We are in a very competitive market and buyers are struggling to make their voices heard over the sea of multiple offers. First-time homebuyers can get shoved aside from those that offer cash, quick closings, or better terms. However, there are tricks to get your offer noticed above the rest. Here are some simple ways to increase your chances of getting the house you really want.
Make sure you are pre-approved for a home loan before looking at houses.
And, before you even think of making an offer, make sure you are pre-approved to buy that house. For instance, if you’ve spoken with a lender and you are only approved at $800,000, don’t make offers on homes that are over $850,000 unless we’ve been on the market for a long time and your offer is within your parameters. Many sellers want to actually see the preapproval letter so if you cannot produce a letter that covers what you are offering, your offer will usually get shoved aside. If you can prove to sellers that you’ve done the financial homework necessary to afford the home you are buying, it will increase your chances of a quick acceptance.
Work with an experienced Realtor®.
No matter how many times I say this, people still feel obligated to use their cousin’s brother’s wife because she’s getting started in the real estate business and needs a boost. There are too many amateur real estate agents out there and yes, we all have to start somewhere, but when we’re talking about a competitive market and the need for targeted offers that are specifically designed to stand out above the crowd in your particular neighborhood, an amateur may just not cut it. You need an experienced and seasoned agent that is familiar with the markets in individual neighborhoods and communities. They know the buyers, they know the sellers, and they know what it takes to get an offer accepted. We’re talking about hundreds of thousands of dollars here, would you trust an amateur stock investor with that much money?
Consider homes outside your neighborhood or those that need a little work.
You may have your heart set on a particular neighborhood but just a street over there could be the perfect home for your needs and your budget. You may still be in a certain school district or about the same distance away from work or other necessities. If you expand your search just a little bit, you might be surprised as to what’s out there.
Also, consider a home that may need a little bit of work. Staging is everything and it can certainly make or break a deal, but try to look past staging. Does the home just need a fresh coat of paint? Maybe it needs an updated countertop or new hardware on cabinets and drawers. If it’s something as simple as a cosmetic touchup, you could be saving a lot of money on the purchase where others may have overlooked this little gem.
Consider a home and not even on the market.
I know this sounds crazy but if there are rental homes in your target area, you might have an opportunity to buy a property that is an even listed. Your real estate agent should be able to locate some homes that but your search criteria and in a comparable price range and initiate a conversation between the landlord or the homeowner. This might be a great opportunity to get in on a home a great price without any competition at all.
The competition around Calabasas is hit and miss depending on the market. But, it’s also a competitive market and if you want to get started looking at homes before the spring peak season hits, call us today. We are expert Calabasas and Hidden Hills Realtors® and have the tools and strategies that get your offer looked at first and accepted.