due to multiple offer situations, rapidly rising prices, appraisal challenges or financing difficulties.  Even in a balanced market, many interested home buyers in Silicon Valley do not purchase property within a year of beginning, and some elect to be permanent renters.  My best estimate is that half of those who want to buy a home do not do it within 12-18 months.

Why do able home buyers not buy?  Here are a few things which can be the cause:

  • they get priced out of the market (because they want to wait and see if prices get better – but they do not!)
  • they realize that they cannot easily buy with FHA or VA financing and don’t want to put more down (even if possible)
  • they are too uncomfortable with the terms required to purchase (as is or perhaps few or no contingencies)
  • they get discouraged and they get burned out

Today we’ll address burnout and home buying, and what can be done to mitigate or avoid it.