The holidays are over, so hold on to your hats! through most of December 2014 the MLS (Multiple Listing Service) reported only 2-5 new listings a day and yet the buyers were out in full-force, making viewing homes and making offers as if the holidays had no baring on the process. Now, just three weeks into 2015, we are seeing more and more listings hit the market. (Daily)
As I have explained to many interested buyers frustrated with the inventory levels being so low since – October 2014, now is a time to start looking and preparing yourselves for newly listed properties to tour. Odds are, you will find a great property to purchase!
Keep in mind that if you are buying in the Central Valley, (Modesto, Ceres, Oakdale, Riverbank) you need to know that the base pricing ‘under’ $250,000. is a HOT price range. Both first-time buyers & Investors are in a ‘feeding frinzy’ right now, so be EXTRA prepared when you start shopping for your home!
BUYER ‘MUST DO’s’:
1. Buyers must be pre-approved by a local lender to have the best chance of obtaining an accepted offer. Sellers and seller agents feel much more comfortable knowing that the lender handling the loan is local. And of course, get a few recommendations, as it is to your best advantage to have a highly recognized lender on your side.
2. Buyers must listen to your agent when writing the offer. So many buyers get the wrong advice from family or friends and try to undercut a price…offering less and losing the home they loved to another buyer who understood the market and made the correct offer. Your agents job is to help you understand the market and by checking comparable sales in the neighborhood, so you can determine a fair offering price. Don’t be the buyer that wrote 3 or more offers before you understand this!
3. Buyers must find the right agent with experience…and time to help you. That’s correct…Some agents are experienced while others are not…and some agents have time for you while others do not! My point is, make sure you have the right agent in your corner – helping you find your perfect home.
4. Buyers must get online and set up a ‘Buyer’s Home Search Notification’. Yes, you can search Zillow or Trulia daily, but these sites are not as current as an agents MLS, and it becomes frustrating when you find out the home you liked, already sold.
Of course, your agent should be checking the MLS daily, But with out this feature you could miss out on a great home. An ‘Instant Notification’ program can be put in place to email you the moment a property goes on the MLS…from any company. As one of the first to hear about a new listing, you have a big advantage over the other buyers in the area!
The more prepared you are, the better you will look to a seller. If all being equal, and two offers are being reviewed by the SELLER…the buyer using a local, reputable lender will score big in your favor. Then, being approved and not just pre-qualified, you will again make yourself more attractive!
There are several other tips in I use when writing an offer that will help sway a seller your direction, so if you are serious about buying in 2015, don’t miss out by being unprepared…call me so we can discuss the best approaches in securing your next home.