Most buyers today are savvy when it comes to basic data like days on the market and the difference between list and sold prices, but digging a little deeper could give you the edge needed in today’s market.
Let’s start with the inventory for the area you’re targeting. Look at the trend over the last 12 months, how many have sold? How many have been listed only to be removed from the market without selling? This will help you determine if you will have plenty of options to choose from or end up in a possible bidding war.
Next take a close look at the prevalence of properties in your price range. Have homes sold within your price range that would suit your needs? If not you may need to reconsider widening your search area. I have seen too many buyers lose homes which would be a perfect fit for them only because they start their search in an unreasonable area for the price range they can afford.
Lastly, keep a close eye on the level of competition while looking at properties. Many home are once again receiving multiple offers once again. It is not unusual for a property to have 2 or 3 offers before you even get a chance to see it. I have seen some that have had closer to 25 or 30 offers, which is often the norm for a bank owned property. Make sure all your t’s are crossed and your i’s are dotted whenever you make an offer. Include the earnest money check so a seller knows you are a serious buyer as well.
As always, I suggest you hire a properly trained real estate broker to assist you with your home buying needs. Talk with your broker regarding how aggressive your offer should be and the level of competition in the neighborhood you’re exploring. You may have to open your wallet just a bit more in a highly sought out area with tons of buyers out there and low inventory levels.
To contact me, call 847-292-4700 or visit www.zerillorealty.com.