With the San Francisco real estate market heating up since January we are seeing multiple offer situations, no contingencies, all-cash offers, and offer dates being set. We are even seeing prices in some neighborhoods hit record highs; we’re definitely in a HOT market with stiff competition. Typically a trend like this can last for a few years. We might be at the beginning of an up cycle. Too early to determine? Buyers, here are some helpful hints to be aggressive and remain in the game of real estate:
1.) Hire a REALTOR® that works with both buyers and sellers. Listing agents tend to be too busy and focused on seller’s needs.
2.) Use MLS or CleanOffer.com. Sites like Trulia, Redfin, and Zillow are generally incorrect and/or not current.
3.) Preview properties prior to the first open house. Your REALTOR® can call in advance.
4.) Ask your REALTOR® about pocket listings or off-market opportunities.
5.) Get pre-approved and have your financing squared away.
6.) Write an offer on Sunday evening. After a busy weekend, most buyers and agents relax on Sunday evenings.
7.) Ask your REALTOR® to write a letter to specific owners in a building or a street that you would consider purchasing.
8.) Clean-up your terms; both price and terms win deals. Closing more quickly or removing some of your inspections will help you standout.
9.) Ask your agent to present your offer to the seller (yes, in-person!). Your agent can describe how lovely of a person you are and how badly you want this property.
10.) Again, hire a REALTOR®.