The Buyer Beat Down!
by KATHERINE WATERS-CLARK
Despite the still frigid temps, the real estate market is SWELTERING in the Boston area. Home Buyers are OUT in full force. They are READY to buy. Problem is … there are no where near enough homes to SELL them! Inventory shortages are the trend, and Buyers are getting DESPERATE. Each property is getting shown for one weekend only, then Offers are requested the following Monday or Tuesday. So… exactly what does the Offer need? I’ve consulted listing agents, real estate attorneys, and mortgage lenders. Here is what they’ve all said: It needs to be as CLEAN as possible! Today’s Buyers need to be in shape! They must have a Stellar Lender, Savvy Realtor, Substantial downpayment, and most of all, they must embrace being AGGRESSIVE — right out of the gate, and not assume that they will even get a chance to make a counter offer – most often they are not. It means that more than ever, time is of the essence, and if you want it, buy it – NOW! It means waiving MOST, if not ALL, of their contingencies, which can be a scary ride! No Home Inspections! No Mortgage Clauses! No Buyer Credit requests! No Minimum Downpayments! This market is not for the timid…it’s a war zone out there, a bidding war zone, a Seller’s Market, and Buyers must be on board or they will miss the boat. Luckily, I’ve got GREAT strategies that are working often… My Buyers are all well qualified, savvy about today’s market, trusting in my experience and expertise. Still, several have made multiple offers and have been shot down by a bidding war. So for all you Buyers out there, take a deep breath, and hang in there, the snow WILL melt, and the houses WILL hit the market soon! And whey they do … BUY them FAST!