Buyers Guide to Get Your Offer Accepted in a Seller's Market Clovis CA

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Real Estate Broker/Owner with EQUITY ASSETS REAL ESTATE BRE License # 01412695
Buyers Guide to Get Your Offer Accepted in a Seller's Market Clovis CA
Buyers Guide to Get Your Offer Accepted in a Seller's Market Clovis CA
With the market experiencing so much influx of change this year due to increased buyer demand and limited supply there have been feeding frenzies on certain properties.  Now not all properties are experiencing multiple offers day one on the market but generally if the home is in move in ready condition and it is priced at or below market value then there will be multiple offers within three days.  Here is a list of things to consider before making an offer:
Buyers Guide to Get Your Offer Accepted in a Seller's Market Clovis CA
1.  What have surroundings comps sold for in the past 3-6 months?  What is a comp you may be wondering?  Comp is short for comparable and the sold comparable homes matter most as appraisers will give most weight in their reports to sold comps and not Active or Pending comps.  Are all recent sales comps?  No, generally I will look at 300 sq. ft. + or - from the subject property.  Proximity to the subject property is also an important element of a comp.  Within city limits appraisers like to stay within a 1 mile radius if at all possible.  But sales within 1/4 a mile may prove more accurate.  If there are 5 different home builders within that mile radius then finding a comp built by the same company may be the best comp when evaluating tract homes.  Also do the homes within a mile radius span five decades in age?  Try to stay within a decade in regards to age of home if possible.  Many other amenities come into play here such as pool or no pool, bedroom and bathroom count as well as lot size, etc. but this is a basic start when comparing properties.
Buyers Guide to Get Your Offer Accepted in a Seller's Market Clovis CA
2.  If it is truly a seller's market then it may be wise for the buyer not to ask the seller to cover their closing costs or part of it.  I say this because buyers are not guaranteed a 2nd chance to make their offer taste sweeter to the sellers.  Often times the seller will counter back with a highest and best notice to all buyers.  However sometimes the seller wants to get into escrow quickly and may just take the offer that is the best from the very start.  Often times it takes a buyer losing out on several home purchase opportunities for them to make more aggressive offers that ask the seller to pay for none of the buyers closing costs.  
Buyers Guide to Get Your Offer Accepted in a Seller's Market Clovis CA
3.  Make a full price offer.  I know that everyone likes a good bargain and I do too.  But bargains in real estate generally speaking come in cycles, such as when the market has shifted to a buyer's market where homes are sitting on the market for 90-180 days before the sell.  So if you notice that homes are selling in 30-60 days or less on average then it is a good indication of a seller's market.  Don't low ball if it is obvious that the house is priced right just because you need to feel that you got a good deal by offering less than the asking price. 
Buyers Guide to Get Your Offer Accepted in a Seller's Market Clovis CA
4.  Don't provide a vague loan pre approval letter from out of town or out of state 3,000 miles away.  Those vague, internet generated loan approvals that you can get in 5 minutes without providing any of your income, assets or credit documentation don't look good to home sellers or listing agents.  Those letters are garbage in garbage out.  Preferably the loan letter states that you have been loan qualified for a purchase price of X amount of dollars and that your income, assets and credit have all been verified.  It also helps if the address on the loan letter is a local address or at least there is a local phone number where the loan officer or lender can be reached.  
Buyers Guide to Get Your Offer Accepted in a Seller's Market Clovis CA
I hope you found this small list helpful when searching for homes in a sellers market.  It isn't an all inclusive list but these are truths that any seasoned agent would want their clients to know.  Find out what the seller's market is doing now with Active listings in Clovis CA.
Buyers Guide to Get Your Offer Accepted in a Seller's Market Clovis CA
 
Buyers Guide to Get Your Offer Accepted in a Seller's Market Clovis CA
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getting offers accepted
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Rainmaker
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Garreth Wilcock
Sherlock Homes Austin - Austin, TX
Homes at Mueller

Great guide, Jason! Nice photos you have in this post! Keep blogging!

Aug 25, 2016 09:12 PM #1
Rainmaker
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Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

You did a great job putting this post together Jason! Excellent!

Aug 27, 2016 11:51 AM #2
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Jason Nenadov

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