Dayton Realtor Shares Word of Encouragement From Her Disappointment While Searching For A Personal Home

Today’s real estate market can be absolutely crushing for buyers.  Low inventory is creating high demand and fierce competition amongst those seeking to purchase a home and it ultimately leads to a frustrating and disheartening experience for home buyers.  Maybe you have made an offer on a home recently and lost out to another bid.  We can totally relate to your experience, and I just want to offer a word of encouragement to you.

A few years ago, we were casually looking for a new home.  We have 2 horses and were keeping them in Bellbrook, Ohio at a local boarding stable.  My dream, which my husband totally supported, was to purchase a property where we could bring them home, so we were looking for a property with a minimum of 5 acres.  We set up a search online, which is what we do for all our buyers, and looked at a few properties. 

Not getting our offer accepted was like a bad breakup!

One came on the market with about 10 acres in Sugarcreek Twp.  It had woods, a creek running through it, a cute barn with a couple of stalls, and a couple of acres of pasture.  It seemed perfect!  We scheduled a showing and went through the property.  The house was not quite what we were looking for, but we thought that we could make it work.  The lot and location were more than we hoped for.  We made a competitive offer on the equestrian property.  The next day, while I was doing an open house at a Beavercreek golf course condo, my husband called and told me that the listing agent of the Bellbrook property received another offer and we needed to bring our highest and best offer.  We strategized and came back with a stronger offer.  Our offer was not accepted.

I was crushed!  It was like a bad breakup.  I had started to move into the property in my mind and started envisioning what life would be like living there.  Here’s where our furniture would go, this is what we would do to improve the property, I can cut trails through the woods to ride, won’t that attic space be cute for a home office.  All my dreams were shattered when the offer was not accepted!

Buyers are feeling the pressure as never before

Maybe you are feeling that way right now.  You have made offers, maybe on multiple properties over the past few months, and your offers have been rejected.  You are discouraged and feel like it is never going to happen for you.

That rejected offer was not the end of our story, and it isn’t for you either!  A few weeks after our offer was rejected, a property came on the market that was so much closer to what we were looking for in a home.  We saw it the next day, made an offer, and got our offer accepted that day.  I will tell you that we love our house so much more than the one that got away.   Had our offer been accepted on the property in Bellbrook, we could have lived with the house, but we would have missed out on something much better suited for our needs.

This experience was so valuable to me as a realtor as I can empathize with my buyers who are struggling to purchase a home.   With low inventory, high prices, and rising mortgage interest rates, buyers are feeling the pressure as never before to make a purchase.

Here are a few helpful tips as we move into the spring housing market.

1. One of the first things you should do before you start shopping for a home is to speak with a mortgage lender.  A good lender will help you determine your budget for a home purchase and identify the best loan program for your financial situation and goals.  Get that pre-approval in hand because you will need it to make an offer!

2. You should also partner with a realtor who will represent you as a buyer’s agent.   A good agent will help you to find the right property for you and will help you to write a strong offer that will compete against the other many offers that the sellers will receive.  Your agent will also help you to keep from getting caught up in the frenzy of the market and keep you focused on your real estate needs and goals.

3. Make a list of the things that are most important to you in a home.  Is it updates?  Open concept?  Gourmet kitchen?  Number of bedrooms?  Finished basement?  Some things can be changed about a home and others can’t.  We really wanted a basement and felt that it was important and almost sacrificed that want/need with the first home that we pursued.   Identify the aspects of a home that are most important to you and that you are not willing to compromise on then stick to that list!

4. Is new home construction an option?  Talk to your agent; your realtor can represent you with new construction as well as existing homes and is a valuable resource throughout the home building process.  

5. Think outside of the box and don’t rule out older homes as well.  There are a lot of older homes that have great bones and just need some cosmetic updates.  Don’t just go by the photos that you see online; sometimes walking through a home will give you the fresh perspective that you need and will enable you to see the potential!

My best piece of advice is that you don’t give up on your dream of a new home!  It may take some time and may mean that you make multiple offers, but I do believe that there is a right home out there for everyone.  Don’t give up on your dream!