If you find a house that you are interested in, make an offer. This is a fast moving market flooded with buyers, and low inventory. Properties are receiving multiple offers at over asking price. One agent in my office has an offer in on a property...it received 17 offers. I was putting together a tour and most of the properties have been on the market less than 2 days and have received multiple offers. Don't let this keep you out of the market, just realize that one must go in with their A game, offer highest and best the first time.
Keep in mind that one never wants to pay more for a property than it is appraised at, so make sure that your agent does a thorough comparative market analysis for you before you make an offer. This will help you to decide what your highest and best should be. Keep a good head on your shoulders, don't get emotional, you will find a home...it just may be a little challenging.
It is wise to know that asking price is entry level price for the most part. If you look at the chart below, it will show you that in Monterey, Ca most homes are receiving 98% of their asking price. Remember that this is an average, and today, the numbers can look very different.
When you start your search for a home, it is important to make sure that you have a loan pre-approval in place, know your budget and get ready to make an offer if you see something that interests you. If you wait, think about it...it will probably be gone tomorrow.
The chart below shows average days on the market for Monterey California over the past year.
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MonthSale Price to List Price RatioDays to Sell, Average
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