Traits of today’s successful homebuyers

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Published Date 1/17/2023

Buying a house is not what it used to be — back when you’d schedule some tours, make an offer, and 30-45 days later, your moving van is outside your new front door.

Realtor’s Tara Mastroeni explains how the housing market is now fast, ferocious, and ever-changing. “In such an environment, it’s no longer a given that all homebuyers will easily find a house and seal the deal,” she says. “And even more surprisingly, those lucky folks who do succeed aren’t just sitting on piles of cash. On the contrary, real estate agents and other experts we spoke to say that successful homebuyers today simply possess a particular mindset and behaviors that help them persevere in today’s market.”

Mastroeni goes on to offer some of the traits successful buyers share, including persistence. “While the market might be slowing down in some places, in other areas buyers are still facing intense competition for available properties. This means you might have to make offers on a few homes before one is accepted. As a result, persistence pays off more than ever before.” This is echoed by Realtor’s chief economist, Danielle Hale, who says that recent data showed that homeownership rates increased from a year ago, both overall and for nearly every age and racial and ethnic group. And both agree that the lesson here is if your first, second, or third offer doesn’t get accepted, don’t give up.

Another trait? They keep their cool. Buying a home can be a highly emotional process, especially in today’s environment, where you’re competing in multiple-offer situations. While it’s easy to fall in love with a particular home, keep your wits about you, because it might turn into a heartbreak hotel if your bid is rejected. This kind of rejection has nothing to do with you. It’s a business transaction to everyone involved, so don’t take rejection personally. Rely on your sense of logic during emotional moments—and do your best to never allow yourself to get too attached to a house before the deal is done.

Successful buyers are open-minded. In the past, you might look for a home within a very small radius, perhaps because you’d like a manageable commute to work. With the rise of working from home, those rules have changed, however, and homebuyers’ standards should adjust along with it, according to Mastroeni. The strong labor market is giving workers the ability to negotiate remote or hybrid working arrangements, even as in-person work is rebounding.

Hale explains, “With flexible work arrangements still available, home shoppers are able to consider homes farther afield of the office, in the more affordable suburbs or even in a new, less expensive state altogether, enacting their own personal plan to combat cost-of-living increases.” So if you have flexibility with work options available to you, consider expanding your home search beyond the borders you originally had in mind. Doing so may offer you more value for your money.

Winners ask questions. About everything. But in a fast, competitive market, some might feel pressure to keep questions to a minimum just to keep the deal moving, as though you should feel lucky a home seller accepted your offer at all. Don’t give in to that pressure. Says a Philadelphia-based Realtor, “When looking at homes with your agent, be sure to ask them plenty of questions. Not only will this help you get a better understanding of the home and the market, but it will also give your agent a good sense of what you’re looking for,” he advises. “The more you know, the better equipped you’ll be to make the right decision.”

Are you mesmerized by appearances? In this market, what you get might not be what you had in mind. It’s likely that you will have to make some compromises due to low inventory as well as multiple buyers competing for the same few homes. So look beyond the cosmetic repairs and try to visualize the potential of a property that other homebuyers may overlook. Then try to compartmentalize the difference between your wants and needs. “While needs can remain non-negotiable, be willing to be flexible when it comes to your wants, especially if they are things that you can add to the property later on. This is what it takes if you ever hope to buy a home today,” says Mastroeni.

Lastly, be the good egg. Successful buyers are flexible, sometimes dropping everything to see a new listing at a moment’s notice. And if you do make an offer, use that same accommodating attitude when it comes to contract negotiations. “If a home seller has multiple offers, the easygoing homebuyer is bound to stand out more than one who demands tons of repairs or other stipulations to close the deal,” says Mastroeni.

Realtor, TBWS

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