April 2021 Real Estate News letter
How to get your offer accepted:
These are very competitive times. So, in order to get your offer accepted (when there are 15 other offers on the same property) you need to get creative AND you have to have an Advantage (pun intended J )
Just a few short years ago you could make an offer on a home, ask the seller to pay for some of your closing costs and you could get the home under contract. Today, it’s a totally different story.
It’s been a sellers’ market for the past few years but I’m going to call this current market a ‘SUPER SELLERS’ MARKET’ because there is so much demand for housing, mortgage rates are low AND we’re still in a housing shortage.
So, in order to get your offer accepted, you have to have a few things that most other buyers may not have. 1) Really good credit. 2) Extra cash to cover a possible low appraisal. 3) A really good local lender. 4) Be willing to remove some or all of the contingencies (or at least shorten the time frames for contingency removal). 5) Be flexible with what the home seller wants.. ie if the home seller wants to stay a few extra days after the closing… it’s totally good with you.
For our clients, we call the listing agent and ask if there are any particulars that the home seller has or would like…. And then we work hard at accommodating them.
Strong FICO scores, Strong Proof of Funds to close (and then some), contingency removal, a Strong lender and a Willingness to Accommodate the seller and On TOP of all this, you need an experienced Realtor.
One last thing, don’t be afraid of making multiple offers. If there are 4 homes that would fit your family/lifestyle, make 4 offers. If you win all 4 you get to pick. It’s a tough world out there. I tell my home sellers when we’re reviewing offers…’Let me check with the buyer’s agent before we accept, they may have an offer on another property’.
Every offer/transaction/property is different from the next. If you have any questions regarding this or any other real estate related matter, call me at 661-406-1562 or call the office at 661-400-0705.
SIDE NOTE: According to the California Association of Realtors, there was a 23% increase in home sales prices from March 2020 to March 2021. It might do the same this year.
Take care, be safe out there … and have a GREAT DAY!!