We have covered the general state of today’s real estate market, as well as the reality for sellers at this time, so now we are ready to dive into what it is like for buyers in the current market. It seems we can’t go more than a minute without someone mentioning the “unprecedented times” we are living through – and for good reason. No one has ever seen the things we are seeing while we live through this pandemic. The real estate market is no exception, so today’s buyers need to be well aware what they are getting themselves into, particularly if this is their first time buying a home. This is not your mother’s home buying experience, so buckle up and get ready for a wild ride.
Cash is King
With inventory low and interest rates high, sellers have the upper hand and can be quite selective with the offers they are getting. The more capital you have on hand and the way you can use it in a creative way, the better your offer will do. There are lots of funding and loans options available for you to explore. In our Central Valley Tri-County area, we are seeing everything from FHA and USDA loans to conventional loans. When you want to begin the process to learn more about funding options, your Dani Blain Real Estate (DBRE) Agents can help you discuss options and connect you with our pals at Country Club Mortgage as well for additional information or pre-approval processing.
Flexibility is not far behind
With many sellers also simultaneously looking to buy another home, they may find themselves in a situation where the low inventory is making it difficult to secure their next home. If you are clear in your offer that you can be flexible – it may give your offer a leg up on others. If you aren’t in a huge rush and can agree to a longer escrow period, or if you can offer a rent back situation, it will allow the sellers a bit of breathing room and can make your offer the most appealing. There are many things that could fall into this category where experienced agents can help you get creative in each individual offer they draw up with their clients.
Keep your emotions in check and be ready to move quickly!
This type of market moves quickly and can feel like an emotionally trying process for some. You are going to need to protect yourself a bit and try your best not to fall in love with the houses you see. There are so many unforeseen circumstances in today’s market that getting your hopes up may leave you feeling crushed if your offer isn’t even drawn before the home of our dreams sells.
We cannot adequately prepare you for how quickly we have been seeing houses sell – it is at a breakneck speed, so we need our clients to be able to move at this rapid pace, which can be a bit jarring. If you are the type that likes to mull things over and really take your time when making decisions, the house you decide to put an offer on tomorrow – may get five offers today.
The bottom line: Work with an Agent you trust AND has experience in this market
We’ve said it before, and we will say it again – we cannot emphasize the importance of working with an experienced Agent enough. Here at DBRE we have been busy buying and selling homes in this new pandemic driven Real Estate market. We have Agents out there charting these new waters and finding our way through to help our clients land the home of their dreams every single day.
We know that buying a home is one of the most stressful life events we face in our adulthood. The typical home buying stress that has always been there for everyone, unfortunately has only intensified in today’s market. Working alongside an Agent that understands the nuanced market we are experiencing, while also having the emotional intelligence to truly offer an empathetic beacon of support, is something that we are so proud to do here at DBRE.
Throughout the process, we are confident you will feel like you are working with a skilled, trusted, friend that is laser-focused on one goal – meeting your needs and making you feel seen, heard, and supported every step of the way.
If you are ready to embark on a home buying journey – we hope you choose to do it with us. It may be emotional and hard, but it will be worth it and you will end up in the home that was meant for you… for that we are sure! Get in touch with us today.