We have several methods to help our buyer clients win out in this wild market.
Interest rates have started to rise, creating urgency among many buyers. On top of that, we still have extremely limited inventory. As we’ve mentioned before, a normal level of inventory for the Santa Clarita Valley is between 800 to 1,000 units—that’s indicative of a good, balanced market. Right now, however, we’re down to just 188 homes. As shocking as that is, it’s at least an improvement from what we saw over the last couple of months when our supply hit the 120s.
There are a little over 500 pending homes, and about 280 homes have closed over the last 30 days. This tells us that things are still moving along out there, albeit at a slower pace due to a lack of available inventory. In a tight seller’s market like this, where getting 15 or 20 bids on a single listing isn’t unusual, what are we doing to separate ourselves from the competition and get our buyers’ offers accepted? We have a strategy, and we call it the “three Cs”—confidence, communication, and creativity. Here’s what that looks like in practice:
1. Confidence in how we present our offers and position our clients. The listing agent needs to know that you’re an awesome, well-qualified buyer who’s done their homework and is prepared for anything that this market can throw at them.
2. Proper and efficient communication. Far too many agents just submit an offer then do nothing but pray for a response. We don’t just submit the offer, we check in to make sure it’s been received. We make sure our lender touches base with the listing agent to convey that your financial situation is as orderly as we say it is. Again, this helps the seller and their agent find confidence in you as a buyer. Then we continue to follow up, making sure that there’s nothing else that the other side needs from you. It’s this level of follow-through that makes a difference.
3. Creatively exploring all possible options. We always have a plan for what to do if the appraisal comes in low, issues pop up during the inspection, or if timelines need to be adjusted. Whatever the case may be, we’re able to get as creative as the situation calls for to secure a win-win deal that makes everyone happy.
As always, feel free to reach out if you have questions about this or any other real estate topic. We’d love to share some more specific examples of our winning strategies with those who are serious about purchasing a home soon. I’m happy to be a resource for you and assist with whatever buying, selling, or investing needs you may have.