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By Tara-Nicholle Nelson | Broker in San Francisco, CA

5 Ways to Course-Correct When Your House Hunt Takes Too Long

Some people have home-finding stories that are the real estate equivalent of the skywritten marriage proposal tales. They drove by their dream home, knocked on the front door and the elderly owner offered it to them for a song. However, most recent home buyers have tales on the other end of the charming-and-easy spectrum; tales of year-long house hunts and fruitless offer after fruitless offer, followed by a nerve-wracking, hair-pulling, interminable negotiation with the bank are much more typical. 

If you've been in the market for a home for what seems like a very long time to no avail, here are five strategies for getting things back on track.

1.  Know how long is (truly) too long. If you've been saving up, primping your credit and fantasizing about your dream home for 5 years, then waiting for exact right moment in your life and the market to pull the trigger for 4, viewing 15 houses over 3 weeks might seem like an interminable amount of time.

And if you make an offer that is rejected? The agony of that defeat is outweighed only by the pain of your dream (home) being deferred. 

Be aware that today's market is a very slow-moving one. It's completely normal in some areas for buyers to view dozens of homes over as many months, and have several offers rejected before getting into contract. Talk with your agent about how long local buyers normally have to prowl today's market before getting some home buying satisfaction.

2.  Identify where your process is breaking down. In order to course-correct your wayward house hunt, you first have to figure out what the problem actually is. If you're looking at lots of homes, but not finding anything that suits you, you might have an expectation issue. These range from having champagne tastes on a beer budget to being part of a pair of buyers with conflicting expectations that no home will ever be able to satisfy (e.g., husband wants a fixer, wife wants move-in ready). 

If you're finding places you like, but your offers are consistently being shot down, you might need to work on bringing your home picks into alignment with your budget by increasing your price range, decreasing your wish list, or looking at a lower price range and making higher, more competitive offers.

Fact: an experienced buyer's agent is an expert diagnostician of house hunt ailments. If your agent told you 7 months, 43 prospective homes and 9 offers ago that your expectations are out of whack or that you need to consider some compromises, you might circle back to that advice - and consider taking it.

3.  Remember how many houses are in the world, but don't try to see them all. It's easy - but unproductive - to get upset about "the one that got away;" counter that frustration by reminding yourself that you are house hunting in a market relatively flooded with housing inventory.  On the other end of the getting-out-of-your-own-way spectrum, if you do find a home that really works for you in your price range, get over the idea that you have to see everything in town before you make an offer.

One more mindset reset along these lines: understand that the *perfect* house does not exist - at any price range. Petra Ecclestone just dropped $80 million in cash to buy Candy Spelling's Hollywood home and reportedly had the whole place gutted because the decor was not to her taste. In the same way people with curly hair wish they had straight and vice versa, people who have hilltop vistas wish they lived nearer to the grocery store and people who can walk to the store wish they had better views. No single home will ever satisfy every single one of your preferences, so don't hold out waiting for one that will.

4.  Rethink your deal-breakers. The greater the number of absolute deal-breakers you've communicated to your agent, the fewer prospective homes you'll see. And the more flexible you can be about which listings you'll look at, the higher the chances you'll find something you like.  I recently read an article in an architectural magazine about a woman who house hunted ad nauseum in a very small neighborhood she needed to be in, only finding success when her agent showed her a fourplex she could convert into the single family home she was looking for.

If you think your agent simply doesn't understand what you want, ask them to remove all pricing filters and send you homes that reflect what they think your dream house really is.  Alternatively, drive around and find homes for sale or visit Open Houses that you think are closer to what you want - then investigate their list prices, or send the addresses of "suitable" homes that aren't for sale to your agent to find out what that house would go for today. 

These exercises will get you and your agent communicating on the same page; will help you understand tradeoffs, wants and needs more concretely; and will very likely flick some of your mental switches around what you can expect from a property at various price ranges.  This strategy is especially useful for reality-checking the expectation of home buyers relocating to a town with a higher cost of living than their current hometown.

