The secret to finding your future home while house-hunting in Southern Orange County ($500-650k)
If you’ve been shopping for your future home, I’m sure you’ve wondered why certain properties in your budget ($500-650k) seem stagnant. While other similar homes sell before you even get a viewing. Or why when you (Buyer) do find the house of your dreams and place a solid bid, only to see the Seller accept another offer. So, how do you find your future home and close the deal?
Most first-time Home-buyers typically don’t have enough liquefiable assets to afford both a down-payment and post-sale renovations. So often, their first strategy is to search for a home that is turn-key, meaning the property needs very little or no improvements to meet their expectations.
And as compared to years past when there were only one or two options. Today’s buyer has an average of 12-15 homes they can see before they narrow down the list of homes that match those expectations.
The problem is every other buyer in this price range has the same playbook, leaving a large glut of buyers competing for the same property. In fact, for my clients who find their dream home, I often remind them, ‘If you like this home that much, chances are, 4-8 other people like it just as much.”
So, what about all those other properties within your budget that tick most of the boxes, but are missing a few upgrades or minor renovations?
Well, that’s where the ‘Golden Opportunity’ is, and the golden word is “Condition.”
For instance, if you see a home in great condition at your price point don’t get distracted. Consider a fair price to offer based on recent comparable homes and go for it! And while you may need to compose multiple counters for a property, you’ll succeed in landing your next home at a reasonable price instead of waiting on the sidelines.
Don’t fall for the rumor that the market is slowed, because housing inventory has risen recently; home sales have remained strong over the last several years and much of the inventory is due to sellers who have fallen out of alignment with the market, causing them to sit longer.
A final thought from a local agent, if you find a home you like and that matches most of your criteria, grab it before it’s gone. Then sit back, and watch your equity grow while bidding wars continue around you.