Importance of Patience in a Buyer’s Market
“A certain amount of impatience may be useful to stimulate and motivate us to action. However, I believe that a lack of patience is a major cause of the difficulties and unhappiness in the world today.” – Jospeh B. Wirthlin
The VIREB stats show that we are shifting towards a buyer’s market, and that there are indications that the real estate market is changing. Our society seems to have embraced a frantic and impatient model of behavior that can prove costly for a home buyer or seller.
According to clinical psychologist Szana E Flores, author of Facehooked: How Facebook Affects Our Emotions, Relationships and Lives, she lays blames solely on technology and social media. “The millennial generation grew up on a whole lot of technology, more so than other generations, and they feel the fallout of that,” she says. “But most of us are becoming less comfortable with delayed gratification.”
The main problem with impatience is that once we focus on a singular goal, we often are prevented from enjoying other activities. Much like climbing a mountain, we often will know roughly how long it will take to hike the mountain and set off eager to race up the hill. The longer we hike, the more impatient we become. We then consider setting a new goal – which may be to simply stop climbing as we may fear impending pain if we continue. This mindset can often apply to home buying in a busy or changing market.
Buyers may become excited at the prospect of purchasing a home, set up showings of several homes and become impatient when homes sell before they are able to view, or they may decide to disband their home search entirely as their impatience grows when an offer is not accepted by a seller.
Having TOO MUCH patience can also hinder our lives. For example, buyers who look at a potential home too many times will often decide against making an offer. In the real estate industry, it is commonplace for serious buyers to have a second viewing of a home before making an offer. However, if a buyer views a property 3 times or more, the likelihood of the buyer making an offer or actually going through with the sale diminishes. Realtors often joke about the “three times, they’re gone” mindset of buyers.
Sometimes when we have too many choices, we will be less likely to purchase an item. Barry Schwartz, author of “The Paradox of Choice: Why More is Less” finds that “when people are faced with having to choose one option out of many desirable choices, they will begin to consider hypothetical trade-offs. Their options are evaluated in terms of missed opportunities instead of the opportunity’s potential.”
Finding a balance between being too impatient and too patient will allow a home buyer to feel happy and satisfied with their decision when buying. Make a 5 year plan before you start looking at properties. Knowing where you want your life to go is a good precursor to making the decisions to get there. Ask for advice. Using the services of a real estate professional, such as our McCullough Team, will help alleviate any second-guessing. We can tell buyers the listing history of a home, if there are any known issues, and carefully review the offer to purchase prior to submitting it on your behalf.