Anyone who is trying to buy a home today, knows all to well how difficult it can be. With low inventory and many buyers scrambling to buy before interest rates rise, all the ingredients adding up to continued multiple offers and over asking price bids. Thus the following article in the latest issue of Market Matters put out by the CALIFORNIA ASSOCIATION OF REALTORS® is timely and hopefully can help a home buyer write an offer that will be accepted and they can get the home of their dreams.
How to be the most attractive home buyer
As home prices continue to recover and interest rates remain at near-record lows, many houses are receiving multiple offers and to win the bid, buyers need to stand out from the crowd. According to the CALIFORNIA ASSOCIATION OF REALTORS®’ most-recent housing report, the median number of days it took to sell a single-family home decreased to 29.4 days in March.
Making sense of the story
- Since markets are moving fast, housing experts recommend buyers have their loan pre-approved and their down payment ready before starting their search. With low inventory and demand high, buyers need to know their parameters.
- Multiple offers are become the norm, so buyers need to be ready to compete and do their homework to seal the deal. The longer the negotiations, the bigger the chance a buyer could lose out to someone else who made a better offer.
- Buyers also must be reasonable without being difficult because until an offer is signed, sealed, and delivered, other buyers can make offers on the property.
- Even though it’s a competitive market, buyers should maintain their budget and not pay more for a house than it’s worth. Experts also warn that buyers shouldn’t cut corners like skipping the home inspection.
- To be an attractive home buyer, consumers should plan ahead by checking their credit for accuracy and avoiding making any big purchases or taking on any big debt while house hunting.
- Buyers who spot a good deal on a house shouldn’t wait days to make an offer. Since time isn’t on the buyer’s side, learning how to spot a great deal by researching an area’s home prices is pertinent.
- In this market, cash is king. The more cash a buyer has, the more appealing they are as a buyer. Putting down 20 percent or more also makes a buyer look more financially stable and gives sellers comfort that they’ll qualify for a mortgage.
Let me put my nearly 30 years experience to work for you and help you get the perfect Napa Valley property, please contact me