Your Exceptional Life

They say if you don’t like the weather here, just wait 10 minutes. Well, if you don’t like the real estate market here, just wait 10 minutes.

I was talking to an older agent at an open house yesterday. One of the comments she made to me was how the market was such an ever changing beast and at her age it was hard to keep up. Quite honestly, she was probably five years older than I. I felt sad for her because to me, keeping ahead of the market is the best part of the job. I love figuring out where the market is going and having my clients in line with that movement. And the market has changed again.

I’ve had several people call me recently thinking they can get a home for $200k in Hayward in a good neighborhood. You can, if you have a hammer and a paint brush and maybe a license to apply termite solutions. The entire structure, if sound, will need repainting and flooring and probably some other serious work. In other words, that ship has sailed. I have people call me who think they can lowball a bank owned home. Here’s the reality of the situation: Good bank owned properties are receiving in excess of 10 offers each. I’ve been handling a property that I think is a complete dog. It had 11 offers exceeding $50k over asking. I am amazed by that. Brokers ask for highest and best, and then the top offers go to the bank. Some banks do look at them all, but some only look at the top three, top five or some other random number. Agents that write these low ball offers are spinning their wheels and wasting their client’s time.

Right now, this market feels to me like a boxing match. Float like a butterfly, sting like a bee. You had better be ready to move your feet if you’re going to play. It’s important to know the market and move quickly when you see what you want.

The first order of business is to get your preapproval in order. The second order of business is to have your check book with you at all times. The third order of business is to be ready to prove that you have the funds. Then don’t be afraid to pull the trigger if you see something you like. There are great deals out there, it’s time to get into the game.