Day 28: How’s the Market?

Seller’s market or not, there are a ton of awesome houses out there and I know I can find the right one for you.

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Real estate professionals are often asked the question “how’s the market?” In our current economy, the answer is a resounding it depends. As of the date of this post, in the Fresno/Clovis area, there are approximately 1,500 single family homes for sale. On average, a house listed for sale in our county will sell in 40 days.¹ The answer to “how’s the market” is that it depends entirely upon whether you are a buyer or a seller.

What that means in everyday language is that we are currently in a Seller’s Market. Houses are staying on the market fewer days and commanding a higher asking price to boot. This is awesome for anyone selling a house. It is highly likely that a seller would receive multiple offers and possibly even one for higher than the asking price. For buyers, on the other hand, writing an offer that will be accepted can be tricky. As a buyer in a fast moving market, where most sellers will receive competing offers, it is super important to keep in mind a few helpful hints.

If you heed these rules, you can score the house of your dreams…even in a seller’s market!

  • Shop during the week. Open houses are typically held on the weekends. This is also when most offers are made. If you can be flexible with your time and tour houses during the week, you may be able to get an offer in the seller’s hands before anyone else even sees the house.
  • Have a loan pre-approval letter from a local mortgage lender ready to submit with your offer. A seller will usually be more likely to accept an offer if they know you can easily and quickly remove the loan contingency. Working with a local lender means your loan representative can be highly responsive to requests for documentation and will be available in the same time zone.
  • Hand over a higher than normal deposit along with your offer. It shows you have considerable skin in the game and you’ll have to pony up the cash in escrow anyway. Writing a bigger check up front is like dangling a big juicy carrot in the seller’s face.
  • Don’t ask for any extras. It can be tempting to write up an offer that is loaded with wish list items. A portion of the closing costs, repairs-repairs-repairs, that 80″ flat screen tv you saw hanging above the mantle… Forget it. Be prepared to do the repair work on your own and pay for every penny of your closing costs. If a seller has two full price offers to consider, you better believe he will select the one that asks for the least amount of extra items and work.
  • Don’t lowball your offer. Look at houses in your comfortable price range and pay what they are asking. This isn’t the time to shop $30k over your loan pre-approval and submit a lowball offer with fingers crossed. It’s a bad strategy right now. In fact, it could be prudent to shop slightly below your maximum price and offer high!
  • Use a Realtor. Let a professional do the negotiating for you. Things are moving fast right now and your Realtor will be able to submit paperwork in the proper timelines and effectively communicate with the other parties on your behalf. You won’t gain anything but stress by going it alone. We are here to help, so please let us.

Now let’s get down to business and find your dream home! Seller’s market or not, there are tons of awesome houses out there and I know I can find the right one for you.

 

coventry-collage
Coventry Ave

 

“Beautifully maintained 2 story home on a spacious cul de sac lot. One bedroom with a bathroom is isolated downstairs. Loft area as a great bonus room. Spacious kitchen with a breakfast bar and eating area, opens to the family room, with a fireplace. Separate living room, formal dining room. Covered patio, shed, mature landscaping. 3 car garage with storage, shed. Unobstructed mountain views. Too many amenities to mention. Must see to appreciate!”

The house I visited for this post is in Clovis near Barstow and Temperance. It is a larger home with 4 bedrooms, 3 bathrooms, loft, formal dining room, and a nice sized backyard. This was an open house, so even though it is still occupied by the owners, I had the opportunity to look around and take some pictures. You’ll see the occupant’s furniture and personal belongings in here, but try to picture it with your own sofa and bedroom set instead. Then let me know if you want to make this gorgeous house your next home.

Cheers!

Erica

¹Source: http://www.realtor.com/local/Fresno_CA

Day 19: Investor Adventure

Oh, what a day!  It started out in Easton to show a client that cool house I blogged about back on day 1? 2? I can’t remember that far back, lol. No matter. The day started out in the country and it was a very positive showing!

On the drive back to the office to pick up signs for Sunday’s open house, I got a call about an investor coming in from Salinas to look at one of FresYes’ listings. In anticipation of this client wanting to see a variety of choices, I pulled a few comparable listings in the general area and price range of the property she requested to see. She was expected to be in town by about 1pm, so I had a good two hours to finish up my open house activities.

I quickly headed out to Copper River Ranch to put flyers on the golf house neighbors’ doors. Boy-oh-boy was it HOT! Pounding Fresno pavement in August is no joke, especially at high noon. It totally had to be done, though. I have tried several tactics to host a successful open house out there with very little luck, so inviting the neighbors seemed like a good idea at this point.

After placing nearly 50 flyers with neighbors, I headed over to the house I would be showing to the investor to check out the location, as well as the locations of the others I planned to present to her.

Investor Collage
Potential Rental Homes

All of these houses were vacant and a couple of them were foreclosures, so they did not have any staging to speak of.  Of course, the FresYes listing looked lovely inside 🙂

 

To fully narrate the events of the afternoon would be more of a short story than a blog post and no one has time for that these days. Long story short, my investor chose the house in the top left of the collage above as her next rental home and SHE MADE AN OFFER!!!!  Holy smokes, people…my first offer. I doubt this is any kind of record, but I’ve had my real estate license for 45 days.  45 days of hustling, learning, and working my rear-end off.  45 days as a Realtor and 19 days as a blogger and I wrote my first offer — WOO HOO!! Can you tell I’m pretty stoked?

 

offer2
That’s me…with an offer!

 

(Special shout out to my mentor and teacher, Corrie, for getting me through the paperwork.)

So, though the day was long and I was thoroughly exhausted by the time I got home, it was all worth it in the end.  Now cross your fingers for me and my buyer that the offer is accepted!

 

 

 

 

Cheers,

Erica

Day 16: An easy par three…

…or so I hoped.

They say the third time is a charm, but not so much for this adorable little golf house.  I have personally hosted three open houses for this charming (and gorgeous) home on the 12th fairway of the Copper River Golf Course.  I hoped that tonight would be the night that we would find it’s new forever family after hosting a lovely brokers’ open house, complete with wine, cheese, and giveaways.  Sadly, traffic was very light.

VV Collage1

This is not my listing, but after logging so much time and emotional energy toward marketing it, I really really want to find a buyer for it.  I have a deep affinity for Granville homes.  They have a lot of style and substance, and this one is no exception.  With 8′ tall doors, a chef’s kitchen, and beautiful tile flooring, it is a stunning home for a small family. What makes it such a niche property is the location.  With a small patio backyard, that opens up to the golf course, there isn’t much privacy or outdoor space to roam.  These are not bad features, but rather features that require a certain kind of buyer to appreciate them.

I consulted with a couple of more experienced Realtors after this open house to get some advice on how to find a buyer who would appreciate this house for all it has to offer. It looks like I’ll need to conduct some market research in the neighborhood by pounding the pavement and ringing doorbells. Maybe one of the neighbors has a friend or family member who would love to buy this golf house. Maybe one of you, my dear readers, can help make this house a home.

Cheers,

Erica