{"id":2508,"date":"2016-06-27T11:11:28","date_gmt":"2016-06-27T18:11:28","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=2508"},"modified":"2016-06-26T11:29:06","modified_gmt":"2016-06-26T18:29:06","slug":"how-to-buy-a-house-in-a-super-competitive-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/06\/how-to-buy-a-house-in-a-super-competitive-market\/","title":{"rendered":"How to Buy a House in a Super Competitive Market"},"content":{"rendered":"<p style=\"text-align: justify;\">I work in one of the most competitive markets in the country and have seen how frustrated buyers can become. After seeing a few horror stories myself, here are five tips that will help manage expectations (for both buyers and agents) and make their journey smoother and more enjoyable.<\/p>\n<p style=\"text-align: justify;\"><strong>The Learning Curve<\/strong><br \/>\nIn this new age of technology, buyers are drowning in information and starving for wisdom. The majority of buyers I work with today have done their homework, but unfortunately, they did all the work before the first day of class. As a buyer, you need to learn how to utilize your agent, your lender, your inspectors, etc., to get the information and guidance you need. Now, this isn\u2019t to say you can\u2019t get to the finish line all by yourself, but you\u2019re going to wind up with a lot more gray hairs.<\/p>\n<p style=\"text-align: justify;\"><strong>Obsession with Comps<\/strong><br \/>\nIn the market where I work (Los Angeles), I separate my buyer clients into two categories: New buyers and veteran buyers. A new buyer will ask questions like, \u201cWhat are the comparable sales in this area?\u201d \u201cIsn\u2019t that house overpriced?\u201d \u201cWhat do you think it will sell for?\u201d New buyers want to know the exact \u201cfair market value\u201d of a home and not pay a penny over that amount.<\/p>\n<p style=\"text-align: justify;\">A veteran buyer will ask questions like, \u201cWhat do the sellers need from us?\u201d and \u201cWhat will it take to get this home?\u201d They\u2019ve gone through the romance of the process, written offers, and lost many times before. They\u2019re tired of playing \u201carts and crafts\u201d (writing offers) and ready to actually buy a home.<\/p>\n<p style=\"text-align: justify;\">At the end of the day, one of these people will end up with a new house. The other will end up with an appraisal. Which one would you rather have?<\/p>\n<p style=\"text-align: justify;\"><strong>Leverage Your Agent<\/strong><br \/>\nAs a buyer, your agent might know the listing agent and have insight about how they operate. Even though the seller is calling the shots, the agent will find ways to add their flavor to the negotiations. Every agent has his strong suit, so make sure you leverage it as a buyer.<\/p>\n<p style=\"text-align: justify;\">For example : Are they good at numbers and finance? Have them use that skill when writing offers and communicating that value with the other side. Are they funny and likeable? Make sure they\u2019re on the phone with the other side as much as possible building a relationship. It really isn\u2019t about \u201cplaying hardball.\u201d All things being equal, people do business with people they like.<\/p>\n<p style=\"text-align: justify;\">Oh, and let\u2019s talk about the \u201cListing Agent Groupies.\u201d These are buyers who go straight to the listing agent. It sounds good because the agent gets a big incentive to \u201cdouble end\u201d the deal and increase their income. But just so you know, the agent\u2019s allegiance is to their seller. Also, in a competitive market, you\u2019ll find fewer and fewer listing agents who want to represent a buyer.<\/p>\n<p style=\"text-align: justify;\">My advice : Find an agent you trust and would like to represent you throughout the entire process.<\/p>\n<p style=\"text-align: justify;\"><strong>The Disappearing Price Range<\/strong><br \/>\nIn a very hot market, you can almost see the prices moving upwards. For example, in 2014, Redfin named Eagle Rock, Los Angeles the No. 2 most popular neighborhood in the entire country. Later that year, we heard people say things like, \u201cOne of the last homes under $500,000.\u201d As you might imagine, that home didn\u2019t stay on the market very long and probably sold for well over $500,000.<\/p>\n<p style=\"text-align: justify;\">If that was your budget, you were an \u201cendangered species\u201d and would soon find yourself completely priced out of the market. When that happens, you either raise your budget or you find a new place to look.<\/p>\n<p style=\"text-align: justify;\"><strong>Expect Issues During Your Transaction<\/strong><br \/>\nWhen it comes to buying and selling real estate, there is one thing that I am sure of: there will be issues. I can almost guarantee that at one point of the transaction, the whole thing will be hanging by a thread. This is very common and is almost expected. (You\u2019ve been warned.) Just like on an airplane, keep your seatbelt buckled because there will be turbulence. When things get bumpy, look to your agent for advice or even to simply hear someone say that everything is going to be OK.<\/p>\n<p style=\"text-align: justify;\">Now, you might hear other agents talk about a smooth transaction, but just know that phrase is relative. A smooth transaction to a real estate agent might be a deal that closes and the house is still standing afterwards. Your definition might be a little different.<\/p>\n<p style=\"text-align: justify;\">Obviously there are a million other tips that we could go into about buying in a competitive market, but the main takeaways here are to be reasonable, roll with the punches, and work together with your agent. Most agents live and breathe real estate, so hold them close as your most valuable resource.<\/p>\n<p><a href=\"http:\/\/blog.rismedia.com\/2016\/how-to-buy-a-house-in-a-super-competitive-market\/\" target=\"_blank\">How to Buy a House in a Super Competitive Market<\/a> by Tyler Harman | RISMedia<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I work in one of the most competitive markets in the country and have seen how frustrated buyers can become. After seeing a few horror stories myself, here are five &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/06\/how-to-buy-a-house-in-a-super-competitive-market\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-2508","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How to Buy a House in a Super Competitive Market &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2016\/06\/how-to-buy-a-house-in-a-super-competitive-market\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"How to Buy a House in a Super Competitive Market &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"I work in one of the most competitive markets in the country and have seen how frustrated buyers can become. 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