Blakeley Real Estate

Luxury Real Estate in San Francisco
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Tips for Buying in a Tight Market


Increase your chances of getting your dream house with these easy steps:

 

1.   Get pre-approved for a mortgage. You’ll be able to make a firm commitment to buy and make your offer more desirable to the seller.

 

2.   Scout out new listings yourself & sign up for MyMcGuire property searches. Time and action will definitely play a hand in whether your offer is accepted, as long as there is no assigned offer date.

 

3.   Be ready to make a decision. Spend lots of time in advance deciding what you must have so you won’t be unsure when you have the chance to make an offer.

 

4.   Bid competitively. You may not want to start out offering the absolute highest price you can afford, but don’t try to go too low to get a deal. In a tight market, you’ll lose out.

 

5.   Keep contingencies to a minimum. Restrictions such as needing to sell your home before you move or wanting to delay the closing until a certain date can make your offer unappealing.

 

6.   Don’t get caught up in the frenzy. Just because there’s competition doesn’t mean you should just buy anything. And even though you want to make your offer attractive, don’t neglect inspections that help ensure that your house is sound.

 

7.   Don't back out you're getting outbid.  Keep in mind that waiting for things to "cool down" may keep you waiting for a long, long time, and may possibly end up completely priced out of the market.

 Tips For Buying in a Soft Market

 

In a soft market where buyers have an advantage, it's important to:

 

1.   Get pre-approved for a mortgage. This is important in a soft market as well, since it shows the Seller you are serious and qualified to purchase a home.

 

2.   Stay in close touch with your Realtor to find out first about new listings that come on the market. And be ready to go see a house as soon as it goes on the market.

 

3.   Scout out new listings yourself & sign up for MyMcGuire property searches. Track your favorite  properties and watch for reduced listing prices. If a property looks interesting see it right away.  Homes that look like "a good deal" compared to others probably is, and you will need to act fast.

 

4.   Be cautious about sumbitting extremely low offers.  Your Realtor should be able to get the right information about the house for you to make an appropriate offer.

 

5.   Keep contingencies to a minimum. Restrictions such as needing to sell your home before you move or wanting to delay the closing until a certain date can make your offer unappealing. In a tight market, you’ll probably be able to sell your house rapidly. Or talk to your lender about getting a bridge loan to cover both mortgages for a short period.

 

6.   Don't back out if your offers aren't being accepted.  Sellers can be unrealistic about the value of their homes in a down market.  Just keep making offers!