(1) Searching for a home in a market with VERY limited inventory in your price range
(2) Intense competition from investors with cash
(3) Multiple offers on almost property
(4) Neighborhood conditions that may preclude you from buying any specific home.
Itâ€™s not surprising at all that you have not yet landed a home. Truth is, youâ€™ve probably â€œfoundâ€ every available property out there â€“ you just havenâ€™t landed one yet for the reasons shown above. If your agent has been making all these homes available to you and writing offers on those you are interested in, then why switch? Keep in mind that YOU are the one that sets the price and terms of any offer â€“ no matter who you work with, if they are showing you all available properties and writing offers to your terms, then switching will make absolutely no difference. One qualifier here might be the speed of response â€¦
There are many possible reasons you are not winning in multiple offer situations:
(1) Competition has cash
(2) Competition is willing and/or able to pay more
(3) Competition is willing to remove appraisal contingencies up front
(4) You are might not be willing to pay much above asking
(5) You may be very particular about the specifics of the home you want to buy and there is a very limited number of homes that actually meet the criteria â€¦
The definition of insanity is, â€œDoing the same thing over and over again but expecting a different result.â€ I have clients in the same boat â€“ they want something that, in the current market, is VERY difficult to obtain. I counsel them that, if they have been writing offers and not winning any of them, something needs to change.
(1) Look at different types of properties
(2) See if any gift money is available from any family members so you can go in with a stronger down payment
(3) Remember that the goal is to get into the market with your first purchase â€“ not necessarily get everything you want the first go round.
If you are already doing all of these things, but your agent is not writing to your terms or is not available to get you into all the homes you want to see, then â€¦ it might be time to switch.
*Whats the average over asking price houses are going for here?*
I have been getting bids in but get out bid. finding houses at $120000 or less and bidding $140000 and offer as clean as possible.1 SS got accepted waited 3.5 mo. extended auction date and then auctioned last min! trying keeping positive!
f you don't feel that your agent is competent, working hard and working for your best interest then it's near impossible to trust them and have faith. It's then that you should for sure switch agents. But if you can sincerely say it is a lack of inventory or a disconnect in expectations yet you trust the agent and feel good about them, then stick with them. Improve the communications if necessary and adjust expectations when the market shifts.
As much as it's a real estate agents job to ensure that the homes you are touring fit your requirements......it's also your responsibility to provide your agent the feedback needed to "help" he/she do their job. My advice would be to sit down with your real estate agent, and communicate your sentiments directly to them. Keep in mind also, your agent can't control what properties are on the market, in your price range, in the areas you are looking. If you have truly seen all there is to see in the areas and criteria you are seeking - it might be time to A. compromise a bit as far as your requirements, or if possible price range, goes, or B. expand your search to include some areas outside of where you are looking. Don't be afraid to sit down and tell your agent that you are a little frustrated about how the process is going thus far. Any real estate professional worth their weight would welcome the feedback/opportunity to provide better service in helping you accomplish your goal of finding the perfect home. Hope this helps!