If you think the competition at the Winter Olympics is tough, just wait till you see the latest on the California real estate market. According to statistics from the California Association of REALTORS®, homes for sale are selling quickly, above asking price, and with multiple offers. It’s a competitive market for homebuyers, but that doesn’t mean you’re down and out if you need a new home.
Consider these tips and tricks when competing in the competitive real estate market to keep yourself ahead of the pack – and first in line for your dream home.
1. Get pre-approved for a mortgage loan.
60.4% of all homes listed for sale received multiple offers. If you want to be one of the first buyers to get your offer in, you’ve got to be pre-approved before you even walk in the door. When you are pre-approved for a loan and can put in a viable offer right off the bat, you stand out from the crowd. With a pre-approval in hand, you are immediately ready to pounce on your dream home once it comes on the market.
2. Start working with an agent ASAP.
With a fast-paced market, it’s easy to fall behind. But when you have a dedicated professional by your side to get the ball rolling, then you are ready to get in the ring. The sooner you sync up with a real estate agent, the sooner you can start getting your questions answered, narrowing down your home search, learning more about what to expect during the buying process, and more.
3. Be vigilant.
According to the infographic below, the average number of days a home was listed is just 13! Homes are flying off the shelves which means you’ve got to be one the first people in the door to have a fighting chance. Have your agent set you up for property alerts, check in daily to see what’s hit the market, and don’t wait to see a property you are interested in. Make sure you know when a property has hit the market on day one.
4. Educate yourself.
From mortgage loans and budgets to offer contracts, make sure you are prepared for everything that comes with the homebuying process. Whether you conduct your own research or sit down with your agent to review the most important points, arming yourself with knowledge is the best way to prepare for a competitive real estate market.
