High housing turnover and sluggish government revenue during the pandemic is leading to spikes in property tax bills. California property owners who stay put are protected by Prop 13. But what about first-time homebuyers trying to make a purchase pencil out? Realtor.com has some suggestions.
Lately, we’ve seen a lot of buyers' fatigue and clients who wanted to give up. We’ve also been in multiple bid situations that went more than 40% above the listing price. Here’s how to stay competitive:
Position your financing like a cash offer – Offers with non-contingent financing are proving just as strong as all-cash, and down payments over 30% are very competitive.
Bring your best offer, not your best price – Stand out with a flexible or quick closing date, depending on the seller's preference.
Find a good communicator – Your agent's relationship with the listing agent could make all the difference in negotiating a mutually beneficial offer.
That’s all good, but what is it’s still not enough to get the job done?
Consider waving and/or minimizing contingencies – This can be a gamble, but it's growing more prevalent. That’s why it’s important to have an agent to guide you.
Put more skin in the game – Pay the initial 3% deposit within one day of your offer being accepted, buy a one-year home warranty, and more.
Know when to walk away – In the end, you may get out-bid, no matter how strong your offer or how well positioed. Sometimes the smartest move is moving on.
Want to learn more?
This is a riddle that many of our clients aren’t sure how to answer because the titles are often used interchangeably. Both agents and REALTORS® are licensed to sell real estate, but each title refers to a specific type of real estate professional, and there are key distinctions between the two. For our clients, the most important difference is the level of professional standards. Anyone can become a real estate agent by studying, taking a test, and obtaining a license. Becoming a REALTOR® takes a whole new level of commitment to your clients and your work. You can find a local REALTOR® using this search tool.
“REALTOR®” is actually a trademarked term for real estate agent who is an active member of the National Association of Realtors (NAR), the largest trade association in the United States. New members attend an orientation and agree to abide by NAR’s Code of Ethics & Standards of Practice, which outlines our duties to clients, the public and other REALTORS®. The code includes 17 Articles, 71 supporting Standards of Practice, and 131 explanatory case interpretations. It’s based on the “Golden Rule” and requires that REALTORS® cooperate to further the best interests of consumers and their clients.
If you’re into energy conservation, then California is the place you want to be. The Golden State has set a goal of reducing carbon pollution to 1990 levels by 2030. That’s like taking 5.6 million cars off the road every year. But would you guess the housing sector accounts for 13% of the Bay Area’s greenhouse gas emissions?
Learn how we can all help to keep California golden.
When you’re looking for a home anywhere in California, it’s important to know what’s below the surface — and we’re not talking about the crawl space this time!
Read More
