Today I have a few tips to help you get a leg up as a buyer in this competitive market.
Looking to sell a home in Southern California?
Looking to buy a home in Southern California?
Whether you’re a first-time homebuyer or you’ve been through the process before, it can be hard to get your offer accepted in today’s competitive real estate market. There are a couple of things you can do to better position yourself in having your offer accepted over competing buyers.
1. Get pre-approved. Unless you’re lucky enough to buy with cash, you need to get a full pre-approval letter from your lender so that you can be in a strong position with the seller. It’s important to talk to a reputable lender who is local to the area. Sometimes online lenders will make a lot of promises that seem good at the time, only for you to later find out that they weren’t the best choice after all. Be careful about which lender you choose, and if you need referrals, I’d be happy to help you with that.
2. Pick a qualified and connected agent. You don’t want to work with someone who isn’t local or is working part-time. It’s important that the agent you work with is well connected, because it means that we can leverage those relationships to get your offer accepted on the home you decide on. Once you choose that agent, make sure you sit down with them and go over a list of specific needs that you want them to be aware of. That way, they won’t waste time showing you homes that don’t fit your needs.
Be careful about which lender you choose.
3. Be prepared to be creative. If you’re in a multiple offer situation, sometimes it’s not just the price that will give you a leg up. Writing a personal letter to the seller or tailoring your offer to their specific needs and requirements can go a long way to get your offer accepted.
4. Don’t be afraid of the bidding war.Bidding wars may happen if the house was underpriced or priced at market value, making it therefore exposed to as many buyers as possible. With that much exposure comes a lot of interest, so you’re more than likely going to see many buyers jostling for the best position. If you find yourself in that situation, offer the price that you feel most comfortable with that sits within a comparable range to other properties in the area.
5. If you’re selling your home, make sure that home is in escrow. You should make sure you have the ability to stay in your recently sold home while you’re looking for a new one. This can be either through a lease-back agreement or a contingent contract.
These are some of the ways that you can get a leg up in this competitive market. If you have any additional questions or you’re looking to buy or sell a home, please give me a call. I’d be happy to help.
