Lisa Y. Shaw, Broker Associate
508-826-7661
[email protected]
www.lisashawsells.com
By Lisa Shaw
There it is glaring you in the face…the house you’ve driven by, dreamed about and Googled a million times…the sign is up and it’s for sale now. The biggest question should be, Am I ready? Have I done everything I can to prepare for this? Most importantly, do I have my team in place and are we ready to pounce!? Sounds like a video game you played in college or one your kids play? It shouldn’t – it’s happening and it’s real.
The real estate market, along with everything else in 2020, has gone crazy! Bidding wars, low inventory, exceptionally low mortgage rates and an abundance of buyers have made this year one of the toughest for buyers in decades.
As a 29-year veteran broker that’s been with RE/MAX Executive Realty for almost 14 years, I’ve seen some ups and downs but this takes the cake!
The first advice I would give to buyers and sellers is to make sure you have the right team in place. It’s not only crucial to have a mortgage broker or banker but you’ll also need a good Realtor, attorney and home inspector. It may not seem that important to have these people in place before you even find the home of your dreams but, oh, is it!
In this competitive market, every second counts, from the time you lay eyes on that “For Sale” sign or screenshot of your dream house, time starts ticking. The buyer with the most thought-out plan will likely be the successful bidder and new owner. Hiring an agent that can lead you in the right direction should be a top priority. They should have good contacts and references for everything you need and be willing to work with people you may already have lined up, too. Now more than ever, writing an offer takes finesse and lots of knowledge. Every seller is looking for something in an offer that meets their highest need…Your agent needs to figure that out before writing the offer and make sure it’s in YOUR offer.
There are a lot of scenarios to discuss with your agent, bank and attorney prior to ever even writing an offer. Some sellers are looking for the highest price, while others are more concerned about what contingencies are written into the offer. Have you considered putting more down or waiving the home inspection? These are all integral parts of an offer. If and when you get into a price war, are you able and willing to put more money down if the appraisal doesn’t come in as high as your offer?
Being prepared and informed will help you make the best decisions for you and anyone else involved in your purchase. This may be a crazy market but you can still make good decisions that you are happy with in the end if you do the prep work now.
Re/Max Executive Realty
Lisa Y. Shaw, Broker Associate
508-826-7661
