How Do I Buy A Home In This Crazy Market?!
That is a great question for buyers these days. There is still a strong demand for homes, and so many buyers! Walnut Creek and our surrounding areas are no different.
As of this post there are 26 single family homes on the market in Walnut Creek. Yes 26!
That is about half of what we had a year ago at this time and inventory levels were low at that time. What is a buyer to do? What can a buyer do? Read on below, we have ideas that are a foundation for your approach.
- Work with a local knowledgeable agent in the area your considering. This is first and most important. If you are relying on weekend open houses to see what is out there you may be a step behind, because we’re seeing homes sell very quickly. Right now there are 39 homes Pending in Walnut Creek and 24 of those were sold within the first 15 days and many less than 10 days.
- Be prepared to jump quickly. Meaning everything is in place with your lender and you are preapproved to secure your financing.
- Again working with an experienced agent is critical in this market. One who has a great reputation among the real estate community. One who can properly present your offer. And properly guide/advise you when you write your offer.
I’ve been working with buyers for 13+ years and I have yet to find a buyer tell me they want to compete and get involved in a multiple offer scenario. Nobody wants to “bid” on a property. The fact is multiple offers are not going away anytime soon on good properties.
I always advise my buyers to construct an offer that makes sense to them. I always review comparative properties and make sure you are completely educated before writing an offer. Price is an important factor but it’s not the only factor that comes into play. There are three buyer contingencies. Plus the timing/flexibility of your offer can make it very attractive.
One last point concerning your agent, you should work with an experienced agent who knows the market and is “on top” of inventory. When a new listing appears your agent should be all over it quickly and provide feedback to you as soon as possible. Many times we’ve seen homes hit the market on Monday and be gone by Wednesday. If you and your agent are properly prepared, this is a way to minimize the competition for a house and submit an offer before others even see the home.
Home buyers need great agents now more than ever. We wish you well in your home search.
Do You Have Questions?
Latest posts by Steve Quanstrom (see all)
- Walnut Creek Real Estate Market Update March 13, 2014 - March 13, 2014
- 3 Tips For Buying A Home In This Crazy Market! - February 8, 2014
- Lafayette Real Estate 2013 Wrap Up! - January 15, 2014