You found a property you like and you want to make an offer. Now, the fun begins! 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. You need to be active and decisive, because you only have about two weeks before the house is gone. If you wait too long to make an offer, your dream home will be long gone by then! However, all of this rushing and worrying you’re going to miss out on your new home can lead to making mistakes. A few of the most common include:
#1 Basing your offer on a price estimate you found on a website
Price estimates of homes on real estate websites are not always accurate. There are several reasons for this. First, their estimates are based only on the publicly available data. They do not include the current condition of the house, the upgrades that were made, the neighbors, the school zones, the nearby road work, the proximity to employment opportunities, and other factors that contribute to the true value of the property. You can’t make an offer below the asking price in a market this hot!
#2 Not making an offer at all because you heard about the other bids
The average home for sale in today’s market receives a little over five offers. How will you know if your offer will get accepted or not if you don’t even try just because there are other bids already? It’s just natural for a great listing to receive several offers. Quitting the game too early can be the biggest regret you have when someone else buys your dream home. Our team can help you win a bidding war!
#3 Going over your budget
At the other end of the spectrum, some people in a bidding war make the opposite mistake- getting so wrapped up in winning their new home that they end up going way over budget. This mistake will haunt you for years as you cannot afford your new house and the lifestyle you already enjoy. If a home goes out of your price range, let it go! Our team will help you find a new house that you love just as much!
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. We can help with that! For potential homeowners shopping in Contra Costa, The Frazzano Tse Team is the real estate professionals to call. We are ranked number one in total sales volume for the entire MLS in several local areas. We’re ranked so highly because we can help you avoid the mistakes listed above, and others. With our help, you could be our next client to say “We got the house!”