One of the toughest things for us to combat over the past few years has been the sense that buyers have had, that they can take all the time they want to, while making decisions. It seemed to many that, not only would the same property be available, but that others that might be as good or better would come along all the time. That made it difficult to put transactions together.
Now we seem to be joining the rest of the country in having low inventory. In many price ranges, there simply isn't enough available to satisfy the demand. This is particularly true at the first-time homebuyer price points. In some places around the country, time on the market is measured in hours, or perhaps in days. We're not used to that here, to say the least.
Buyers need to get ready to make decisions on homes that they see, before others make offers, or at the same time. It helps to have a list of things that must be true about a new home you would buy, in order of how important each item is. It's also really useful to rank each home as you see it, and, while remembering that nothing is perfect, to eliminate any that do not bump off any of your current top three choices.
Sometimes, it can be crucial to have someone on hand to evaluate changes or additions that you would require, and get a price right away. Arranging inspections quickly can also give you an advantage, as well of course as a prequalification. The most important factor, however, is your own willingness to pull the trigger. More people regret not making an offer in time, than they do those that they make.
This is the point at which I come back to one of my favorite pieces of advice: Bid the amount that you would be unhappy to hear that it sold for, to someone else. That's your true estimate of the property's value to you. And be prepared to come to that number in relatively short order. That's becoming more important every day in our current market.