5.  Ignore the peanut gallery. People who have not bought a home in your town, your desired neighborhood and your price range at the same moment in time you find yourself house hunting are not authorities on any of the following:
     (a) how dirt cheap 'those foreclosures' are,
     (b) how much of a discount you should be able to negotiate,
     (c) how much is too much for you to pay, or
     (d) how desperate the banks or sellers are to sell.

That lack of authority, though, will not stop your family members, friends and neighbors from chiming in and offering their own critiques, exasperation, suggestions, or "what I would do if I were you is. . ."-style analyses of your own home buying strategies. Many a would-be homeowner has remained just that - a would-be homeowner - by following the advice or suggestions of someone who read a headline but has no idea of the real market dynamics you face.

Depending on where you're buying, those dynamics might include:
  • banks that refuse to do repairs and may take 6 months to green-light a short sale,
  • sellers who are so upside down they can barely afford to sell for the list price -- and certainly can't afford to sell for less, and
  • areas in which the norm is for foreclosed homes to sell above asking after receiving multiple offers.
So, check your own references - double and triple check where you are getting your information about what homes should cost and what you should offer, and make sure that the sources are expert and up-to-date, like the experienced local agents who answer questions on Trulia Voices. Don't let your home buying efforts be foiled by relying on the inaccurate advice of well-meaning loved ones.

P.S. - You should follow Trulia and Tara on Facebook!

Comments

By Allan Erps ®,  Wed Nov 9 2011, 20:22
Excellent list Tara, thanks for the post!
By Jonathan Hua,  Thu Nov 10 2011, 12:18
Very well put! Good job!
By Wes Black,  Thu Nov 10 2011, 12:20
Another excellent blog full of useful information.
By Diane Marihew,  Thu Nov 10 2011, 12:22
Great post Tara! Thank you!
By J. B.,  Thu Nov 10 2011, 12:35
#6 Just give up :'(
By Kimi Henderson,  Thu Nov 10 2011, 12:36
Love this! I have had to go over this list with more than a few couples- thanks for summarizing it so well!
By Steven Rosenthal,  Thu Nov 10 2011, 12:38
Thanks for the post Tara!
By Herta Headrick,  Thu Nov 10 2011, 12:55
Really good info! Thanks!
By aastra545,  Thu Nov 10 2011, 12:57
What if u see something within ur range, but ur agent isn't in top of it, then its no longer available?
By Jim Simms,  Thu Nov 10 2011, 13:24
Good stuff as always,

