Like all of you, there are many words that I have heard in the last two years that I hope to never, ever hear again. Pivot, shift, uncharted territory. Fatigue is about to be added to the list! Whether it affects home buyers or mask wearers, “fatigue” seems to be quickly becoming a term that describes more mental challenges than physical ones.
As we see friends this new year, masked inside or unmasked (hopefully) outside, many- especially friends who I haven’t seen in a while, inevitably ask about the real estate market. Although the different markets, including first-time home buyer, move up buyer, luxury market, condos/ townhomes and investors tend to trend differently, right now the conversation in the Winston-Salem area is about the same- CHALLENGING. I can chit chat with my friends and clients about the weather and Wake Forest sports, while both Brady and HK can perfectly answer the housing market question- more people need to sell their houses!
What buyers are saying:
Wanting to make a local move, Jimmy and his family look at every home that comes on the market within one day of listing. They have identified the ideal location, have financing in place, but can’t be assured when or if they will find their forever home. Like a lot of families, their family’s “must haves” have slowly become “wants”, and they are considering all options at this point. Their family hasn’t dealt with Covid, but the uncertainty caused by buyer fatigue places it on top.
“I don’t know that someone can choose which is worse, as a general statement, since it depends on personal situations to determine individual impact”, says Elizabeth who is moving to Winston-Salem from out of state. “I think that both Covid fatigue and buyer fatigue can leave someone feeling frustrated in the moment, anxious about the future, and ready for things to change soon.”
For Dave and Lisa, moving from VA, buyer fatigue is much worse. Dave says: “I can tell you as a buyer right now, buyer fatigue is worse. More like seller and buyer stress. Buying and selling a house is much harder than navigating Covid. We can personally control, to a certain extent, our exposure and our immunity through shots, masks and safe practices. Buyer fatigue? No control. No control over the market, mortgages, appraisals, or anything else. I am 10 times more fatigued about buying a house than I am about Covid.”
Rather than participate in bidding wars for new listings and pay a premium, Michelle and her family chose to renovate and invest in the architecture and interior design of their older home. For this homeowner, Covid fatigue is much worse because her family already had a great home and location that they could dedicate resources to and make even better!
For Steve and his family, the question is: “Can we build for a reasonable price?” This local family sold their home, and is ready to build a new one! With building costs high and a limited availability of lots, buyer fatigue is exhausting. The unknown of hearing back from sellers, mortgage brokers, builders and general contractors caused them to wait longer to make a plan than they had expected. They said that while it is very hard to wait, they are suggesting that all buyers who are looking for their forever home be patient and wait for the right scenario to build or buy existing. The buyer says “Trust the timing of your life!” They feel like Dave and Lisa do, that Covid is exhausting but we know the eventual outcome!
From my perspective as an agent, as a parent and as a friend, both Covid fatigue and buyer fatigue are real. We were lucky to have minimal direct impact from Covid until these past few weeks, while direct impacts from buyer fatigue have been ongoing for 2+ years. Like a lot of you, I haven’t spent much quality time with many of my friends in 2 years! Friends have had babies, kids have grown up, and buyer clients are still looking!
The uncertainty around an end to the Covid pandemic, and the uncertainty of when the real estate market will be in balance have increased fatigue and anxiety. Go away Covid, go away corporate investors. Bring back reason and balance!
What does it take to help buyers in this market? Experience, networking, and hard work. Is it possible to find the right house? Yes it is! I am putting my 22 years of experience to work for my clients, and putting them in a great position to find their forever home.
PS- Check out the Deacs- Men’s basketball has a winning record in conference play!
Happy New Year!