With low inventory in the southern California real estate markets, many homeowners are afraid to sell their home because they’re concerned that they may not be able to find a new one. This can be a real problem, but if you are looking to sell-whether to upgrade or find a new neighborhood-there are a few ways to combat the low inventory.
Team up with the right Realtor. Choose a real estate team that has years of experience to win in competitive offer situations. This is no time to work with an inexperienced agent. The listing agent for the home you want to buy can spot an offer from an inexperienced agent. Typically, they see problems down the road if the offer isn’t written cleanly from the start. Writing an offer that can compete against other buyers takse creativity based on previous successful transactions. We put our experience to work for you to make sure that you get the house you want.
Look to buy first. In most markets it is a real mistake to put your home up for sale before you start looking for your new property. Identify the geographic area where you are interested in buying. Even if you don’t see anything on the internet, it doesn’t mean you can’t or won’t find the right home.
Meet with your lender. Know what you can afford before you set everything into motion. You may be competing with other buyers against the same property. The one who wins is the one most prepared. Have your lender provide you with a DU Loan Approval, not just a Pre-Approval. Lenders can submit your loan application online to Fannie-Mae for an instant DU Approval (Direct Underwriting Approval.) Most buyers won’t take this very important step. Having a DU Approval is paramount to competing against other buyers who are less prepared.
Think outside the box. Be proactive! Keep in mind that there are probably many people like you who want to make a move but are afraid as well. To give you an edge against low inventory, we will send letters to the neighborhoods in the geographic areas where you want to live announcing that you are ready to buy a home in that neighborhood. You could find a home to buy that may not even be currently listed or for sale.
Protect yourself legally. Make sure you don’t end up homeless! We are exceptionally experienced at writing and managing contracts that protect you from completing the sale of your home to a buyer in the event that you can’t find a suitable replacement home. We handle the pressure of balancing this very important task so that you don’t have to worry.