As competition heats up for properties in the Long Beach real estate market I am often asked for tips on getting an offer accepted. This will be part one in a series.
Getting your offer accepted begins far before showing properties. You as a Long Beach home buyer must know what to expect. This is crucial to your success in buying a home in Long Beach. Are you ready? Let go!
What do you think of the market? This is the first question you must think about. Tell your real estate agent what you think is happening and then ask them what they see happening. Remember agents like those working for DOMA are very busy and in tune with our Long Beach real estate market. They see changes as they happen in every local community. Listen to what they have to say and start seeing how it will affect your home search.
Here is what we see happening in the market currently? Here are some talking points for the market today
- Multiple offers on the same home
- Overbidding on the most desirable homes
- Slow response times to your offer especially for REOs
- May have to write many offers before getting one accepted
- REOs and short sales not doing repairs
How long have you been looking for a home? If it’s more than 6 months then no doubt you have experienced some of the above.
On a scale of 1-10, 1 being you are never moving and 10 being your bags are packed, where would you rate yourself. What would make it a 10? Delving more into your motivation can help you strategize on how aggressive you are in your search and bidding. There is never a situation where you have to buy a home but if you highly motivated then there are steps you can take to get your offers accepted.
Are you comfortable with your payment? In my experience many lenders will approve you for the max you can afford. If you are not comfortable at that price point make sure you know the payment at the price range you want to stay in. This will save you from looking at property that is higher than you want to spend and then try to look at others that will never compare. Head this off at the pass and you will have a better shot at getting an offer written and accepted quickly.
In the next post of this series we will look at specific steps you can take to look at Long Beach homes that you have the highest chance of owning.
Let me know if you have any questions and as always if you need the help of a truly professional agent please call us immediately!