My Life as a San Francisco Realtor: How to Buy a Home in a Tight Real Estate Market

How to Buy a Home in a Tight Real Estate Market

How to Buy a Home in a Tight Real Estate Market

I've been working with buyers in Novato, CA. Their top budget is around $530,000. We've made a number of offers on homes listed at just under $500k, and usually offering up to $20k over asking. No Luck. These homes all look great. And every time we're told multiple offers or an all cash offer considerably higher beat us out. 

How to Buy a Home Now a little history. I had a client who bought a similar 3 bedroom home in a slightly nicer area of Novato a year and a half ago. Asking price was $445k. We made the offer at asking and it was accepted. Homes in that same area are now selling for $550k to $600k.

Now back to my current buyers. We needed a different strategy. She really wants a nice home, and wants to stay in Novato for the schools for the children. The husband is a contractor, a good one! We had looked at one home that fit all the basic criteria, even had a great layout. But it didn't sparkle. The hardwood was a little worn, the kitchen out of date, the baths kind of plain. The paint was OK but a repaint would be necessary. And it was still on market. 

The contractor husband said he could have that house looking like new in a few months. We made an offer at asking price, which was $40k less than they had been offering on other homes. The offer was accepted!

Just imagine how great this home is going to look in a few months. Its value will go up considerably. And with the husband's skills it will probably cost far less than $40,000!

That's how you Buy a Home in a Tight Real Estate Market.

 

John M Scott, Broker / Owner, Scott Keys Properties, Certified Distressed Property Expert (CDPE), Council of Real Estate Brokerage Managers (CRB), serving San Francisco and the surrounding San Francisco Bay Area

Comment balloon 2 commentsJohn M. Scott • July 12 2014 03:38PM

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And that's the way to go in a tight market - some buyers cannot be competitive on every home and need to look at some "frogs" instead of always looking for the "prince."  This one sounded like the perfect fit.

Posted by Susan Haughton, Susan & Mindy Team...Honesty. Integrity. Results. (Long and Foster REALTORS (703) 470-4545) over 4 years ago

I have a link to my blog in my email signature. The listing agent for this home decided to check it out. The loan was taking longer to get to docs than expected, and the seller was getting worried. The listing agent assured the seller it would close and told her about my blog post. The seller was reassured! The Sale closed and is on record as of today!

Posted by John M. Scott, Broker / Owner San Francisco Bay Area (BRE # 01442690, Scott Keys Properties) about 4 years ago

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