Realtors make suggestions for hot 2005 house market
A general prediction is being made that price battles might well continue in the 2005 housing market. In order to be a prepared buyer, some agents suggest doing the research to best be prepared for a successful escrow.
• Understand the competition. Many buyers are either Baby Boomers or Echo Boomers, both major players in the housing market.
• Educate yourself. If making an offer in an area where multiple offers are common, know this first. You will need to feel confident and comfortable offering above the asking price, increasing chances of a winning bid.
• Be prepared to act. Getting an offer in may mean dropping everything in order to act quickly. A well prepared buyer will have read the purchase agreement in advance, understanding what needs to be signed when writing an offer. And being pre-approved is critical to reassuring the seller of a good risk.
• Have an impeccable offer. Sellers are turned on by a larger earnest money deposit than what is typical. They should also know if you are flexible on closing procedures. And eliminating unneeded contingencies makes an offer look cleaner and more appealing.
• Get in touch with the seller. Writing a personal letter that describes how much interest there is in the house and some personal information help the seller to identify with a buyer, rather than just an offer. If possible, have the buyers’ agent deliver the offer directly and make sure the letter is enclosed with the offer.
• If outbidding is constantly recurrent, do some soul searching. Find out what is standing in the way of an accepted offer, be it price or terms, maybe both. Consider looking in a lower price range, loosen restrictions on style and location. Look into the benefits of purchasing a condo as opposed to a single family home.
• Get ahead of the game. Monitor homes that don’t sell immediately. Keep an eye on overpriced homes or those in need of cosmetic improvements. Sometimes the best deals are made on properties that everyone else overlooks.
