Buyers..What to Expect in this Market

– Inventory is low, Competition is fierce. Supply vs Demand.
– You will most likely make several offers before one sticks.
– The more you listen to your agent, the better your chances are of success.
– You are competing with the following:
Buyers with Cash,
Buyers willing to accept property “as is”
Buyers willing to pay more than appraised value, waiving the appraisal condition
Buyers willing to allow seller to stay in the property after the sale rent free, until they find a replacement home.
– If a property is priced well, and in good condition, it goes under contract in a weekend.
– I need at least one-hour notice prior to setting showings.
– I show properties between 9 am and 8 p.m.
– Most showings have overlapping buyers. Thus, put on your “poker face” when facing other buyers.
– Do not talking negative about the property, or make speculations on price while in the home, often times you are being watched and/or recorded.
– The Loan process is tedious and will test your patience, there is no getting around this, just be cooperative, and get the lender what they need, even if they are asking for the same document twice. It’s imperative that you get pre-approved prior to making offers.
– You will need earnest money when making offers, typically 1% of the sales price. If offer is accepted this check will be cashed.
– You will need $$$ up front for a home inspection typically $300-$600 depending on the size, age, and any additional testing.
You will also need money for the appraisal, average is around $600 these days, and could go up.
Most closings happen 30-45 days after the offer is accepted.