If you haven’t been keeping up with the latest in real estate news, it’s a seller’s market, especially here in SoCal. We have a low inventory of homes for sale thus increasing competition for buyers, resulting in multiple offers. If a home is priced competitively with attractive upgrades, it won’t likely be on the market very long and will most likely sell over the asking price. Many buyers are looking for a ‘move in ready’ home so they can focus on other priorities in their life and get back to business as usual. Homes that need upgrades can still sell quickly as well based on a combination of features such as a great floor plan, large backyard, location, etc.
How does this affect buyers today? It’s in a buyer’s best interest to obtain pre-approved. Since homes are going quickly, a seller doesn’t usually have time to wait for a pre-approval because they could miss out on other buyers who are ready to go in the meantime. Most pre-approvals take a few days but will take longer if your paperwork is not in order. If you wait, you may miss a great opportunity on a house you love and are so excited about!
If you don’t have to sell your home in order to obtain another home, your chances for an accepted offer may be better than someone else that needs to sell their home concurrently. If you need to sell your home and the sellers have multiple offers, you may need to offer more money and/or add terms and conditions that the seller is looking for such as a rent back or a specific escrow period that is to their liking.
