The news is inundated with stories about buyers who were less-than-thrilled with their new homes, and many of those stories focused on how market conditions forced buyers to “settle.” It is important to remind ourselves that news is focused on stories that rile up emotions, and stories about families who got exactly what they wanted don’t fit the bill. The truth is that the majority of buyers are happy with their purchase. According to a recent survey by Realtor.com, which surveyed 1,000 adults who purchased a home between March 26, 2020 and April 7, 2021, 71% believed their purchase was a wise decision, and 3/4 believe their new home was an excellent fit for their families. In short, the sob stories you read account for 25% of purchasers at most.
To be fair, it’s surprising that so many people are happy with their purchases; market conditions did represent a threat to families getting their dream home. The pandemic led to record-low mortgage rates, which created a massive imbalance between the supply of homes and the demand for homes. Additionally, the pandemic caused a large number of would-be sellers to hold off on listing their homes, making the gap behind supply and demand grow even further. Naturally, this imbalance between supply and demand led to steep price increases and fierce bidding wars over limited inventory.
Nonetheless, the housing market is surprisingly robust, and hidden gems can be found with the assistance of a skilled real estate agent; the kind of agents that make up the Chernov Team, for example.
At the Chernov Team we understand that knowledge is power, and knowledge of how buyers feel about their purchases is powerful knowledge indeed. At the Chernov Team we know that whoever comes to the table most prepared leaves with the most, and the Chernov Team always leaves the table with the most.