http://www.trulia.com/blog/jimsimms/
By Andy LAM,  Thu Nov 10 2011, 14:09
Your blog is simply to the point and hit between the eyes Tara - People thinks that every deal can be low-balled in this soft market.
By Helen Oliveri,  Thu Nov 10 2011, 14:09
Great house hunting tips Tara!
By Pamela Whitman-weiner,  Thu Nov 10 2011, 14:15
Thank you, Tara... This was a great post, and eerily appropriate to my own hunt right now... I will heed your advice going forward.
By Helaurin,  Thu Nov 10 2011, 14:20
Good article. I househunted in 2009 for most of the year. That said, I didn't have a "have to find a house by" date. I didn't drive my agent crazy asking him to show me every house that popped up on the market and for the most part, I actually only met with him about 1 weekend day a month to actually see houses. He was "on top" of the inventory, generally sending me anything that he thought would fit my criteria. I gave him my criteria, in writing, at the beginning of the hunt and modified it slightly along the way, as the more I saw, the more I was able to fine-tune what was a dealbreaker vs a desirable element. In response to aastra545's comment "what if u see something within ur range, bur ur agent isn't in top of it, then its no longer available?" - if YOU see something that is within your range and you have interest, you should be telling your agent directly. And chances are, it is not "his fault" as you seem to be implying. Plenty of listings that come on the market start with a short period of time where the listing broker is only marketing the house to the agents in his firm. So let's say on day 5, one of his agents shows the house to someone. On day 8, the house goes to open-listing so that anyone can see it. You happen to see it on day 8 or 9, and call your agent to schedule a showing. Your agent calls the listing agent only to find out that the seller has already received an offer that is scheduled to be shown that night, or perhaps was just signed that morning, but the online website doesn't reflect that yet. So your agent calls you back and says the house is already gone. It happens - and that's no one's fault, it's just the way some listings are arranged. House-hunting is a partnership proposition. One of the things I did when I was househunting was that I kept an eye on houses that were just outside of my range to see if they might drop. Which is exactly how I found my house. It had been on the market for over a year, first at $350K, then at $330k, but my top range was closer to $300k. When I looked at the online listing for the house, it met nearly all my requirements and desirable criteria - except in price. But I noticed it had been sitting at $330k for a couple of months and asked my agent to schedule a showing - I had that gut feeling that they were going to drop the price soon. So I saw the house and really fell in love with it and told myself I would keep checking frequently to see if the price came down. I got home from that day's showings and called up my daughter to tell her about this house that I had liked so much, if only it was a little less expensive. While on the call, I pulled up the website listing to tell her to go to the same page online - and discovered that while I'd been there in the house, the sellers had dropped the price so that it was within my range. I practically hung up on my daughter and called my agent to arrange to put an offer in. My offer got to the sellers just hours before another offer came in - after the price dropped, the house got a ton of interest. So the sellers had two offers in hand to consider. My agent told me that they had received my offer but that another had come in for a higher amount. I couldn't compete on price, but since the owners had been long-term owners, I asked my agent to forward a letter to the sellers. In my letter - which I actually managed to keep short - I told them why I liked the house and how it would be just the right place for my two rescued dogs. I didn't overly gush, but my letter resonated with them. In addition to not having the higher priced offer, I still had to put my own house on the market, so I was proposing a short-term lease-purchase, which would allow me to move in first, clear out my own house so it would be more marketable, sell it and then use the proceeds to complete the purchase of their house. I told them how this would be beneficial not only to me but also to my rescue dogs, as I didn't want to have to expose them to having strangers coming in & out while I wasn't there. My agent thought I was a bit nuts, but he saw where I was coming from and gave them the letter. They chose my offer and it worked out perfectly. I moved in, put my house on the market, sold my old house and when we were at the settlement table to complete the purchase, we chatted about dogs. Turned out they had always kept dogs too! So in a way... my dogs helped me to get the perfect house for all of us.
By Juanita Smith,  Thu Nov 10 2011, 14:25
What a great article!! Much appreciated!
By Titus Pullo,  Thu Nov 10 2011, 14:31
Tara......I have been hunting for over 1 year. I cannot seem to find a house I like that is within my price range and taxes. I wish home buying could be easier. Its the hardest thing I have ever done.
By Nicki Borchert,  Thu Nov 10 2011, 14:39
Amen to that! Well said especially on your last note!
By John Crowe,  Thu Nov 10 2011, 14:45
Nice end to a long story, Helaurin. It isn't always the highest price that wins the deal.
By T,  Thu Nov 10 2011, 14:49
also factor in the banks run this country and the real estate market!
By Darline M. Dillon,  Thu Nov 10 2011, 15:01
Great article, Tara. Very direct and to the point. Thank you.
By Sandra Limacher CRS,ABR,CNS,  Thu Nov 10 2011, 15:06
Thank you Tara. Will use these important points in my business.
By Flpain,  Thu Nov 10 2011, 15:19
We just got kicked out of contract number 17 by the second lender, who asked 40k more on a house we were CTG at 12k over asking on. The banks rule this game. Don't even bother making sense of it. On to number 18 with more prayer and with the plan of offering over asking again, as now we are happing LIVING ANYWHERE! (before our lock runs out again...)
By Daniel Madigan,  Thu Nov 10 2011, 15:25
I asked about a home in Maine and have had no personal contact with anyone from this agency.

