A home buyer does not want to be caught off guard in a seller's market. It's one of the reasons that the most important thing a home buyer can do is trust his or her real estate agent to advise on market conditions. If it is a seller's market, it could very difficult, if not almost impossible, to buy the first home a buyer wants to buy.
Because home buyers generally have very little interest in the real estate market when they are not buying a home, they don't always know how the market moves from one season to another, much less from month to month. It is often uncomfortable for a buyer to be told the market is a seller's market when the buyer may believe otherwise -- especially a buyer who is trying to buy in a down real estate market.
Markets can change almost overnight. When the market changes to a seller's market, a buyer's home buying strategy needs to change with it. In a seller's market, a home buyer is unlikely to be successful using the same techniques practiced in a buyer's market.
PREPARING THE HOME BUYING OFFER IN A SELLER'S MARKET
Time is of the essence. Multiple offers happen with more regularity in a sellers' market than a buyer's market. That's because by its very nature a seller's market is defined in part by low inventory and lots of home buyers. A beautiful home that is priced well can attract more than one offer. Remember, you might not be the only buyer.
- Price. Price is not always the most important factor. But do not offer less than list price. Realize you may need to offer more than the amount the seller is asking.
- Earnest Money Deposit. A larger earnest money deposit might look very attractive to a seller. Ask your agent for advice on the deposit; then consider doubling or tripling that amount. You're going to pay it anyway at closing.
- Don't Request Favors. This is not the time to ask the seller to give you the refrigerator or washer and dryer, or part with fixtures, or paint the front door.
- Delay Buyer Possession. If it is customary for the seller to move at closing, give the seller a few extra days to move. Another buyer probably won't think of this maneuver, and the seller will look more kindly upon an offer that lets them move at leisure.
- Submit Preapproval and Proof of Funds Documentation. If your preapproval letter is from an out-of-area broker or lender, get a local preapproval instead. Match your preapproval letter to your sales price and date it the same day as your offer.
WE LEVERAGE TECHNOLOGY AND SERVICE TO DELIVER RESULTS
The Cascade Team is a real estate brokerage like no other, because of the home buyer search tools, service and savings we provide to our clients. We understand that in today’s home buying environment we need to provide the highest level of real estate service possible. We utilize online homebuyer search tools to help our clients better understand home values and how the housing market is changing. With our local Seattle and San Diego area real estate agent’s knowledge, and effective use of mls home listing tools, they can focus more of their time servicing their clients, which allows you a a home buyer to preview homes for sale within hours of them being listed on the MLS. In the end, you get the perfect combination of online home buying analysis tools and that personal real estate service when searching for your new home.
We looked at what homebuyers wanted from a real estate brokerage and have developed our foundation upon these three principles:
- Information: Timely real estate information and home value analysis at regular intervals, so you don't miss out on new mls listings that meet your home buying criteria.
- Trust: A trusted real estate agent you can rely on to find the homes for sale you most want to see.
- Results and Savings: Exceptional results, driven by a strong home purchase negotiation advantage
WHAT ARE HOME BUYERS LOOKING FOR IN TODAY'S REAL ESTATE MARKET?
Have you ever found a home for sale you were interested in, only to find that it already had a purchase contract on it? Our local San Diego, Arizona and Seattle area real estate agents provide you with home search tools that allow you to be notified via email as soon as homes of interest hit the market. They are constantly watching the housing marketplace and proactively sending you new MLS listed homes to review that meet your search criteria. That is what we call Simply Outrageous Service!
Your home in Seattle or San Diego will likely be the greatest financial investment you'll ever make. With the help of a trained andlocal real estate agent, it can also be your wisest. Give yourself every opportunity to come out on top by working with a professional.
New homes for sale hit the real estate market daily. Your representative will be in regular contact with sellers and other real estate agents to ensure you see all the newest listings right away, whether or not they're made public. Often, buyers can put in offers with little or no competition and walk away with an impressive deal on the property of their choice. Your agent will save you valuable time by making sure you only see properties that meet your needs and investment preferences.
As you compare the best deals, your agent will provide you with important information about the home, its neighborhood, zoning issues, utilities, and nearby plans for development.
Many home purchase transactions include an extensive negotiating process. Your real estate agent will represent you and get you the best deal possible. Expect them to attend property inspections, make sure any and all agreed-upon repair work is carried out, and to handle the paperwork related to the sale. An agent can also help set up the financing for your investment, and work directly with a broker to provide you with a seamless service package.
Working with a dedicated real estate agent on your next home purchase will save you time and add professional assurance to every step of the process. With the guarantee of a solid investment, the decision could also make you more wealthy when it's time to sell.
Contact us anytime to learn more about the local home buying process.
Jared Tadique - Real Estate Broker
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