Why House Hunting Has Become Too Frustrating to Justify
Why has the once-exciting process of purchasing a home warped into a frustrating and negative experience?
Buyers often set out on their mission to buy a home with a sparkle in their eye and a mind full of hope. But increasingly often, the optimism dwindles fast and is quickly replaced by frustration and even resentment — especially in competitive markets like North Carolina. These elements and truths of the market have begun to make the search for a pre-owned home too frustrating to justify for some would-be buyers.
Ridiculous Competition
Real estate market reports paint a rather bleak picture for buyers lately. The competition to buy a preowned home is fierce and inescapable. Even with the very best realtor pulling out all the stops and expertly navigating contracts, most buyers end up kissing their dream home goodbye more than once. Various offers, some of them purely cash, are often submitted for the same home, leaving only the most jaw-dropping offers standing. In some markets, offering only asking price on a nice single-family home is almost a joke.
It’s frustrating when such a large sum of money feels suddenly devalued and can’t go as far as we’d initially expected. It’s also painful to search the market for homes and fall in love with a special one, only to have your offer of your whole life’s savings and more rejected week after week. Many buyers begin to lose hope after a few failed offers.
Skyrocketing Prices
Because supply is so much lower than demand in many cities, and since competition means offering only asking price is seldom an option, many buyers find that what they thought they could afford in a home has recently grown out of reach of their price range.
In the last few years, an influx of people entering the market sent home values soaring. It’s difficult to afford the cost of a pre owned home in many markets, plus most of them require upgrades or fixes down the line. Adjusting expectations from a single-family home with a yard near downtown to a townhome lacking storage a half-hour drive from the city is a tough pill to swallow.
Endless Compromises
In addition to spending more than planned and competing for even a second look at any offer, buyers are frustrated with the disconnect between a home that truly speaks to their needs and desires and what’s actually on the market. Our homes are extensions of who we are, and we need them to match our lifestyles. When we walk through house after house with closed-off kitchens, too few rooms, and lacking sunlight, it’s no wonder we feel disenchanted with our prospects.
Especially with older homes and lower price ranges, layouts of pre owned homes simply don’t match modern lifestyles and can’t offer what we want in a home without significant - expensive - renovation. Technology in heating, cooling, and kitchen appliances often falls behind the curve and fail to meet our expectations for sustainability and efficiency. On top of compromises on layout, size, and upgrades, many buyers have to make significant concessions on location as well.
It’s no surprise, then, that many intentional homebuyers are now opting out of the competitive and frustrating house hunt and turning to custom building instead.
If you’re ready to build the home of your dreams and live out the future you’ve been waiting for, get in touch with the experts at Atmos today.
