Whose Market Is It?

Kelvin Jenkins

November 9, 2020

Selling real estate during COVID-19 is difficult enough, but the increase in finicky buyers falling prey to buyer’s remorse has made this a most challenging year.

A lot of buyers don’t understand the full process of purchasing a home in 2020. They think that they have power because they think it’s a buyers’ market. But it’s not a buyers’ market. It’s really a sellers’ market. Interest rates as low as 2.5 –2.9% give sellers confidence that a buyer will soon be knocking. Currently houses sometimes go under contract before potential buyers can even schedule a showing. To add to the challenge, mortgage companies this year are requiring additional documentation to support the buyer’s employment status. In my three years of real estate, 2020 has been the most challenging, but as with any challenge, you learn and grow from it.

When it comes to buying a home, there is no perfect house. Period. Whether it’s new construction or a resale, there will always be something that could be fixed or enhanced. When I work with buyers, my ultimate goal as their trusted real estate agent is to assist them in finding a house they connect with. Think of it this way — when you are dating, you are of course looking for a person you find attractive. But most singles are also trying to find someone with whom they can connect on a deeper level. Looks fade not only with people but also with houses. There may be houses that look better than the house you committed to, but what makes the difference is the one specific house you connect with more than the others.

While we’re on the dating theme, Zillow is like the person who suddenly reappears in your life after you have finally committed to your one person. “Hey, how’s it going? Long time, no see.” I ask my buyers to delete their Zillow accounts and any other real estate accounts they have opened, because many buyers become finicky and get distracted by continuing to search online for homes; this can lead to regret about moving forward with the house they originally connected with. “Am I committing to the ‘right’ home?” Online resources for buying a house can leave buyers questioning their decision-making and also drag them on a downward financial spiral.

If you have been thinking about purchasing a home, my advice would be to have confidence — take the leap and go for it while interest rates are low. Keep in mind that even if you are not ready to settle down in a forever home, purchasing a new home can provide you with immediate equity. My words of wisdom for any new home buyer in 2020 would be to have clarity on your wants and must-haves for a house and to have a sense of readiness when going into any showing.

Kelvin Jenkins

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