Buying or Selling, Develop a Customized Plan
Aug 30, 2015 02:54PM
● By Glenn Allen
The seller's market is still raging throughout the greater Bay Area, fueled by a strong job market and the fastest population growth rate in the state of California. The result is rising prices - an 11.2 percent increase over the last quarter in Walnut Creek alone, 14.6 percent for the year - and ever-declining inventory. While urban planners and the state government wrestle with how to create more housing and reduce commuter time, first time home buyers are struggling to find properties in their price range, and sellers are looking to get the best result on their investment in order to afford their next home purchase.
Whether you are buying or selling, the key is to develop a plan that is customized to your situation.
Times like these call for a real estate agent who is at the very top of their game, one who has the expertise to help you focus on the following winning strategies.
Advice for Sellers
· Know the market
It's crucial that you perform due diligence in this market. What features make your house desirable? How might you compensate for a less than stellar location? What does the future hold for your community in terms of housing, development, and transportation? Being aware of factors like these lets you know whether you can leave the house as is or if you need to prepare the house for the listing.
· Develop a plan that's right for you
The conventional wisdom says to price your house at that sweet spot for a quick sale. But what if you can afford to wait a few months to sell? What if the sale of this house will provide a nest egg for your retirement? You need to assess your individual scenario carefully, weighing a variety of factors, before you set the asking price.
Advice for Buyers
· Gather the financial tools you need to win in a low inventory market
Pre-approval is just the start in a robust seller's market like this one. Make sure your credit is excellent before you go through the loan approval process, and figure out whether you'll be able to access extra funds in case a bidding war drives prices up.
· Find the home you need, not the amenities you want
Before you get started, figure out what your priorities are. You'll only have a short time to make an offer, so taking time to think things over may not be an option. And be flexible. Short sales and distressed homes offer first time buyers the ability to get into neighborhoods they might not be able to afford otherwise. A renovation mortgage, combined with a slightly lower down payment, gives you the ability to address needed renovations - in a style that is yours.
Ready to Buy or Sell Your Home in Walnut Creek or Pleasant Hill?
Call the Glenn Allen Team at 925.709.1000, or email me at [email protected].
Re/Max C.C.Connection, Inc. In the fast-paced world of real estate, we're what you can count on.