January 16th 2023

Today, the housing market is in transition from the peak seller's market of 2021-mid 2022. In such an environment, it’s no longer a given that all homebuyers will easily find a house and seal the deal. And even more surprisingly, those lucky folks who do succeed aren’t just sitting on piles of cash. On the contrary, real estate agents and other experts we spoke to say that successful homebuyers today simply possess a particular mindset and behaviors that help them persevere in today’s market.

So what are these qualities, you might ask?

1. They’re persistent

While the market might be slowing down in some places, it is still moving relatively quickly in Cape May County, thanks to low inventory.  This means you might have to make offers on a few homes before one is accepted. As a result, persistence pays off more than ever before.

“Persistent [homebuyers] may still continue to find success,” Danielle Hale, chief economist for Realtor.com®, noted recently.

Indeed, she adds, recent data “showed that homeownership rates increased from a year ago, both overall and for nearly every age and racial and ethnic group.”

The lesson here is if your first, second, or third offer doesn’t get accepted, don’t give up!

2. They keep their emotions in check

Buying a home can be a highly emotional process, particularly at the Shore with so much competition and personal memories attached to the area. And if you fall in love with a certain home, and don't get it, the heartbreak that ensues if your bid is rejected might bring you to tears and, worse, despair.

While it’s understandable that feelings can run amok, try to not let your mind wander toward the dark side where you start thinking “What’s wrong with me?”

Successful buyers don’t take rejection personally.  If a house doesn’t work out, they know there will be others.  

Try as best you can to lean on logic during emotional moments—and do your best to never allow yourself to get too attached to a house before the deal is done.

3. They’re open-minded

Often at the Shore, potential home-buyers have been vacationing on the same island or in the same area of town for years.  But, the most common factors of succesfull buyers are compromising on either condition, location or price.  Cape May County is not a large area, and the barrier islands are small; there are only so many options in each price point. 

For instance, if you're set on a single family home at the Shore but are priced out of the islands for that type of property, consider the off-shore areas just over the bridges.  It's a 5-10 minute drive to the beach, single family homes are more plentiful and have much larger lot sizes, and they are significantly less expensive for the same quality home!  

4. They’re not afraid to ask questions

Before making the biggest purchase of their life, smart shoppers would have questions—about the property they hope to buy, the homebuying process itself, all of it. Yet in a fast, competitive market, some might feel pressure to keep questions to a minimum just to keep the deal moving, as though you should feel lucky a home seller accepted your offer at all.

When looking at homes with your agent, be sure to ask them plenty of questions. Not only will this help you get a better understanding of the home and the market, but it will also give your agent a good sense of what you’re looking for.  The more you know, the better equipped you’ll be to make the right decision.

5. They see beyond how a home looks

Everyone wants the perfect home. However, in this market, it’s likely that you will have to make some compromises. Inventory is still low and multiple buyers are competing for the same few homes, all of which means that you’ll be more likely to find success if you’re willing to compromise.

The most successful buyers today are able to look beyond cosmetic repairs.  They can visualize the potential of a property that other homebuyers may overlook in trying to find that perfect home that everyone else also wants right now.

Remember, the "perfect" Shore home is the one you make your own!

6. They can draw a firm line between wants and needs

While house hunters of the past might have been able to snag their dream home without too much struggle, today’s homebuyers must be realists. And one way they do this is by knowing the difference between what they want and what they need in a home.

Make a list of needs versus wants. If the list of needs outweighs the wants, you might need to reevaluate your criteria (price, condition, location, size, amenities, etc).

While needs can remain non-negotiable, be willing to be flexible when it comes to your wants, especially if they are things that you can add to the property later on. This is what it takes if you ever hope to buy a Shore home today.

7. They’re flexible and available

Being flexible is another essential habit to adopt as a homebuyer.  Since homes are selling at an extremely fast pace, waiting until the next time you're down at the Shore could be too late.

If you see a listing that really interests you, even if it's been on the market a while, don't wait.  If it seems like a good deal, you're almost certainly not the only one thinking so!

And if you do make an offer, it pays to be flexible and accommodating when it comes to contract negotiations.

If a home seller has multiple offers, the easygoing homebuyer is bound to stand out more than one who demands tons of repairs or other stipulations to close the deal.  Don't let a $300 repair item, for example, stop you from being one of the successful home buyers!