Buying a home can be challenging in today’s hyper competitive market, where there are too many buyers and not enough sellers. The local Bay Area market has been seeing consistent appreciation year over year for the past 8 years. We saw a time when no one was buying homes after the 2008 crash, then we saw investors surface and pick up properties cash which they made a killing on. Then came the first time buyers flooding the market, then we saw a crazy market where it was hard to get your offer accepted. But in the past year we saw the market leveling out, there were lots of buyers but there was enough inventory to meet the demands. The buying process was still challenging but there was just enough inventory to go around. And then COVID-19 hit which changed the market and made buying a house a real challenge! To help you with some home buying tips, I encourage you to watch my video.
During the months of March, April and May 2020 buyers were getting acclimated to the COVID environment and became skeptical of the real estate market, a lot of people thought the real market was going to crash, so a lot of buyers held back from putting offers on properties. Despite the unknown of this virus’s impact on selling and buying, the real estate market stayed strong and the price ranges did not change. Now you have all those buyers back in the market plus more because the interest rates are so low! And on top of that you have home sellers holding off on putting their home on the market in fear of the virus spreading during showings and open houses. Sellers are also holding back because there is not enough inventory for them to buy a replacement home in the areas they are looking at. All this has caused a frenzy in the market and we are once again in a very competitive sellers market!
If you are a buyer or a real estate agent (buyer agent) it is a very tough time for you! Buying your first home in today’s market has become a daunting task and this shift has just happened in the last few weeks. That is why I decided to share insights that we are using at our brokerage. In today’s video I am going to share 3 simple tips with you that will drastically increase your chances of getting your offer accepted. Find a home that you absolutely love and go all in with these tips!
3 tips to put you ahead of the competition are:
- Remove Contingencies (Appraisal, home inspection and Loan)
- Solid Lender
- Cover Letter
I hope this video is insightful to you and I can’t wait to hear from you all!