Industry experts recognize and acknowledge that the nation as a whole, and California in particular, is heading into another housing bubble. However, while price tags are going up, demand for properties is not yet waning.
Thanks to this demand, sellers still have some leverage, even though home buyers are now more discriminating regarding the condition and appointments of properties. Buyers, exacting as they may be in their list of home requirements, are competing with countless other buyers who also want choice properties.
So, how can buyers make their offers the most attractive to sellers?
The Secret Ingredient
The more stringent buyers are with their laundry lists of must-haves for their new homes, the more they should devote themselves to becoming the best purchasing prospects in the seller’s view. It’s difficult (and counter-intuitive) for buyers to demand specific features and standards without offering something of great value in return.
The obvious means of capturing a seller’s attention is to offer a purchase price at or above the asking price. But a far more powerful tactic is available to buyers: bringing an almost guaranteed loan to the table.
Prequalified or Preapproved
Buyers: Edge Out Your Competition. Being prequalified by a lender is a good start. It beats submitting a purchase offer with nothing more than aspirations that you might get a loan. However, securing a confirmed home loan preapproval from a bank demonstrates that you, as a buyer, are not only willing, but able to move quickly forward with your purchase. It’s the next best thing to a cash deal.
Prepared for Purchase
Anyone can promise the moon. It’s delivering on promises that moves real estate deals forward. Sellers eager to get in on the upside of current home price increase trends will likely accept a slightly lower offer from a buyer with a bank-confirmed loan preapproval. Buyers: edge out your competition – Call us, we can help.