Buyer Persistence Pays Off: A Case Study

Buyer Persistence Pays Off: A Case Study


With the Greater Atlanta area, which includes the city of Atlanta and surrounding counties, including Cherokee, Clayton, Cobb, DeKalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Henry and Rockdale, sitting at approximately 2.1 months of supply of homes for sale, we remain in a solid seller’s market. While we now have more supply this summer compared to the beginning of last year, with January 2022 bottoming out at 1-month supply, experts generally agree that a six month supply of inventory results in a balanced market. 

Current buyers can expect more competition on a single property with the need for a more aggressive offer to secure the home of their dreams. This can be daunting to some buyers, resulting in many pulling back and postponing their home search. Many current renters who were planning on buying a home instead of re-signing their lease have agreed to pay higher rent prices due to the fear of bidding wars and competition. The value of a realtor who a) knows how to effectively communicate with listing agents to uncover what is truly important to the seller;  b) write and present the best possible offer given their clients’ needs and c) work collaboratively with lenders, cooperating agents and other professionals to effectively problem- solve issues that undoubtedly arise, cannot be understated. The current renters that decide to postpone their search another year are not only losing out on a year of increasing home values, but they most likely will face even tougher competition if interest rates decrease.

A Case Study on Buyer Persistence

I had been working with a client since April to secure a property with potential rental opportunities. Many condos and townhome communities have strict rental restrictions as part of their community guidelines and HOA requirements. Oftentimes, condo and townhome property owners must apply for a rental permit, which could result in putting your name on a waiting list. How long the waiting period is depends on the percent of rentals that are allowed at a given time and whether that number has been met. 

All this to say, when a condo or townhome hits the market in a community that has less stringent rental restrictions or no rental restrictions, many investors (and non-investors) come out of the woodwork. More eyes and interest on a single property leads to more fierce competition to be the “winning offer”. Over the span of three months, my client and I had toured close to thirty properties and submitted 11 offers. While it would have been easy (and understandable) for my client to throw in the towel when he got outbid on properties he really wanted, he persisted. This persistence led to securing a townhome in a community without rental restrictions (or HOA for that matter). He shortened, but did not waive due diligence periods, appraisal contingencies or financing contingencies. By the time of close, he already has equity in this new home.

Had he waited another year to buy, he may have missed out on both instant equity and increases in his home’s value over the next twelve months. 

With the right realtor and team of professionals around you, buyers can succeed in this seller’s market. We’d love to help you achieve your goals. - KRISTY KADOLPH

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