Yes! It is a Buyer's Market...... But.... It's NOT an Idiot's Market.. Let's Be Serious Now...

Yes! It is a Buyer's Market...... But.... It's NOT an Idiot's Market.. Let's Be Serious Now...

With low interest rates, plummeting home values, a large inventory of distressed homes, this is the perfect storm for a buyer's market.... So what does that mean to you as a possible buyer?

This is what it means:

More inventory to choose from-With distressed homes such as banked owned homes and short sales hitting the market in high volumes you have more options... With that said with more inventory comes......

Competitive pricing-Distressed homes drive down home values, it doesn't matter if it's a distressed home or a standard equity seller...The probability of getting a "good deal" in what is already considered to be a "down market" is very high!

Even More Competitition-That is correct..... With low interest rates, low home values... You are DEFINITELY not the only homebuyer out there! You are going to have alot of competition..

So now, with that said.....This is what YOU need to do to give yourself the advantage over the competition instead of wasting your time, your realtors time and learning the hard way.....

1. Select a Realtor to work with... Make sure they have a good reputation in their market, have the ability to get the job done, and you are able to easily get in contact with them, and they have a great response time and good about  following up.

2. Get qualified....You can rather select your own lender or you can use a lender your realtor suggests, usually they suggest someone that they have worked with in the past, that they know, trust, and who has a great work ethic and ability to get you the house you want.

Also it is important to get qualified before you start looking at houses for two main reasons:

• You don't want to fall in love with a home to find out later you are qualified for less and can't afford it.
• In a competitive market, if you find the house you want, you want to make sure you have ALL your ducks in a row and prepared to take action, because the time it takes to get qualified is the same amount of time it takes for some other buyer to come in and by house before you even get a chance to submit a COMPLETE offer.

3. Listen to your selected professional....After all it is their job to know how the process works, and how the market is and ADVISE you on the best course of action... You can only assume... For the most part... They know what they are doing!

Always ask for comps.. Find out what homes in your desired neighborhood are going for and bid accordingly to your selected Realtors professional opinion. Keep in mind... If you don't get the house.. Your realtor doesn't make any money, so any thoughts of "they are just telling me this number, or telling me not to bid this low so they can get a higher commission" is BS... If you selected a GOOD REAL ESTATE PROFESSIONAL.. Our first priority is going to be to make sure for that you know the reality of what the market is and HOW you are going to get into the home of your dreams. Upon you following our professional advice and escrow sucessfully closing.. You get the keys to your house!

True story to show that my clients  are more important then the amount of my commmission:

Earlier this year I helped a family find their dream home.. They had worked with a realtor prior to me that was always pushing them to put in their highest and best, every offer had to be their highest and best.. Of course they were not comfortable with going at that "highest and best" limit, so they ended up parting ways from that Realtor.

They found me.. I listened to what their needs and wants in a new home were and took them to go see some properties. On our first appointment, we found their dream home. I was a Fannie Mae bank owned home, and after running the comps, found that it was $50,000.00 over priced...

Do you think I advised my clients to bid full price? To put in their highest and best??? NO! I did not.. This home had been on the market for 180 days, and was grossly overpriced.. I advised them to bid market value. They were blown away by this.. They had a professional telling them to bid $50,000.00 below list price instead of telling them to put in their highest and best. They did just what I told them..

Of course the counter offer came back a bit higher... But I also explained to them that since they were FHA buyers they still have the appraisal contingency in play.. Meaning.. If the house doesn't appraise for the agreed upon value, you will NOT pay for the agreed upon value because the bank will NOT fund more money for a house then what it is worth, and the bank will have to come down to the appraised value for several reasons... 1.) Market values are not looking like they are going up anytime soon. 2.) Once an appraisal on the house is ordered for an FHA buyer, another one can't be ordered for another 6 months. So their options are.... Accept the offer for the appraised value... Or you walk and they risk the home remaining vacant for another six months and the possibility of values dropping even more. Because the odds of a conventional buyer or investor buying up this home is very very slim!

So they took my professional advise, they signed the counteroffer, they appraisal was ordered, the price came back at exactly what my buyers original offer was and......... The bank came down to the appraised value, my buyers got the house at a price they were comfortable with paying.. And they all lived happily ever after...

So the moral of the story is..... If you select the right professional, nothing is going to be more important to them then making sure that you get the house that you want...Based upon you following their professional advice, knowing you can trust them, that they are working in YOUR best interest, will you actually get the house of your dreams, believe me.. The good realtors are ALWAYS going to be trying to get you the best deal possible, even without you knowing it.

I know in this market, this buyers market.. You are looking for a SCREAMING DEAL! As your hired professional, we are working hard to find that screaming deal for you! But keep this in mind... You are buying in a down market dominated by distressed homes... You are going to get a screaming deal.. Another thing.. You are atleast guaranteed to not pay more for a house then what it is actually worth in this market, so if you pay under  market value or market value, it's still a win/win for you! You will NOT be paying more for a house then what it is worth in today's current market!

So if you are looking to buy anytime soon, please contact me.. I am a licensed and trusted Real Estate Professional in the state of California and specialize in the Orange County and surrounding areas. Even if you are out of the area or state feel free to still contact me, I have a huge network of trusted real estate professionals from across the country that I can set you up with that I know will take the best care of you and find you the best deal possible!

So a quick recap:

• Hire a trusted real estate professional
• Get qualified
• Be realistic and consider your selected hired professional's advice
• Enjoy your new home!

 

Need a Great Realtor in Dana Point... Let me Google one for you!!!

Stacey Smith
CA Coastal Estates, inc.
949.350.8922 
 

If you are looking to buy a home or sell your current home in Orange County, Ca. please allow me to assist you. I work throughout most of Orange County but my area of expertise happens to be south Orange County and the Coastal cities. Locations I service include: Dana Point, Capistrano Beach, San Juan Capistrano, San Clemente, Laguna Beach, Newport Beach, Huntington Beach, Crystal Cove, Corona Del Mar, Laguna Niguel, Aliso Viejo, Mission Viejo, and Costa Mesa. I service all areas through out Orange County so please call me today and allow me to assist you! 

       

 

    

 

Please Allow Me To Assist You and Your Family in Finding The Perfect Home As Your Real Estate Agent!