Capitalism is Fascism. Comment on the above "article."
By Emery Stautzenberger,  Thu Nov 10 2011, 15:26
A lot of Buyers want to bring every body they know to give them advise on the home they are thinking about buying, which is fine but,they have to remember they, the Buyers have to make the final decision on the home. Are they will never find one that all parties will agree on. The main thing No.1. Get qualified and buy what you can pay for, and live with not changing a lot of things you love to do. Tell you Agent what you would like, and what you could do without..
By Marc F. Samet...,  Thu Nov 10 2011, 16:12
Getting buyer pre-approved for the loan amount and payment that is actually one that is comfortable, not necessarily the one for which the buyer qualifies, makes the search process more specific and efficient for all parties. Having a purchase strategy, e,g., whether or not to negotiate an interest rate buy/down if applicable, and knowing how the purchase and mortgage instrument (conventional or government insured) impacts the overall cash flow and liquidity of the borrower, given his/her debt and retirement goals, is the intelligent way to go about house searching. This approach is why mortgage planning is useful. Why should experienced Realtors waste their time? A mortgage, after all, is a financial instrument to be managed. Rate and fees are meaningless without a context.
By Vimy Nesmith,  Thu Nov 10 2011, 16:15
Great article, Tara. It's very helpful to break the process down, and get back on the right track.
By Cathy Bureau,  Thu Nov 10 2011, 18:12
Very good points. I like the point in particular that talks about re-thinking deal breakers.
By leasisland,  Thu Nov 10 2011, 19:24
Great information! It's so true every one seems to think they know it all & have never bought one. The myths opened our eyes too. All of it was great information.
By Esther Pierre Louis,  Thu Nov 10 2011, 20:12
It was insightful your article. Does the value of a home decrease in high foreclosure areas?
By Barbara Van Slett,  Thu Nov 10 2011, 23:06
Great article to show your buyers. I might add one more. Sometimes the buyer only thinks that they know want they like. I recently had a client that was set up to receive the MLS listings. She always asked to see older colonials. In her price range that meant that they usually needed work. After spending months looking at homes, making an offer on one only to have the inspection find some expensive problems that we could not negotiate down, I suggested that we look at a different style home. Actually, the one I suggested was one she had deleted. When I asked why she always deleted the splits, she had said that was the kind on home she grew up in. She agreed to take a look at it, fell in love with it, and bought it. : )
By James P. Furlong,  Fri Nov 11 2011, 03:48
Just wanted to add another "great article". Well done.
By Jacques Guercy,  Fri Nov 11 2011, 04:44
tara well said i am going to foward to one of my client
By Joseph Artysiewicz,  Fri Nov 11 2011, 06:11
Once I determine exactly what the buyer is looking for, I almost always find them a house they like in 1 week or less. Sometimes in a couple of days. Usually it involves e-mailing the buyer 25 or less homes that are similar to what they are looking for. From that list we spend 1 day looking at 10 or so homes. From those 10, there may be 2 or 3 houses that they want to revisit. They usually buy one of those 2 or 3 houses. With all the houses on the market in this area, both new and existing, it is very unlikely they will not find a house they like .If someone says they have been looking for a house for 6 months or more, I do not consider them a serious buyer.
By Thorkes69,  Fri Nov 11 2011, 08:11
My problem is not that i can`t find a home that i like,i am a cash buyer and i was looking for foreclosures,it seems that there are a lot of jerks real estate agents that will ignore you and will not answer your messages the minute they find out that you are looking for a foreclosure, i can understand that the commissions are so much lower on these houses but that is not my problem,i am a buyer and i could care less about that.
I will give a very bad review on the internet for any agent that will treat me this way.
