If at first you don't succeed...

Try, try again!  The real estate market in our area is showing signs of life and many homes are going into escrow quickly.  Some homes are experiencing multiple offers causing bidding wars and usually when that happens the home ends up selling for higher than list price.  If you are considering buying a home and are concerned that values may drop more, there may be cause to reconsider purchasing a home sooner than later.  Interest rates are amazing and home prices are at record lows.  Overall, home prices have been slowly increasing over the past 4 months.

I am working with roughly 8-10 active buyers in Solano county right now so I am seeing first hand what they are experiencing when they find a home they like.  Many times they write an offer at or above asking and they are still losing out to other buyers that have cash or have simply written a higher overall offer than theirs.  As the market pendulum swings the other way it's important to remember that there is still a lot of inventory on the market.  If you don't get the home you like the first time, keep looking and remember that you will find a home that works for you, even if you have to make a few compromises to get it.  And, make sure you are working with a Realtor that is as dedicated to finding you a great home as you are.  One of my buyers wrote 4 offers over a 3 month time span and after losing a few homes to other buyers (or simply having a bank reject his offer), he re-grouped and re-prioritized what he was looking for in a home and just found a wonderfully updated home which he was able to negotiate a price slightly under the list price.

Commitment and hard work are key to your home buying success!

You may also be noticing that when you call to inquire about a home you saw online, it's already in escrow.  Are you hearing that a lot lately?  If you are tired of missing out on homes that you like you need to get the listings coming to you.  Most MLS service providers (via a Realtor) can automatically update you via email when homes within your criteria hit the market.  Don't be left out!  Request your home search to be set up today.  Visit www.SolanoMoves.com

There will never be a perfect time to buy (once the bottom hits it is easy to miss) & their may never be the perfect home in your price range, but if you can be open to compromise and continuing to search for homes even if you have lost a few that you like, you will find a great home for a great price and will have a fantastic interest rate to top it off in today's real estate market.  Now truly is a fantastic time to buy a home!

Location IS a factor

I was working on a BPO (broker price opinion) the other day and as I was doing my inspection I realized again the importance of location on the value of a home. The home is in move-in condition, built in the 60’s, but with some modern updating. It’s a large single story with huge kitchen along with large living area and bedrooms. It also offers a large corner lot with in-ground pool. From the description of the home, you would expect it to have buyers knocking down the door to buy it. Before previewing the home, I assumed there must be some issues with the structure and the price was too high for its condition. When I got to the home, I realized it’s less than desirable location on a main street into town on a busy corner lot. It’s proximity to commercial businesses doesn’t help much either.

What is a seller to do when they have maintained their home and its features are what many home buyers are looking for, but the placement of the home is poor, leaving the home owner with limited buyers to pursue the property? You can’t change the location of the home and putting more money into a home that doesn’t need it won’t be profitable either. The only true option for the home owner is to drop the price to compensate for its poor location. This isn’t music to a home seller’s ears, but if you have to sell your home, this may be the only option.

The same rings true for home buyers looking to purchase. If you love the home, but not the location, you can attempt to negotiate the price, but assume that you will be in the same situation when you go to sell the home so take that into consideration when you make your offer. Location is a large part of what home buyers use when deciding on a home to buy. Whether it’s to find a home in a desirable school district/neighborhood or avoiding a busy street due to traffic noise or child safety, that will always affect its market value in a positive or negative way.