The real estate market has experienced a paradigm shift over the last three years. The buying climate went from the hottest of the hot to an epic ice age in the same amount of time that it takes a foal to make it to the Derby.
People still buy houses, but the process is completely different than it was. Everyone is chasing the elusive “perfect” house at the “bargain” price. The anxiety over getting a “deal” overwhelms most buyers, many to the point of quitting the search.
In times past, a buyer established criteria for a purchase in a specific area, and if a property came anywhere close to meeting the needs of the purchaser it was quickly snapped up before someone else got it. And generally, the only negotiating was whether or not the window treatments remained.
These days, a buyer’s swath of location may cover hundreds of square miles, and they may look at one hundred houses before they make an offer, and they may make ten offers before one “takes.”
It’s a painstaking undertaking, and I have seen many buyers lose out on great home in the neighborhood they want because the allure of finding a better deal was just too great.
And then they spend weeks or even months trying to find a house as good as they one that they let slip away. It’s frustration for the buyer and for the agent as well, because the impossible standard has been set.
This scenario is not an anomaly in my area of Newnan Georgia. It has played out over and over again until it has become the norm.
And it is going to be the norm for some time to come!
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