The spring selling season is upon us, and while it’s traditionally the busiest time of year for real estate, this spring promises to be even more competitive than usual—particularly for first-time home buyers. With ultra-tight inventory and continually increasing home prices, it’s imperative that your buyers be ready to make an offer and move forward on a purchase contract at a moment’s notice.
The Cascade Team is a real estate brokerage whose focus is centered on customer service. Our customers are our number one priority and our local agent team works hard to not only find properties that meet your needs and wants, but also leverages their local market knowledge to help guide you through the home search process. Our commitment to excellence in service is unparalleled in the areas in which we serve. While we offer a number of online tools to assist you with your home search, having a knowledgeable local agent to guide you is so important, especially when the local market heats up. Multiple offers, escalation clauses, negotiations, etc., are all critical items in helping you secure your new home, and that's where our service and local knowledge sets us apart.
Beyond educating your buyers about the realities of current market conditions, it’s helpful to counsel them through the ‘identifying wants versus needs’ process—ideally before they start viewing homes and become overwhelmed. There’s no time in a tight market for leisurely decision-making or waffling, and these tips for making your buyers the most prepared they can be.
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- Discuss the contingencies your client is willing to waive ahead of time. If you find yourself in a multiple-offer situation, buyers who can make concessions regarding inspection results and repairs and who can be flexible about the closing timeline likely will be in a stronger negotiation position than other buyers. Ironing this out with your client before you go on showings will enable him or her to make their best offer first when the time comes.
- Be ready to offer a rent-back agreement. Sellers who plan to purchase another home are going to have as difficult a time finding a place in this tight-inventory environment as your buyers. Offering sellers the option to rent back their home after closing so they can stay longer while they look for another home can make your buyer stand out. Talk with your buyers up front about their current living arrangements and whether they can be flexible on the time frame for moving in.
- Help buyers be financially prepared beyond the mortgage preapproval letter. Your clients must have credit issues cleared up and deposit and down payment funds in hand when they make an offer. If there is anything in their financial profile that could stall a transaction, point them to credit counselors and other professionals who can work with them to remove all obstacles before they go looking for a home.
Learn more about Tips to win in a Highly Competitive Market HERE
The Home Buying Process
As you begin to think about buying a home, you're probably acutely aware that this is likely to be your greatest investment ever (short of children or a good marriage), and you might be wondering if there's anything you really need to know as you go into this process. This is where your real estate professionals come in. With the help of a trained agent, you can come out on top of a closing that might otherwise have pushed your retirement ahead a decade!
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