Buying a home in today’s Oakland, Piedmont and Berkeley’s real estate market.

May 29th, 2013

5 things you need to know about- Buying a home in today’s Oakland, Piedmont and Berkeley’s real estate market.

5-things-you-need-to-know

 

1- Get Pre approved.  What’s the difference between Pre approved and Pre qualified?  Pre approvals are based off answers to questions, pre approvals are based off of what you proven via documentation.  In other words, you’re pre approved when your credit has been checked and your income, assets and employment history have been verified.  Without a true pre approval the best offer will not be taken seriously.

2- Temper your expectations.  Listing inventory is LOW.  There aren’t a whole lot of homes available.  This means that if you want to stick to any sort of budget, you’re not likely going to get everything that you want.  Having a clear understanding of your needs, wants and wishes will help you pull the trigger when the time comes.

3- Be ready to compete.  Like it or not the market has returned to a super heated buying environment.  Unless you’re willing to purchase a home in an outlying area or in need of lots of repairs you need to prepare yourself to make offers competition.  Pre inspections and waiving of buyer contingencies was unthinkable just 20 months ago.  Now, it’s becoming the norm.

4- Be prepared to act quickly.  While you should never rush to find a home but you need to be ready to rush when you do find it.  The market is moving fast.  Marketing periods are short.  Gone are the days where you can take your sweet time to decide if you want to throw you hat in the ring and make an offer.  If you don’t act quickly and start making preparations right away you may find yourself left behind on the offer date.

5- Behave at Open Homes.  Everything you do and say when in front of the Listing Agent will inevitably be shared with the Seller.  While nitpicking the condition of a home is an important part of removing inspection contingencies, being vocal to the Listing Agent about your property concerns is a sure fire way to keep yourself from getting into contract in the first place.

Brian Santilena is a Realtor and Certified Residential Specialist (CRS) and local real estate expert with Pacific Union International Real Estate.  He’s sold over 300 local homes over the past 15 years in the local real estate market.  If you are looking to purchase or sell a home or real estate in Oakland, Piedmont or Berkeley CA. please contact Brian directly.

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