The housing market is very competitive and can be exhausting to buyers for a variety of reasons. Most people start looking at listings online very casually and start visiting some open houses in desirable neighbourhoods long before they’re actually prepared to make a purchase (complete with down payment) which makes the process seem even longer.
Maybe it really hasn’t been that long, it just feels that way. Or perhaps you’ve lost out on a couple of bids and are feeling discouraged. Take heart, results from the Home Buyer and Seller Generalization Trends Report 2015 reveal that it generally takes home buyers under the age of 50 around 11 weeks (on average) of searching to find the home they’re going to purchase. Remember this is just an average, some people may find their homes in a few weeks whereas others, with very detailed specifications or budgets could take a lot longer.
So, if you feel like you’ve been looking forever it might be time to reflect and ask yourself a few questions and reevaluate your search before you jump back in. Here are 5 things to ask yourself and consider.
- How long have you really been looking?
Casually looking at listings on Realtor.ca for a few months should not count towards your time searching for a place.
- Why aren’t things working out?
Really think about this. Have you had a run of bad luck? Is the area you’re searching not offering many properties? Record these trends and consider sharing them with your real estate agent to find potential solutions.
- Are you obsessing about the one that got away?
Don’t bother, if you couldn’t afford a particular listing you wanted it’s better to have lost than extended yourself into the world of the house poor.
- Are you going into listing overload?
If you’re spending a lot of time viewing places out of your price range or interest, maybe it’s time to focus your hunt, and save yourself and your agent a lot of time.
- Is your want list unrealistic?
Look at your list and see if there are certain things that aren’t lining up with your budget and consider a renovation/ upgrades budget to expand the listings that will meet most of your needs.
If in doubt, try unplugging from the hunt for a week or two to recharge…remember it isn’t a race.