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Saturday, June 8, 2013

Is it possible to get your offer accepted in a sellers market?



Well as you might expect the market is great for sellers, but not so great with buyers at the moment. The market is constantly changing and if you do not have an experienced Realtor you might be getting out dated information from the media or friends. In a sellers market it becomes frustrating to write offers time and time again only to have them declined and rejected by the seller or worse of all not even being presented. It's a challenge right? So should you blame yourself? your agent? your lender or loan agent? I say all 3 share the blame. The following info might explain why.
Is it possible to get your offer accepted in a sellers market? Of course it is, that's why you're reading this. Before I give you the breakdown, let's start with you the buyer. Are you realistic? It's ok to be honest with your Realtor, (once you have chosen the right one)He or She really wants to help you get into the home you want, but you need to be honest with yourself first. What are your limits? What are you willing to negotiate? What are you willing to sacrifice to be a home owner? Remember there is no right or wrong answer. Always remember to ask yourself why do you want to be a homeowner. If this is your first home it will most likely not be your last, the majority of home owners didn't find their dream home until they made their 3rd home purchase. Once you figured out what you really want and can or can not do, then it's up to your agent and loan agent.
A good agent should be working hand in hand with your loan agent. I always recommend you interview at least 3 loan agents, or have you Realtor recommend you to at least 3. Why? Because there are different types of loans to buy a home, depending on your needs and who you are. Some examples are Direct lenders, Mortgage Brokers, Credit Unions...etc..etc. Then the type of loans, such as VA loans, FHA loans, Conventional loans, Rehab loans, Niche loans (specific loans) and other types of loan programs available from your mortgage lender. Knowing what type of loans you might qualify for makes it easier for the Realtor to write up a strong offer. Once you have the loan options available then comes the experience of the agent. A good agent will know the market (VERY IMPORTANT)he or she will be able to give you what Fair Market Value is on a property and what to expect to pay in a up market or down market. Your Realtor will probably do this by having more information than you do, here's how; we have access to more information and history of just about any property, not only that but a good Realtor will have some knowledge of property conditions , such as roof, basic structure, any upgrades, what's trending...etc..etc.. Having these 3 elements will make help write a strong offer, but you must have these 3 elements.
Let's recap;
A) You need to be realistic and honest with yourself 
B) A Realtor that knows the MARKET (there is no good or bad market, just THE MARKET) 
C) The loan agent that can provide you with loan options for a best possible scenario 


Once you have these 3 elements in place, then you are able to write an offer in just about any market and quite possibly have it accepted. As a listing agent, I know what my sellers bottom line is, what they're willing to negotiate and what they are looking for specifically as far as favorable terms for them to sell their home. Being a listing agent in a sellers market gives me an advantage because I have a bit of knowledge on how to initially ask the right questions when I represent a buyer. Once I have my info from the seller and the loan agent and we're ready to write the offer. My two most important elements to write the offer and actually have it viewed and accepted are as follows;
A) What is the most you are willing and capable to offer, I want to know the highest and best. (If it's low in a sellers market I will not bother writing the offer) 
B) I will recommend the best terms to fit or match the sellers criteria within YOUR abilities.

There it is, that's it. It is possible to get your offer accpted once you have a realistic outlook on the Real Estate Market that you're in while writing an offer, having the right loan agent that understands the power of option to fit the current market and last but definately not least having a REALTOR that understands the current Real Estate Market that you're in and is able to provide you with current Market Home Values.

I specialize in the entire Bay Area within Santa Clara County, Alameda County. I also live and specialize in the city of Milpitas, CA.
For current up to the minute local Real Esate Home Values information visit my website at www.bayarearealtysource.com
Or Call me at 510-999-8149

For a free buyers guide go to http://www.bayarearealtysource.com/community/area/-+1st+TIME+HOMEBUYERS/