market update for buyers

If you pay attention to the media and real estate, they will tell you about slowdowns because of interest rates going up and other stuff. Not in California. It’s getting worse.

The supply is not changing. But the supply of buyers is still going up. Even if you think prices are high, there are plenty of people that have enough income and assets to buy and want to buy.

People are still buying school districts. On a 9/10 school, look at the Redfin for places. It will show you ugly stuff as a hot home with over 4000 views. That means that will go way over the list price. And it is not going to change anytime soon. Rates mean nothing to these buyers. Worst case, they will take a 7/1 or 10/1 or the fixed and refinance.

In order to win a bid, you have to show them the money, have everything waived, a fully underwritten preapproval (nothing less will be acceptable), and a fast close (less than 21 days). If you don’t have the kahunas to bid high and get everything approved in advance, don’t bother bidding! And, the best way to help your bid, get a fixed-priced buyer broker who takes the rebate and adds it to the bid so you can win!