Search This Blog

Monday, August 31, 2020

3 Ways to Win in a SoCal Home Bidding War

3 Ways to Win in a SoCal Home Bidding War: With so few houses for sale today and low mortgage rates driving buyer activity, bidding wars are becoming more common. Multiple-offer scenarios are heating.....
BY 
Real Estate Agent with Allison James Elite CA. BRE 01501699
 
Three Ways to Win in a Bidding War | MyKCM

With so few houses for sale today and low mortgage rates driving buyer activity, bidding wars are becoming more common. Multiple-offer scenarios are heating up, so it’s important to get pre-approved before you start your search. This way, you can put your best foot forward – quickly and efficiently – if you’re planning to buy a home this season.

Javier Vivas, Director of Economic Research at realtor.com, explains:

“COVID-19 has accelerated earlier trends, bringing even more buyers than the market can handle. In many markets, fierce competition, bidding wars, and multiple offer scenarios may be the common theme in the weeks to come.”

Here are three things you can do to make your offer a competitive one when you’re ready to make your move.

1. Be Ready

A recent survey shows that only 52% of active homebuyers obtained a pre-approval letter before they began their home search. That means about half of active buyers missed out on this key part of the process.

Buyers who are pre-approved are definitely a step ahead when it’s time to make an offer. Having a pre-approval letter indicating you’re a qualified buyer shows sellers you’re serious. It’s often a deciding factor that can tip the scale in your direction if there’s more than one offer on a home. It’s best to contact a mortgage professional to start your pre-approval process early, so you’re in the best position right from the start of your home search.

2. Present Your Best Offer

In a highly competitive market, it’s common for sellers to pick a date and time to review all offers on a house at one time. If this is the case, you may not have an opportunity to negotiate back and forth with the sellers. As a matter of fact, the National Association of Realtors (NAR) notes:

“Not only are properties selling quickly, but they are also getting more offers. On average, REALTORS® reported nearly three offers per sold property in July 2020.”

Make sure the offer you’re presenting is the best one the sellers receive. A real estate professional can help you make sure your offer is a fair and highly competitive one.

3. Act Fast

With existing homes going like hotcakes, there’s no time to waste in the process. NAR reports how the speed of home sales is ramping up:

“Properties typically remained on the market for 22 days in July, seasonally down from 24 days in June and from 29 days in July 2019. Sixty-eight percent of homes sold in July 2020 were on the market for less than a month.”

In addition, NAR notes:

Total existing-home salesjumped 24.7% from June to a seasonally adjusted annual rate of 5.86 million in July. The previous record monthly increase in sales was 20.7% in June of this year. Sales as a whole rose year-over-year, up 8.7% from a year ago (5.39 million in July 2019).”

As you can see, the market is gaining steam. For two consecutive months houses have sold very quickly. Essentially, you may not have time to sleep on it or shop around when you find a home you love. Chances are, someone else loves it too. If you take your time, it may not be available when you’re ready to commit.

Bottom Line

The housing market is very strong right now, and buyers are scooping up available homes faster than they’re coming to market. If you’re planning to purchase a home this year, let’s connect to discuss the trends in our current area, so you’re ready to compete – and win.

 

The Dangers of Deferred Maintenance

 

 

How to Revamp Your Living Room on a Budget

Does your living room need an upgrade? These tips can help you do it for less!

Read Article

 

 

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.
TOPIC:
 Home Buying
LOCATION:
 
California
TAGS:
 
preapproval
 
topproducer
 
hyperlocal
 
firsttimehomebuyers
 
realestateinvestor
 
chrisbjohnsonrealtor
 
rentalproperties
 
timetobuy
 
ajiboom
 
findyourdreamhome
 
5starrealtor
 
moveuphomebuyers
 
flipandfix
 
boomeragebuyers
 
multigenerationalbuyers
#TimeToBuy,#FirstTimeHomeBuyers,#MoveUpHomeBuyers,#5StarREALTOR,#HyperLocal,
#ChrisBJohnsonREALTOR,#TopProducer,#FlipandFix,#RealEstateInvestor,#RentalProperties,
#BoomerageBuyers,
#MultiGenerationalBuyers,#AJIBoom,#FindYourDreamHome,#PreApproval


Friday, August 28, 2020

The SoCal Cost of Renting Vs. Buying a Home [INFOGRAPHI

The SoCal Cost of Renting Vs. Buying a Home [INFOGRAPHI: The percentage of income needed to afford a median-priced home today is declining, while that for renting is on the rise.This is making buying #TimeToBuy..................................BY 
Real Estate Agent with Allison James Elite CA. BRE 01501699
 
The Cost of Renting Vs. Buying a Home [INFOGRAPHIC] | MyKCM

Some Highlights

  • The percentage of income needed to afford a median-priced home today is declining, while that for renting is on the rise.
  • This is making buying a home an increasingly attractive option for many people, especially with low mortgage rates driving purchasing power.
  • Let’s connect if you’d like expert guidance on exploring your homebuying options while affordability is high.

 

 

 

End-of-Summer Yard Cleanup

You’ve spent the season enjoying your backyard, but now is the time to make sure it’s cleaned up and ready for autumn’s arrival.

Read Article

 

How to Revamp Your Living Room on a Budget

Does your living room need an upgrade? These tips can help you do it for less!

Read Article

 

 

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein. 

#TimeToBuy,#FirstTimeHomeBuyers,#MoveUpHomeBuyers,#5StarREALTOR,#HyperLocal,

#ChrisBJohnsonREALTOR,#TopProducer,#FlipandFix,#RealEstateInvestor,#RentalProperties, #BoomerageBuyers,#MultiGenerationalBuyers,#AJIBoom,#FindYourDreamHome,#PreApproval

TOPIC:
 Home Buying
LOCATION:
 
California Ventura County
TAGS:
 
preapproval
 
topproducer
 
hyperlocal
 
firsttimehomebuyers
 
realestateinvestor
 
chrisbjohnsonrealtor
 
rentalproperties
 
timetobuy
 
ajiboom
 
findyourdreamhome
 
5starrealtor
 
moveuphomebuyers
 
flipandfix
 
boomeragebuyers
 
multigenerationalbuyers
#TimeToBuy,#FirstTimeHomeBuyers,#MoveUpHomeBuyers,#5StarREALTOR,#HyperLocal,
#ChrisBJohnsonREALTOR,#TopProducer,#FlipandFix,#RealEstateInvestor,#RentalProperties,
#BoomerageBuyers,
#MultiGenerationalBuyers,#AJIBoom,#FindYourDreamHome,#PreApproval