The tasks of purchasing a home during peak season can make anyone feel like this.
It is a rat race out there right now. You are not the only one feeling it. If you are a buyer looking for a home to move into, my advice to you is wait until September. I understand there may be circumstances driving your desire to purchase during the peak season, children, school, time off of work, family dynamics, foreclosures. There are many reasons that drive the smartest buyers to purchase during the craziest purchasing season.
Everyone of my personal home purchases has happened during the month of December. I even rent homes during the month of December to avoid the rat race. Although as a property manager, I always end my leases during the peak months, because it is best for my owners; HIGHER RENTS AND ZERO VACANCY. Home buying follows the same pattern, HIGHER SALES PRICE AND LESS THAN A WEEK ON THE MARKET. For example, I am selling two different homes in two different areas in the Inland Empire, both are going to sell for over asking price, and were on the real estate market for less than a week. The process looked like this:
Day 1 - PUT THE HOME ON THE MARKET (Multiple Listing Service)
FIRST OFFER CAME IN OVER ASKING PRICE, SIGHT UNSEEN.
Day 2 - EMAIL AND PHONE CALLS FLOODING IN
ANOTHER OFFER AT ASKING PRICE
Day 3 - ANOTHER OFFER ABOVE ASKING PRICE AND NOW BUYERS ARE ASKING ME TO REPRESENT THEM IN ORDER TO GET THE UPPER HAND
Day 4 - PRESENT OFFER; HIGHEST OFFER IS ACCEPTED ACCEPTED $15,000 TO $20,000 OVER ASKING PRICE
Day 5 - ESCROW IS OPENED
NOW WE HAVE TO WAIT FOR THE APPRAISAL
The last two homes I am selling hit the market on the 1st of June, both in two different areas within the Inland Empire, had multiple offers within the first 3 days of being on the market. Over half of the offers were over asking price. This is the nature of the market right now.
In another area of the Inland Empire, a more affluent area, a similar pattern was observed; however, this time the accepted offer was $60,000 over asking and the buyer was asked to sign a document stating if the home did not appraise for the asking price they would make up the difference in cash. This means that if the bank's home appraiser, appraises the home using the home sales of similar homes over the past 3 months and it does not match or exceed the amount the buyer has offered to pay to purchase the home, the buyer will pay cash to cover the delta or difference between the appraised home value and the amount the buyer is willing to pay for the home. It is nice to be a seller these days.
I have a wonderful family looking for a home right now. Their purchasing power is limited, their time is limited, and their cash is limited. They have to purchase now even though I am asking them to wait until the momentum of the season dies down a bit; they simply have to move. The question I pose to myself as I watch this family who has to move,
"How do I make them feel like this?"
That is my goal with all of my clients, whether it is selling, buying, or renting out their homes. I want to make their burdens lighter as they navigate through a path that can be cumbersome and frustrating. More specifically, I want to make sure my buyers do not become house poor, love the home they purchase, and make the process as peaceful as possible. I believe that we can find peace in the most difficult of experiences and this includes the buying process. The right home will come to you.
...one of their offers was finally accepted at asking price after writing 15 offers.
The lessons learned in this market are, have patience (the right home is out their), do not give up (the right seller with choose you), and partner with a great realtor who can present and penetrate the heartstrings of the seller (Advent Real Estate and Property Management has patience, stamina, and personable.) Please call today 909 296 5558 or email us at inlandempireadvent@gmail.com... and check us out at http://adventsells.com/