Quality Homes Flying Off the Market: Get Your Fair Chance to Buy
Friday, April 04, 2014
Quality homes are flying off the market. How can you be sure to get a fair chance at buying one?
That is a great question for buyers these days. Nationally there is still a strong demand for homes, and so many buyers. Rhode Island is no different.
Inventory Levels are very low on quality homes in many markets. What can a buyer do? Read on below, I have ideas that are a great foundation for your approach.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTEngage a knowledgeable and local agent in the area your considering. This is first and most important. If you are relying on weekend open houses to see what is out there you may be a step behind, because we’re seeing homes sell very, very quickly in many markets.
If the agent you choose does a volume of business in your market and in your price range, you can be sure that you will get better advice than you will from an agent that only works occasionally in that location and range. Look at the signs. This can help guide you to the Agent and Company that will help you reach your goal. There is a reason why they have so many signs.
Be prepared to jump quickly. Speak with a qualified loan officer and get pre-approved to secure your financing. An offer tendered without strong qualifications will not be given proper consideration. Don't wait till you find a home you have fallen in love with to go seek financing options. A delay while waiting for proper qualification documents may mean you loose the home to a better prepared buyer.
Again, working with an experienced agent is critical in this market. One who has a great reputation among the real estate community. One who can properly present your offer. And properly guide/advise you when you write your offer. Cover all the bases in your initial offer. Renegotiating for contents or conditions can sometimes be more difficult after the sellers have accepted your numbers.
I’ve been working with buyers and sellers for over 22 years and I have yet to find buyers that tell me they want to compete and get involved in a multiple offer scenario. Nobody wants to “bid” on a property. The fact is multiple offers are not going away anytime soon on good properties. I was involved in three last week with my listings myself. One property had five offers.
The best advice I can give my buyers is to tender an offer that makes sense to them. I always review comparative local homes with them so they are completely educated before jumping in. Price is an important factor.. but it’s not the only factor that comes into play. The type and number of contingencies a buyer places into the offer can make or break a sale.
Flexibility with the sellers can also sometimes push you offer to the top of the pile. Kids in school, new home completion dates, and other personal matters can be important to sellers. Letting them know you can work with them can sometimes make the deal happen.
One final point concerning your agent; you should work with an experienced agent who knows the market and is “on top” of inventory. When a new listing appears your agent should be all over it quickly and provide feedback to you as soon as possible.
Many times we’ve seen homes hit the market on Monday and be gone by Wednesday. If you and your agent are properly prepared, this is a way to minimize the competition for a house and submit an offer before others even see the home. Home buyers need hard working qualified agents now more than ever. Get the edge… get the home of your dreams.
This column is part of an ongoing sponsored content series with Prudential Gammons Realty.
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