In this slower housing market, there’s a huge supply of housing available for buyers to look at. The problem with this amount of supply is that it is hard for some buyers to make a decision on what they want and go forward and make an offer.
In the days when houses sold in days, if not hours, and there was a huge undersupply of housing, buyers had to act quickly to make an offer on the house the liked the most. In today’s market there’s no urgency and no scarcity, so the buyer has no outside encouragement to make an offer quickly. In the last year I’ve worked with two different buyers that have looked at over 50 homes without making an offer.
Buyers need to keep in mind that while choice is nice, it can also cause you to lose focus on what you’re really looking for. It is important to have a list of your “must-have features” and to really understand what price point you’re comfortable with and stick with both of them.