4 minute read

Bye-bye to buyer fatigue

OPHIR GROSS

Ithink we all can agree the past two years have been one heck of a ride. We’ve collectively experienced an unparalleled phenomenon no one could have imagined — otherwise known as the COVID19 pandemic. Among fear, loss and tragedy, we also experienced silence. The world stopped. People stopped working. Stopped going to school. Stopped gathering. Stopped celebrating. Stopped socializing. Our monotonous routines halted as we waited in ambiguity.

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Economists predicted massive long-term repercussions due to the lack of productivity in almost every industry, but not many anticipated the housing market frenzy that was to follow. With interest rates dropping as low as 2.65%, everyone wanted a slice, thus creating another phenomenon, but this time within the housing market. It was war out there. Home prices were at an all-time high, while inventory was at an all-time low. Buyers were suiting up with their highest and best terms — offering tens of thousands over asking price, waiving appraisals and inspections, just to be outbid by the more appealing offer. Listings were seeing multiple offers within days of entering the market. Buyers felt exhausted and defeated. Many experienced rejected offers — over and over again. I’m happy to report, we can all say bye-bye to buyer’s fatigue, as the housing market has shifted in favor to buyers.

Calling out to all fatigued buyers — your time to shine is now. The days of scrambling to view, offer and wait for rejection are things of the past as housing supply increases. Within the last six months alone, we’ve seen inventory increase exponentially. The number of active listings currently on the market is upwards of 18,000 and continues to increase daily, compared to the measly 5,000 listings back in April of this year. With more inventory to choose from, the pressure is immensely lifted.

In addition to more inventory available to buyers, the rush of the recent frenzy is eliminated, as listings are on the market for longer periods of time before going under contract. Buyers have a chance to breathe once again. They have more time to go over strategy with their trusted real estate representative and weigh out options for what might be the largest purchase they make in their lifetime.

Previously defeated buyers can also find relief in today’s market when it comes to the number of offers on a single listing. In highly desirable areas of the Greater Phoenix area, such as Scottsdale and Central Phoenix, listings were receiving as many as 15 offers, with each one attempting to outbid the other. Being a first-time homebuyer or a buyer with limited liquidity was especially frustrating during this time and many avoided such listings all together, forcing them to settle on meek home options. In today’s market, we’ve seen a significant drop of offers per listing, allowing less seasoned buyers to have a fighting chance to win over their dream home.

And finally, the moment all you buyers have been waiting for, the drop in sales price. According to the Wilcox Report that covers residential real estate trends in Greater Phoenix, the median purchase price for single family homes in Maricopa County went down for the second consecutive month. And if that isn’t good enough, seller concessions, such as credits and rate buy-downs, have made a comeback in today’s market as sellers recognize the shift in buying behavior.

Buyers, it’s time to rejoice and live again. No need to stressfully rush to make offers on overpriced listings that are simply mediocre at best. No need to settle or forfeit the hopes and dreams you’ve envisioned for your home and the life you will create in your home. With more inventory on the market, less competitive offers and financial incentives, this buyer-friendly market provides the ideal environment to purchase your dream home, create memories and make up for the time that was lost. JN

Ophir Gross is a realtor with Coldwell Banker Realty and has a combined skillset of business strategy and consumer psychology. She is a member of NowGen Phoenix, attends Congregation Beth Tefillah and began her roots in the community at the Phoenix Hebrew Academy and, formerly, Jess Schwartz High School. She can be reached at ophir. gross@cbrealty.com or 480-794-0807.

Install pathway lighting leading to your home, sweep debris or dirt off the walkway and place fresh plants at the doorway. This will liven up the entryway to your home and create a more welcoming environment.

A deep clean of the house can go a long way in improving the overall look of your home. If you don’t have time to do that and the cooking, hire a professional cleaning service. You may want them to come back after the holiday to deep clean the kitchen from all the cooking.

Make Your Guests Feel At Home

Create a home away from home for overnight guests.

Prepare guest rooms and bathrooms for your guests. Make room in closets and dressers, fluff pillows, place fresh sheets on the bed and stock toiletries and other personal hygiene products.

Check closet doors for sticking. This may require the removal of the doors and inspecting them for any obvious faults. The tracks on the floor should be cleaned of debris. If you find that the tracks are bent, they can be straightened by holding a woodblock against them and tapping with a hammer. Lubricate the tracks before reinstalling the doors.

Place a nightlight in the bathroom, hallway and/or bedroom.

Ask what temperature your guests will be more comfortable in. If you like it cold, supply them with extra blankets or a robe. Stock the pantry and fridge with items your guests will enjoy. Be sure to inquire about special dietary needs.

With some prudent preparation, hosting Rosh Hashanah does not need to be a source of stress. It is a time for togetherness in celebration of the new year.

From all of us at Rosie on the House, we wish you and yours a shanah tovah u’metuka! JN

Rosie

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