Ah, to be a buyer! What a great time in Lake Arrowhead real estate to be looking for a home. There are, however, certain things that you should know.
1) There are great loans to be had! The current issues with the lending community are directly linked to the melt-down of the sub-prime market. This crisis, however, does not effect most home buyers whose loans fall within conforming loan limits (maximum of $417,000 loan, 680 FICO, full documentation). People looking for jumbo loans (over $417,000) need, more than ever, to be tight with their loan broker. There are loans available, but you need someone "in-the-know" to guide you. For more information, please see our section on Financing Information or contact Arrowhead Home Loans.
2) It is a buyer's market. Currently, there is a higher-than-average number of houses on the market. Many of them would rather sell now rather than holding on to the property through the winter. This translates to an increased willingness to negotiate. Right now, days on market are high, and list to sell ratios are down. These things work in your favor. For more information about current market statistics, see our pages on Market Statistics and our Weekly Market Update.
3) Keep track of price reductions. This can show you which sellers are motivated to sell now! Once they reduce their price, the home can go in a matter of days, so be sure to stay on top of these houses.
4) Consider writing offers on two separate properties - and make each set of sellers aware that you have another property that you are interested in. This may motivate them to the "a bird in the hand is better than two in the bush" way of thinking. Fear of losing a good buyer can sometimes help in a negotiation.
5) Present an offer with a pre-approval letter from your lender. This will show a seller that you are serious and have taken the steps necessary to assure that your are qualified to make a purchase. Again, to see what loans are available to you and which program best suits you, contact Arrowhead Home Loans.
6) Don't be afraid to be creative. There are a thousand way to skin a cat - most ways end up with a skinless cat! Be willing to think outside the box. Let your Realtor help.
SELLERS:
Though it may be more difficult to sell now than, say, two years ago, there are definitely certain things you can do to increase your odds of a sale.
1) Work on the "WOW factor." First impressions and truly crucial. There should be nothing that would keep a potential buyer from saying anything but, "Ooooh. Wow. This looks nice!" as they approach your home and pull into the driveway. Eliminate all clutter, trash, pineneedles, oil stains, etc, from the approach to your front door. You want them to be holding their breath as they open the door, hoping the inside is as great as the outside.
2) I don't know that I have ever heard a client say, "It's too light in here." The opposite has been heard alot, "Man, it's dark in here." Leave the blinds and drapes open as much as possible. Leave some lights on. Paying a slightly higher electric bill is preferred over paying on your mortgage months longer than necessary.
3) Appeal to as many of their senses as possible. You've already appealed to their sense of sight, don't forget about sound, and smell and touch. Have some SOFT music playing, have some incense or scented candles burning (don't overdo this - they'll think you're hiding something), etc. Keep countertops spotless - sticky things on the counters or floors are a turn-off. In good weather, keep some upper-level windows open to let fresh air in.
4) People will give your house a "tag" to help them remember it. Do you want it to be, "Oh, you mean the house that smelled like apple pie" or "The 'cat pee' house is out of the question." Cigarette smoke, pet urine, musty air, strong food odors MUST be eliminated.
5) No clutter allowed. Most homes have WAY too much furniture in them. You want the impression to be "open and airy, with big rooms," not "small, cramped and jam-packed." Get the extra stuff out. Eliminate piles and stacks of things. Less is more here. Be sure that the furnishings in your home are clean and in good repair. Most people that encounter "garage sale" or "dorm-room" furnishings will wonder how well you have cared for the home.
5) Know your limits. If you happen to be a do-it-yourselfer, know what is within your capabilities. Messy paint jobs, missing trim boards, uneven laminate floors, etc, show a lack of care. A buyer will wonder what else has been done (that they can't see) that was done sub-par. Invest in a good handyman or contractor if you can't do an EXCELLENT job yourself. The expense will translate to a higher sales price.
6) Price is king. Many homes in this current market will not sell simply because the price isn't right. Listen to your Realtor. It is their job to tell you what is selling and for what price. It is up to them and their expertise to advise you about what your list price should be. This market will not allow you to make money hand-over-fist, in most cases. Price strategically to sell, not just to "see what happens." To see what has been selling recently, visit our Weekly Market Update page.
1 Comments on Lake Arrowhead Real Estate: Quick Buyer / Seller Tips
I just stopped by to welcome you to Active Rain. I hope that you find it a great benefit to your business and that you see the value that I have also found here.
There are some great group both local and broad based,.... enjoy!
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I just stopped by to welcome you to Active Rain. I hope that you find it a great benefit to your business and that you see the value that I have also found here.
There are some great group both local and broad based,.... enjoy!