The Bay Area housing market is still in many ways a seller’s market, with some of the highest home prices and tightest housing supply in California. This means that Bay Area buyers need to work extra hard to secure the deal they want.
However, there are tips and techniques you can implement as a buyer to give you an edge in this highly competitive market. Here we look at 5 tips to get a leg up as a buyer in a seller’s market.
Work With An Experienced Agent
It can’t be emphasized enough how important it is to work with an experienced agent. If you are searching for Bay Area real estate, you want to choose an experienced Bay Area buyer’s agent who knows the area, the neighborhoods and potentially the listing agents. In a seller’s market, buyers need all the help and preparation they can get. A good agent can also help keep you on top of new listings so you can make the best offer and stay ahead of the game. A professional and seasoned agent allows you to be ‘offer-ready’ so you don’t waste any opportunities in securing the home of your dreams.
Be Financially Prepared
With Bay Area real estate prices some of the highest in California, you need to be financially prepared before venturing into this market. Being able to pay cash will definitely give you an advantage over other buyers. But it’s not always realistic to make an all-cash offer. In this case, show the seller you’re serious with a legitimate, credit-underwritten pre-approval for a loan. This shows the seller that you are a qualified buyer. Make it relevant by obtaining a local preapproval letter matched to your sales price, and date it the same day as your offer.
If you’re a buyer in a seller’s market, you often don’t have much time to wait or think about things before you make an offer. That’s why you need to be prepared beforehand. Working with a good agent, you’re more ablo to make the right offer, within your budget.
Find Out What The Listing Agent Wants
When the market’s competitive, you need an edge as the buyer. Get your agent to ask the listing agent what they want to close on an offer. There may be many things you could do to make your offer stand out. Try providing the seller more time to move out when closing and demanding less in repairs or adjustments. It’s also important to consider your options and protect your rights. Which is why it’s best to work with an experience agent who can guide you in this.
When you’re a buyer in a seller’s market, not everything is going to go your way. It’s good to be flexible, patient and open to exploring other options. Widening your search may help you consider other options, and you may be surprised at what you find.
By being prepared and working with a quality agent, even a first time buyer can get ahead in a seller’s market. Contact our team today if you’d like some help navigating today’s real estate market.