Handling Rejected Offers

Hearing “no” again and again can be really challenging — especially when it comes to trying your hardest to purchase a home in MN. The defeat many buyers feel when it comes to bidding wars and the likes is one of the hardest things about looking to buy a house in MN. 
Between increased home prices in MN and decreased home inventory; buyers can find themselves downtrodden in their dreams of becoming a homeowner (even if it’s for the second or third time). In fact, many buyers who already own homes get frustrated more quickly because they’ve gone through the process before and are ready to upgrade. 

Houses are often put on sites like Zillow and Redfin and by the next day; they’re pending sale. This can be heart wrenching for hopeful prospective buyers that weren’t quick enough. There’s also the homes that last longer on the market and people have been able to go see through a showing or an open home and perhaps get attached to — only to enter a bidding war or see the home sold outright for higher than the asking price. 
What a lot of this comes down to is how quickly you can qualify for a good loan in MN with a sizable down payment and how “on-it” your real estate team is. In busy markets like so many today, there’s little to no room for biding your time. 

Perspective 

It’s vital to keep perspective when you keep getting turned down. First of all, as hard as it is — try to remain grateful that you’re able to look into purchasing a property in MN in the first place. There are many people who are never able to be homeowners. Secondly, and thankfully, a bit easier — hold onto the perspective that what’s meant to be will work out and more homes will continue to come available in MN. 

Persistence 

If at first you don’t succeed; try, try again. This isn’t ideal or very fun — but it truly is the only way that buyers are going to successfully purchase a house in MN. The good news is that people are moving more than ever right now and also new homes are being built at an alarming rate — so very rarely will buyers have to wait too, too long to get their set of keys to their new home. 

Continuing to keep an eye out and making offers is the straight and narrow path to escrow. 

Flexibility 

Everyone’s favorite “f-word” — flexibility. Having one’s sights set on an open floor plan, a single story home, or no need to repaint will get homebuyers stuck pretty quickly. In any market, but especially competitive ones like we’re seeing so much of currently, there must be room for flexibility. Going into a home with an open-mind is crucial to visualizing what the space can be when the owner’s furniture and family photos are long gone. While some factors may be non-negotiables, it’s best to keep that list down to the core needs that a homebuyer in MN simply cannot live without; 3-5 maximum is a good place to start. 

Thinking about what a home could be instead of what it is, maintaining perspective of the realities of the market, and persistence are the three key ingredients to weathering the storm when your offers are not getting accepted time and time again.