Have you made an offer on a home recently only to find that somebody else offered more? Have you heard that it's a buyers' market, and then been surprised to discover that more than one offer was made on the house you wanted?
How can you compete and make sure you get the home you want in a competitive buyers' market?
- Be patient. In a time when the majority of homes for sale are distress sales, either short sales or foreclosures, it can take time to hear back from the banks on their decisions.
- Be pre-approved. Make sure you are pre-approved, not pre-qualified. Your offer is likely to be reviewed by the current lender, and they will want to see a strong pre-approval. Get a desktop underwriting approval if possible. This means that your loan has actually been run through the computer underwriting system and has been approved.
- Be realistic. In many cases, the banks are making final decisions on the purchase price of a home. They are looking at the market value of the home when making a business decision about whether or not to accept an offer. If the market value is $750,000, they are not going to let the home go for $500,000 no matter how bad the media says the market may be. The banks may not be in the business of owning homes, but they are not in business of giving them away either.
- Be ready to make several offers before winning a home. Despite the fact that it's a "buyers'" market, you may have to make offers on several different homes before having your offer accepted. I made an offer that was more than 6% over listing price on a home that had 15 offers in the first week, and that was not the highest offer. What made this home so attractive? It was a well-priced home in a nice neighborhood, and there is a lot of competition for this kind of property.
- Be sure to use a real estate consultant who can explain to you the realities of today's market.
If you would like help buying a home in Orange County in today's buyers' market, please e-mail Me or call met at 714-319-9751.
For more information on today's buyers' market see Understanding How Homes Sell with Mutiple Offers.
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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.
Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? Contact me at christine@donovanblatt.com or 714-319-9751 to discuss your options.
For more information, please visit Costa Mesa real estate. For more information on Costa Mesa homes or the value of a particular home please visit Costa Mesa home values
Click for a free list of Orange County foreclosures or a free list of Orange County short sales or e-mail Me!
Want to buy a home or to list your property for sale in Newport Beach, Costa Mesa, Huntington Beach or Orange County? Contact me at christine@donovanblatt.com or 714-319-9751 to learn about her system which will make your buying and selling experience easier.
Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied. This blog is not intended to offer any legal, tax or other advice.
Click Orange County homes for sale to view all OC homes for sale. Copyright © 2009 by Christine Donovan, All Rights Reserved. 5 Ways to Compete in Today's Competitive Buyers' Market
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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.
Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? For more information see Options to Foreclosures, understanding short sales or contact me at christine@donovanblatt.com to discuss your options.
If you want to buy a home or to list your property for sale, please click Newport Beach homes, Costa Mesa homes, Huntington Beach homes or Orange County homes. Click the link if you are interested in buying a home at a courthouse auction sale.
Contact me at christine@donovanblatt.com or 714-319-9751 to learn about her system which will make your buying and selling experience easier.
Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied. This blog is not intended to offer any legal, tax or other advice.
Federal Government Disclaimer (MARS)
- You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject or accept the offer, you do not have to pay us.
- Christine Donovan, DonovanBlatt and Donovan Group are not associated with the government, and our service is not approved by the government or your lender; and
- Even if you accept this offer and use our service, your lender may not agree to change your loan.
Click Orange County homes for sale to view all OC homes for sale.
