Writing a winning offer in Sonoma County seller’s market.
Writing a winning offer in Sonoma County seller’s market. Time is of the essence and after last fall’s wildfires, this couldn’t be truer. Sonoma County has seen a lack of inventory for the past 5 years, but after October’s Wildfires, we have seen a new low. Sonoma County Total inventory of houses and condos in December was the lowest for any month in the past 15 years. We are experiencing a seller’s market. A seller’s market is defined in part by low inventory and lots of home buyers. So what can you do to submit a winning offer in an extremely hot seller’s market?
Get Finances in order – Get Pre-Approved
If you will be making a purchase with a loan, get a pre-approval! Be warned. Pre-approved and pre-qualified are not the same things. Don’t assume that the bank will provide your loan until you have been pre-approved. This mistake could cost you your new home.
Price – Put Your Best Price Forward
You might get only one chance to make an impression on the seller, so don’t make a low offer hoping the seller will give you a counteroffer. Especially if there are multiple offers expected.
Deposit –
A larger earnest money deposit shows you are serious and are willing to put your cash on the table. Sellers will feel you are more committed to a more at stake to lose from walking away. Instead of 1% consider 3%. A strong deposit says “I am committed to buying this home.”
Time – When houses are selling fast, you’ve got to be faster
Many standard real estate purchase contracts give the buyer X number of days to perform inspections before the buyer is required to proceed with the transaction. If the default in your purchase contract is 17 days, try shortening that time period to 10. Show the buyer you’re serious about scheduling a home inspection immediately, no later than a week after agreeing on a price.
Once you are prepared and you found the home you love, Don’t Wait! By the weekend, that home could be sold. Try to be one of the first showings.
Writing a winning offer in a seller’s market Don’t be unprepared, Write a good offer, a fast offer, and a clean offer!
