This market has presented quite a bit of opportunity for buyers. Whether you are a first time buyer, a move-up buyer, a relocation buyer, or maybe an investor there certainly are some great options out there.
As the general thought out there is that there is an abundance of inventory many people start with the idea that every seller is desperate and they would be "crazy" not to sell if there is an offer in writing. Now, I really would like to believe this as I represent buyers throughout the city of Long Beach, but unfortunately many of the sellers have missed the memo that they are desperate.
In this vein, I thought I would share some thoughts for buyers to consider as they look for their piece of Long Beach real estate.
- Not every seller is desperate - I know it's shocking to think, but not every seller has to sell, and some are prepared to ride out this time to higher prices. Be aware that some sellers have a "bottom" price and it may be above what you are willing to pay.
- The Worst they can say is "no" - Ok, now that is probably the worst they can say, but if you want the chance at the property and they say no, then you may not get a 2nd change to make a 1st impression.
- Banks aren't giving properties away - Many of the banks have foreclosures. The banks may be in the money business, but they aren't in the business of giving it away. Many banks are pricing their bank owned properties so well that they are getting more than 10 offers! Catch the bank owned properties early when they are listed and be prepared to qualify with the bank as well for their chance to earn your loan business.
- Multiple Offers Happen - Yes in this market the well priced properties are still getting multiple offers so make sure your offer is well documented so your offer can stand out. We make sure to include personal letters, proof of funds, FICO scores, and pre-approvals so our client offers stand apart from the crowd even when they aren't the highest price.
- Escrows can be long - Due to the changing loan environment we are often experiencing longer escrows. Sure some finish right on time at day 30, but make sure you stay in touch with your loan officer to find out what is going on. Many lenders haven't done FHA loans in a long time so you may run a little late. Watch your timelines carefully.
Being a buyer in today's Long Beach real estate market is going to go down as one of the best in history. Great prices with great loan rates. Understanding the above 5 items will make the trip to your property much more pleasant. Have fun shopping and remember you can always use the Long Beach MLS for FREE to find the right Long Beach home or condo.
Related Posts:
Stalemate in Long Beach Real Estate
2 comments:
Good article and good points. Working as a Toronto real estate agent I am sometimes on the side of buyer and sometimes on the side of seller and I can just totally agree with you that expectation of buyers and sellers are in contradiction. People usually say that buying a house is a lifetime-decision but they don’t think about selling. I think that selling a house is a lifetime-decision as well so it is not appropriate to say that seller is usually in a desperate position.
Thanks for coming back to comment. I think if both sides try to put themselves in the other's shoes I think we would have smoother transactions :)
Post a Comment