When I started working with my clients James & Sharon in June, they were really excited about buying their first home. They thought it would take about a week or two to find a home, write an offer, and have it accepted. But, the rapidly declining inventory of homes for sale in San Diego County, especially in the under $275,000 price range, quickly shattered that illusion!
After viewing many homes, finding out that there were already multiple offers over the asking price, having three offers rejected because other buyers bid over what my clients could afford, we finally had an offer accepted and have since closed escrow. But, it’s not easy!
You are going to need an experienced agent…this is even more important in a competitive market. You need an agent who knows the local market, the other agents in the market, and the market trends. You need a veteran with a good reputation. Why? If there are multiple offers on a property, having an agent with a great reputation may give the listing agent the push they need to recommend the seller take your offer over others. The listing agent and sellers need to know that your agent is a pro who closes transactions.
In the lower price ranges, expect to pay the asking price or more! With multiple offers now the norm, there really is no point in coming in low, you only diminish your chances of having your offer accepted, or even countered.
Write a biography about you and your family (or have your agent do it). Do you have kids? Where do you work? What do you love about the home? Send it, along with a picture of your family, with the offer. For my clients James & Sharon, it meant they had the edge over the competition. The sellers connected with their family and wanted them to have the home.
Example: I have a home listed for sale, under $275,000, a traditional sale. We had multiple offers. While I advised the seller to counter with all the buyers, they chose to work with only one family. Why? Because the seller thought her parents would have loved these buyers being the ones to buy the home. They made an emotional connection.
True, in the case of bank owned or investor owned properties, this might not help. But with more and more traditional sales coming on the market, it can mean the difference between you being the lucky buyer selected or not!