By MKpa,  Fri Nov 11 2011, 13:06
How about a post of when your house takes too long to sell. All feed back is great with the way it shows & price , but have received no offers. A few couples have seen house a few times but we were told they got cold feet.
By Househunter123,  Fri Nov 11 2011, 14:37
Been buying and selling properties for over 40 years and this market still has too much garbage out there. There are unrealistic prices and people who "over" renovate a house with the expectation of making a killing especially in lower end markets; even some upscale neighborhoods. Save up a down payment or accumulate cash. Make up a list of must haves and another list of wants. Research your target the area and look at everything as a comparison. When you finally find a property that meets your expectations, you will know and be ready. Forget making deals and don't have unrealistic expectations from the seller. They are already feeling the pinch and are looking at real commissions that for the life of me I do not get especially with the technology available today. Before any of you start jumping down my throat for saying this, please know that most states (especially in the south) have laws that make it very difficult to sue the realtor. Can't wait for the day when people wake up and start to do their own due diligence in the purchase of real estate (like the good ole days).
By Paul Santucci,  Fri Nov 11 2011, 18:01
AWESOME. thank you! A great reminder to brokers about what may be slowing our buyers down.
By Narmo L. Ortiz,  Sat Nov 12 2011, 14:13
Once you bring someone, other than those whom are going to live with you; surely you are going to have them look for this and that shortcoming which makes no sense at all, just to justify their nosy presence, and self believed expert opinion. I had many buyers cool off on account of these types of nosy jerks. Look for what you want WITH only your moving with you family members. Great simple and plain truth article, there is no perfect home and or location until you go to heaven, just wise up. Time is short!
By Jdlugar,  Sun Nov 13 2011, 12:21
I totally disagree with #3! The perfect house IS out there. Having settled for less than I wanted in the past left me with a house I never really enjoyed. Never ever force someone to settle. Maybe rethink a priority, but the individual has to come to that conclusion, not the agent. Im glad it took me a yer to find my perfect house. I know I did the right thing!
By SARAH SCHNEIDER,  Mon Nov 14 2011, 07:25
Well said all! And yes, buyers need to make their own call. STOP listening to friends and family MORE than your own agent. If more buyers took the time and care to select an agent who was best for them they wouldn't be as pessimistic about "The Market" . Word up. We EXPECT you to do this! Ramp up your due diligence and start righ, right from the beginning by hiring the right agent for YOU, and your home search will proceed immeasurably better, trust me.
By Allie Payne,  Mon Nov 14 2011, 22:12
Bravo!
By Jennifer Ratcliff,  Tue Nov 15 2011, 03:45
Thanks Tara! Great info as usual!
By Deborah Griffin,  Tue Nov 15 2011, 05:25
Thanks Tara! Love #5…so true!
By Need_a_real_home,  Tue Nov 15 2011, 06:25
Wonderful --well writen
By Need_a_real_home,  Tue Nov 15 2011, 06:27
You should write more about the Bank just dreaming on how to say no to your new home -- I really think it's like sex to them -- saying No
By Kimberly McDonald,  Tue Nov 15 2011, 11:23
great article. Lots of great information to pass on..
By Ali Shahidi,  Mon Nov 21 2011, 15:38
Great article! #4 is especially important to get the client and agent working on the same page instead of against each other.
By Ana Gabrea,  Mon Nov 21 2011, 16:20
Glad to hear this happens often enough to write about! Thank you
By Randy Lee Dailey,  Wed Nov 23 2011, 01:42
Tara, This is really a great post, thanks for the good information
By Vernetta Griffin,  Sat Nov 26 2011, 09:20
Great article!
By Rose Lopez-Brown, SRES,  Sun Jul 1 2012, 11:08
Great Article! Thank you Tara
By davidbend123,  Mon Jun 3 2013, 13:15
I remember using this article a few years back and it really did help me find my dream home! Thanks, Tara!

David | http://www.owstone.com/

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