Besides using a great local agent, below are a few tips to help you become the winning bidder for a home in the Napa Valley. Even though this is happening for almost ever fairly priced home in good condition under $500,000, there is a bright side. Even with the recent appreciation, Napa Valley home prices are still about 50% of the 2006 highs and interest rates are still under 4%.
It may not be the situation you want to be in, but this not the battle to run from either.
- The bidding war is back! While not every local real estate market is experiencing bidding wars, some home buyers find themselves competing for houses because of a lack of homes for sale in their desired neighborhood.
- To compete in a bidding war, buyers need to prepare financially for the home purchase. They have to familiarize themselves with property values in their target neighborhoods, and they must know what they want.
- While offering the most money might seem the best way to win a bidding war, sellers don’t always choose the highest offer. Instead, sellers often prefer offers that are most likely to go through and that meet their conditions.
- Many real estate agents suggest buyers talk to a lender and have all of their finances squared away before beginning the house hunt. By completing everything the lender requires, buyers can get a preapproval letter before submitting an offer, making their offer more valuable.
If I can help you find the perfect Napa Valley property, please contact me