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Ep #2 The Question should be, "How do I buy in a hot Real Estate Market?"
One of the questions I get most often is "Is it a good time to buy?". The short answer is if your circumstances are leading you in that direction, then yes. A better question may be "How do I buy successfully in this hot market?
The answer: zig when everyone else is zagging. Do something different. Here are some ideas that have worked for me and my buyers:
1. Look for something that has been sitting for 21 days or more.
In many submarkets, homes are selling within a week if not sooner. Something that has been sitting will give you leverage in negotiations and offer you a good shot at avoiding bidding wars.
2. Be flexible in your criteria.
Let me guess, you're looking for a move in ready 4bed colonial with a backyard for entertaining in a great school district? So is everyone else! Targeting a bi-level, split level etc. may put you in a different pool of buyers with less competition. You may even get lucky and find a split colonial or even a bi-level that functions as a colonial (I sold one of those last year). Get creative.
3. Change your budget if possible.
Most of the competition lies in the entry level price points.
4. Ask the right questions.
Its not always about who offers the most money.. Understanding the motivation of the parties involved (seller & agent) will provide the insight needed to help you make your offer stand out.
If you're feeling frustrated by this market feel free to reach out. I'm happy to share some stories of what I've done recently to get buyers into their dream home.
Ricardo Panchoo
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By Ricardo PanchooOne of the questions I get most often is "Is it a good time to buy?". The short answer is if your circumstances are leading you in that direction, then yes. A better question may be "How do I buy successfully in this hot market?
The answer: zig when everyone else is zagging. Do something different. Here are some ideas that have worked for me and my buyers:
1. Look for something that has been sitting for 21 days or more.
In many submarkets, homes are selling within a week if not sooner. Something that has been sitting will give you leverage in negotiations and offer you a good shot at avoiding bidding wars.
2. Be flexible in your criteria.
Let me guess, you're looking for a move in ready 4bed colonial with a backyard for entertaining in a great school district? So is everyone else! Targeting a bi-level, split level etc. may put you in a different pool of buyers with less competition. You may even get lucky and find a split colonial or even a bi-level that functions as a colonial (I sold one of those last year). Get creative.
3. Change your budget if possible.
Most of the competition lies in the entry level price points.
4. Ask the right questions.
Its not always about who offers the most money.. Understanding the motivation of the parties involved (seller & agent) will provide the insight needed to help you make your offer stand out.
If you're feeling frustrated by this market feel free to reach out. I'm happy to share some stories of what I've done recently to get buyers into their dream home.
Ricardo Panchoo