• Practical Advice for Landing a House in San Diego During a Seller’s Market •
Despite COVID-19 and an occasionally topsy-turvy economy, it’s still a seller’s market out there, with median home prices 6.5% higher than this time in 2020.
With offers flying in from all angles, how can you make sure you grab the home you want before someone else swoops in? Check out the following tips:
Use a Larger Earnest Money Deposit
Your earnest money deposit — when sized right — can send a compelling message to the seller. A larger deposit communicates that you’re serious about closing the sale and are financially stable enough to see it through.
Give the Seller More Time to Move
Normally, sellers have to move out by the time the sale closes, but giving them a little extra time can make your offer more attractive. Plus, pressuring the sellers of your potential dream home isn’t going to curry many favors.
Instead, we suggest first having your agent work with the seller’s agent to learn the homeowner’s ideal move-out schedule. Then, present a flexible move-out date that puts the seller in control of when they vacate.
And if you go this route, we suggest timing everything to align with your rent or mortgage payment cycle, so you have a few weeks before another payment is due. Showing a little extra care and consideration can go a long way in making your offer stand out.
Who doesn’t love cash? Sellers accept cash offers seven times more often than the traditional mortgage backed offer. They’re also more likely to accept a lower offer if it’s cash.
In the past, making a cash offer wasn’t always possible for the average buyer. But, like the rich uncle you never had, placing a cash offer on house gives you the extra leverage you need to buy the home you want. And hey, even if you do have a rich uncle, we’re jealous but are still happy to help you find your dream home.
Offer At Least the Asking Price
If you’re not offering to pay all cash, it can be tempting to first make a low-ball offer and see what happens. But in a seller’s market, the combination of multiple buyers and low inventory makes it especially difficult for a low offer to fly. If you aren’t paying cash, it’s smart to offer at least as much as the ask price. Kicking in an extra few thousand above that may be the cherry on top that makes your offer too sweet to resist.
Hire A Local, Experienced Agent
If you’re selling a rustic cabin to your cousin, you might not need one. But, if you hope to get the best possible price without losing your mind in the process, working with an experienced agent or, better yet, a one-stop-stop like Reali that puts everything you need at your disposal, is a no-brainer.
And to make your offer as appealing as possible? Deploy as many of these strategies as you can to win the home you love: a larger earnest deposit, a flexible move-out date, and either an all-cash offer or a traditional offer at or above the asking price. This way, you can spotlight your offer over others’ and get one step closer to holding the keys to your new home.
Knowledge is power, but of course, you’re not alone. To learn how Reali can help you get the home of your dreams (and even secure a great rate on your mortgage) reach out today for more info.
The Bottom Line
About The Author
Portia Green is a highly experienced full-time REALTOR® specializing in the representation of Sellers, heralded by her clients as data-driven and an effective negotiator. Producing $25M total in residential sales volume, Portia's goal is to help her clients achieve the best results when selling their homes and to make their experience an enjoyable one. She has successfully sold real estate since 2008 and has gained an in-depth knowledge of local real estate markets & seasonal trends. Portia has achieved a 100% customer satisfaction rating and wants to share her expertise & personal service with you in the sale of your home. When listing your home with Portia Green and Compass, you'll receive the hands-on service you need and desire. Portia will help you manage the entire process of selling your home from pricing, preparing and staging the house, to marketing, negotiating offers, inspections, all the way to closing. She will recommend skilled vendors for any job needed, personally host Open Houses, and ensure that all showings are accompanied. At Compass, Portia offers a wise no-nonsense way to sell your home for the best price and the least hassle. With a keen eye for staging & preparing listings to maximize Buyer appeal, all of Portia Green's listings are professionally photographed using HDR (High Dynamic Range) photography to provide the highest quality photos in the industry. Professionally printed marketing materials are prepared for all Open Houses. We also capture a 3D scan of your home that creates an interactive walkthrough online along with a custom-designed floor plan and targeted digital marketing campaigns on Google & the most popular social media channels. Compass participates in the Multiple Listing Service, which is the local real estate database of homes listed for sale that all REALTORS® use in helping their Buyers find houses. Your home will appear on every real estate website, in its best light, making a stunning camera-ready debut. Portia Green's home valuation expertise and extensive experience in comparative market analysis will help price your home accurately. She has refined her skills to help you pinpoint which features of your home will result in more showings and better results. Her mantra is for you to be ready to sell your home and feel good about that first. Portia knows that home inspectors always find a problem; that drones take some of the best photos in town; and that her eyebrows will grow to the floor in the time it takes her to read everything that's happening with your HOA, but that doesn't mean she won't do it anyway. Eyebrows be damned. You'll always need a place to unplug, connect, dream, grow, or just be yourself. That makes what Portia does even more meaningful. She’s ready to go the extra mile to help you find just the place. Whether you're selling your very first home, offloading an investment property, or want a vacation getaway with passive income, she is attentive to the details of every home sale. Portia helps busy people navigate this crazy real estate market like a pro, so don't be shy. Every great relationship starts with free advice and a friendly chat. Ask as many questions as you need to. Selling houses is her jam! www.portia.realtor
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