Encinitas real estate agent Linda Moore shares 5 secrets to help homebuyers in the competitive real estate market in Encinitas.
In today’s market, homebuyers are looking for almost any tip or statistic that will allow them to get an edge on the home they wish to purchase. While I can’t stress enough the importance of having an Encinitas Realtor help you compete in this market, these 5 tips can help you get a leg-up.
Preparing to Enter the Market
These few tips will help you as you prepare to enter the competitive market.
- Secure not just a pre-approval letter from your lender, may sure that you get a desktop underwriting approval. The benefit of this is that the information will go into the computer and allow the seller to see your FICO scores, which can help them feel secure in selling their home to you.
- You can consider shortening the period of your loan contingency period from the standard 17 days to 10 or 12 days to make your offer more competitive. Before doing this, make sure that you will receive your loan on time from the lender.
Look at Local Statistics
Many potential buyers are aware that you should know the average DOM (days on market) and the average ratio of list price-to-sales price, but there are other statistics you should consider as well.
- Talk to your real estate agent about how many offers they are typically seeing on homes for sale. In today’s market it is not uncommon for agents to see average number of offers per listing to range from 15 to 20 when the norm is typically 3 to 4 offers. Knowing how much competition to expect can help you prepare.
- Knowing the current inventory in the area you are working to find your new home is crucial to making sure that your expectations are realistic. In Encinitas and surrounding areas it is common for inventory to sit around 130 homes for sale.
Avoid Glitches on Closing Day
The last thing that you want is to get through the competitive offer stage and then come up against a glitch on closing day that puts the purchase of your home at risk.
- Making sure that your funds are ready is crucial to ensuring that there is no glitch on closing day. A personal check will not be permitted so make sure that you have a certified check or have transferred the funds in advance.
Hopefully these tips will help you as you embark on your journey to find the right home with a skilled real estate agent in Encinitas.