The lack of houses on the market along with the historically low interest rates, has caused the housing prices in the San Francisco Bay Area to increase dramatically. A great thing for Sellers, however, making it a bit tough for Buyers as the demand for each home is so high, resulting in multiple offers, at well above the asking price.
To have a successful transaction, there are things that both buyers and sellers can do to either sell their home for top dollar, or get their offer to stand out above others and be accepted.
For Sellers, there are many things you can do to obtain an offer for your home that will make you do backflips! Here are a few:
1) it is important, as in any type of market, to price the home properly. A home in this market that is listed too high may still sell, but maybe not as high is it could have. The goal in this type of market is to list your property at a price point that will generate a lot of interest and get the most people to view your home, hopefully resulting in multiple offers well above asking. Are we in a "Seller's market" - DEFINITELY!
2) Even though we are in a "Sellers market", it is important to keep your property clean and available for showings, especially during the first 2 weeks of the listing. If done properly, the house will be sold by then.
3) For vacant properties, it is well worth spending some money on staging, as it will allow your property to be shown in the best light. The few thousand dollars you spend in staging could result in a much higher offer from a prosepctive buyer because it allows them to visualize the property with furniture in place to see if the home would be a good fit for them. For staging, I use Yvette Thoma of "Let's Stage It!" She is fantastic and her website link is below.
4) For all listings, I recommend that a virtual tour be done with a professional photographer. High quality HDR photos taken by someone that understands lighting, space and other details is extremely important to have your home seen by the general public on the internet for the first time. Let's face it, with the internet available to everyone and with most Buyers starting there to see which homes interest them, these photos can make all the difference. For my clients, I absorb this cost and get this done at my expense with a company called Tour Factory. Their photographers are all top notch and the finished product is amazing. Here is a link to my most recent 2 listings that both had virtual tours. The first one was staged and the second one was still owner occupied. Please take a look and you be the judge.
For Buyers, you may ask, "How do I get my offer accepted if I am competing with 10, 20 or even 30 other people?" The answer - There are a lot of things you can do to make your offer stand out above the rest. Here are a few:
1) You and your Realtor want to present the cleanest offer possible. This can range from a high price, all, cash, non-contingent offer to an offer that may require a loan, but with a short contingency window. Obviously, cash is king and the more down payment you have, the better the offer is in the eyes of the seller, but work with your Realtor and listen to their advice on how to present your offer based upon your situation.
2) In terms of price, you need to decide what the home is worth to you. Utilize your Realtor to figure out what this house might sell for in this market based on comps and your Realtor's experience. Once you have done that, put your best foot forward and offer the amount you are willing to pay for that home. If you still do not get the property, you will feel comfortable with the fact that you put your best offer on the table.
3) Review the disclosure package for the property with your Realtor. If a property inspection and termite inspection have already been performed by the Seller, discuss with your Realtor the options you have for waiving the inspection contingency for the home. This will make your offer cleaner, however, only do this if you are comfortable with what was presented in the inspections, as well as if the inspections were done by a reputable company. Oftentimes, a more thorough visit to the property with your Realtor may be needed to determine your comfort level in doing this.
Whether you are a buyer or seller, feel free to contact me anytime to discuss your situation. I can be reached directly at 650-303-0880.
I can provide a seller with a Comparative Market Analysis (CMA) of their home and set up a meeting with you at the property to further assess what your home might sell for in this market and how best to go about marketing your home so you can sell it for top dollar.
For a Buyer, I can either discuss with you over the phone, or meet you in person to find out what it is you are looking for, which area you are looking in and what price range you may have. I prefer to meet in person, perhaps at a coffee shop, so we can casually get to know each other and really discuss your wants and needs and how I can best help you find the home of your dreams!
Don't delay, contact me today.
Brandon Denman - Broker/Owner
Denman Real Estate Group
BRE # 01378663