What Buyers Are Facing Now

I feel like we finally have some good news to share this month with Covid cases trending downward and vaccinations on the forefront. I’ve had the pleasure of helping out at Midcoast Hospital’s vaccination clinic  this past month.  Not only has it been an incredibly rewarding experience, it has also been an incredibly hopeful experience!  Hearing the exclamations of “I’m so close to hugging my grandchildren again” to “I’m so glad to see this day” makes every second worthwhile.  This year has been trying, to say the least. Witnessing these glimmers of hope makes me realize “normal” life is just around the corner, whatever that normal may be. Perhaps it’s even a better normal, a normal infused with the hope that this past year had made us more appreciative of each other, our friends and our families. Here’s to summer 2021.

Sometimes I feel like my updates are lacking in real estate news… but maybe that’s not a bad thing? 😉 That said, I thought I might focus a bit right now on what it’s like to be a buyer in this current market.

It’s rare that a property is listed and showings are not booked back to back over multiple days. I have so many wonderful Buyers I’m working with at the moment who are frustrated beyond belief because even scheduling a time to view a listing is difficult. Once a home is selected they’re then competing with multiple offers in almost every scenario. Sometimes as many as 25 offers on the same property.  Being a buyer right now is incredibly frustrating. As brokers we do our best to help our clients succeed.  We’re constantly trying to be more and more creative to give our buyer’s  a “leg up.” Unfortunately, many offers are won by offering cash and no contingencies. Imagine being a first time buyer and not being able to do a home inspection just so you can win a multiple offer scenario? It’s not how I would want to purchase my first home and it’s not a good idea. The Wall Street Journal recently ran a story on this very subject. Check it out here:

These People Rushed to Buy Homes During Covid. Now They Regret It.

One of the hardest parts of representing buyers in this market — delivering the devastating news that we’ve lost. It’s exhausting and heartbreaking for us but especially for them. So why is this a tough market for Buyers? The combination of low interest rates, the desire to move to our amazing state, and COVID. Will it change in the future? Possibly. When restrictions ease and people feel comfortable venturing out of their homes to travel, dine out, visit museums, etc, perhaps we’ll see this frantic trend ease up a bit. Until then, I’ll continue to work just as hard on behalf of my Buyers. If you have any questions about current conditions for buyers or sellers, or about the process of homebuying in general, please let me know. I’m here to help.