Have you heard? It's all over the news. Multiple offers are back! Yikes.
So how do you navigate this crazy market and still end up with a house you want for the price you want? Uh hem... it would probably be best for you to change your perspective. If you're looking to buy a house now and you've got the mentality that your buying in a buyers market, you'll add frustration and a lot of time to your search. The current market is no longer a buyers market! Take my advice and the sane, sound advice of your realtor. Position yourself to be the strongest offer on the table by following these steps.
One, get pre-approved. I didn't say pre-qualified. I said pre-approved. The difference is you've got a written reply from the BANK of how much money they will lend you, the kind of loan they will give you (conventional or an ARM) your estimated closing costs, any points you need to pay and a rough idea of what your interest rates will be. Once you know what your buying power is and the associated costs with purchasing a home (insurance, taxes, interest, moving costs, etc), then you can start looking.
Two, you've got to really know your market. How much the houses sell for in the neighborhood you want to live in. If you're writing an offer, then you've seen 10 or 15 houses, have been discussing price points with your realtor, know what the houses in that neighborhood have recently sold for and go to Sunday open homes. In short, you are well versed in the market you want to purchase in.
Three, submit your strongest and best offer. Think about it from the seller's perspective. If there are four offers on the table, which has the best downpayment, approval letter, and time frames (closing date, contingency time frames, etc)? The seller will pick the offer that best suits their needs, so it's good to know what the seller is looking for (a short escrow, a long escrow, possible rent back, etc).
Wrapping it up, buyers need to change their perspective to a market that is more robust and competitive. Know the market you want to purchase in and put your best offer on the table.
I'm happy to help you find the perfect home for your budget and lifestyle. Call me and we can start the process of being ready to purchase a home in Marin County. Annalise 510-847-1248