Under previous market conditions purchasing a home was a more leisurely experience. That first whimsical thought of “I think it’s time to buy a house” set in motion a slow-moving process where one could take the time to view a few houses, take time to “sleep on it,” look at more houses, compare features, and eventually settle on one. For desirable homes in the current Houston market, that strategy will result in frustration and disappointment.
When I moved here in 2000, my Realtor warned me that in my price range I needed to have my checkbook handy, ready to write that option money check just as soon as I saw the home I wanted to buy. That slowed down a little, and then with the crash of 2007-2008 houses were just sitting on the market for months. Now things are back in the fast-paced, quick action mode they were when I looked at my first house in Houston.
Inventory of desirable homes is at an all-time low, and buyers need to be prepared to act decisively when they find the right house.
This is true across the entire spectrum of prices. Serious buyers need to carefully consider the features that are important to them (number of bedrooms, bathrooms, location, etc.) and tweak their lists of “must haves” and “don’t wants.” And it may be necessary to overlook that fuchsia bathroom when everything else about the house is perfect—it can be painted!
All this can put Realtors in a tough spot. If we explain the market realities, buyers may get the idea we are “pressuring” them just to make a quick buck. If we don’t, they are unhappy that we didn’t warn them that perfect house absolutely will go to another buyer if they take too long to think about it.
Buyers really can get their dream homes in a market where sellers have the advantage, but it takes planning, patience, and strategy…and a dedicated Realtor!
