The Market is Competitive for Home Buyers Today
More home buyers are finding they’re losing their power position in the real estate market and that when they submit an offer for a home, they may not be alone in the bidding frenzy. In fact, buyers who submit low offers may not even get a courtesy of a callback these days.
One Rancho Cucamonga, CA couple said they put in seven offers on homes over past two months, most at or above asking price, before they were finally able to get a home $365,000.
A drop in the inventory of for sale signs around the Inland Empire is prompting more competition among home buyers. Inventory in July was 24 percent below year-ago levels.
“I’ve had listings get 45 offers,” a real estate broker in Rancho Cucamonga, Ca, told me the other day.
- Get pre-approved, not pre-qualified: Pre-approval for a loan based on a buyer’s credit, income and assets is viewed as better than getting pre-qualified, which is just an estimate of how much that buyer may be able to borrow.
- Find an experienced REALTOR®: Find a Real Estate Professional who knows how to handle multiple-offer situations and can advise how much to offer and help you determine if your are getting a home at a fair price.
- Watch the contingencies: The best offer isn’t always the one with the best price. Buyers who put in too many contingencies with their offer may lose out. Discuss your offer in detail with your Licensed Real Estate Agent how what your best and final offer will be before submitting to the seller.
Lets get started on the first step of the home buying process and that is to get yourself pre-approved. Please contact me and we will get started right away!