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The Top 3 Things Potential Homebuyers Need to Know When Making an Offer

You don’t want just a house; you want to move you and your family into a new home. This means finding the perfect place for you, meeting all of your needs and quite a few wants as well. The only problem is that this current real estate market in Contra Costa is moving so quickly it can feel impossible to achieve this. Houses are on the market for mere days and prices are rising. Most houses recieve more than one or even two offers. This makes finding your perfect new home a challenge, but you’re not totally out of luck.

You found a property you like and you want to make an offer. Now, the fun begins! With our expert advice and a realistic attitude, you can do it! We recommend you go into making an offer these pieces of advice in mind:

#1 Get Pre Approved First

Because most homeowners will receive multiple offers on their house, you want to show them you’re serious about your bid. Otherwise, they won’t waste any time moving on to someone else. This is why you should connect with a lender to get pre-approved for a loan early in the homebuying process, well before making an offer. Taking this step shows sellers you’re a serious, qualified buyer. Anything that can give you a competitive edge in a bidding war is going to be much needed!

#2 Brace Yourself, it’s Going to Move Quickly!

As we hinted at above, today’s real estate market in Contra Costa and Alameda County is moving at a record-breaking speed. According to the Realtors Confidence Index from the National Association of Realtors (NAR), the average home is on the market for just 17 days. This means from start to finish, a house for sale is active for roughly two and a half weeks. You need to be active and decisive, not waiting around and thinking it over for days and weeks. Your dream home will be long gone by then!

#3 Make a Fair, Strong Offer

In a buyer’s market, you can offer a homeowner under asking price and they will often come down to meet you. This is not that real estate climate! According to Lawrence Yun, Chief Economist at NAR, “For every listing there are 5.1 offers. Half of the homes are being sold above list price.” In such a competitive market, you will need to use an experienced real estate agent as your trusted advisor to make a strong, but fair offer. Our team can help you choose an offer based on market value, recent sales, and demand.

For potential homeowners shopping in Contra Costa, The Frazzano Tse Team is the real estate professionals to call. Led by Joe Frazzano and Alex Tse, who formed the team in 2004, we are ranked number one in total sales volume for the entire MLS in several local areas. You could be our next client to say “We got the house!”