Part Two
Two weeks ago we started a two-part series taking a look at the spring/summer selling season that kicks off in about a month. In part one of the series, we took a look at what this year’s season looks like for sellers. In part two today we outline what to expect from buyers.
- Competition!!! That is going to be the name of the game for buyers. Demand will certainly trump supply. There will be competition for all the best listings and as I said two weeks ago all the best listings will come on the market between the third week of March and the third week of May.
- This means as a buyer you need to be ready. You must have your finances nailed down early. Make sure you have your down payment ready to go and seasoned (in your checking account for 60 days) in your checking account. Make sure you have a strong pre-approval letter from you lender. Meaning you have most if not all of your documents that the lenders need to underwrite your file already into him or her. A pre-qual may not be enough in this competitive market. Remember smart listing agents are going to have a conversation with your lender once they receive your offer. If your lender can tell them that you are so far along into the underwriting process that all they need is a contract, an appraisal and then they’ll go to closing you will win that house over the next guy.
- Once a home that interests you hits your inbox make sure you are going out to see it right away. The thought that it will be there tomorrow is flat out wrong! If you like it and it meets 85% of what you want and need than go forward and make the offer. The perfect homes does not exist so don’t spend time looking for it. Again if you get 85% of what you want and need you have done better than most. Remember the three big key questions…do I love the location, do I love the layout/finishes and do I think it’s appropriately priced for both one and two. If it’s a yes on all three questions…buy the house.
- You most likely will pay more or pay over asking price. That’s not comfortable for anyone, but it’s the market we are living in. You may say “I am not doing that” and we are ok with that. You most likely won’t get the home, but there is another option. Try to purchase a home during the down times of the calendar year like August and December. Yes, there will be fewer homes to choose from, but you may not have to pay full price or over asking prices to get the home you like.
Again there is a lot more to cover and discuss. These are just a few highlights and I am sure you’ll have lots of questions so let’s talk. You can contact us at team@thehawaiiteam.com or 808-913-0899. We are happy to help and remember IT COSTS YOU NOTHING TO USE US TO REPRESENT YOU IN THE HOME PURCHASE.
I hope you found this helpful. Happy house hunting and we wish you find your Hawaiian Dream House.
Dan Polimino is a Broker/Owner with The Hawaii Team, Keller Williams Realty Maui. Contact The Hawaii Team at 808-913-0899, team@thehawaiiteam.com.
All reported sales were not necessarily listed or sold by the broker and are intended only to show trends in the area or shall separately identify the broker’s own sales activity.
Read Part One
