California Association of Realtor’s latest One Cool Thing’s discusses how home sellers handled multiple offers.

If you were a recent home seller, how did you handle multiple offers? The average number of offers received from buyers in the last few years were:

• In 2013, 98% of home sellers received multiple offers.
• In 2012, 3.1% of home sellers received multiple offers
• In 2011, 5.9% of home sellers received multiple offers.

How did sellers respond to multiple offers on their home?

• 77% of home sellers took the highest offer.
• 47% of home sellers took the best mortgage qualified buyer.
• 39% of home sellers took the offer without contingencies.
• 23% of home sellers took the all-cash offer.
• 14% of home sellers took the offer because of the buyer’s ability to close the fastest.

Buying a home in a sellers market? One of the most important things a home buyer can do when buying in a seller’s market is to trust his or her real estate agent’s advice on the market conditions. Since buyers usually do not have an interest in the housing market until they are looking to buy or sell a home, they won’t always know how the market is moving from one season to the next.

With today’s changing market, a home buyer or sellers strategy must be flexible and they should see the guidance of a well-informed real estate agent. Call The Lawhead Team for expert advice!

The Lawhead Team has come across a recent article from Chief Economist, Jed Kolko at Trulia’s Blog about the recent trends for buyers in today’s sellers’ market.

Worried Buyers Would Take Desperate Measures in Today’s Sellers’ Market

Rising prices and tight inventory stoke worries and inspire aggressive home buying tactics. As housing becomes less affordable, Americans are downsizing their housing dreams but expecting a bigger financial payoff from homeownership.

This year’s home-buying season looks nothing like last year’s. With mortgage rates and home prices rising, the best deals are long gone. Furthermore, there are fewer homes for sale now than one year ago. To what lengths will desperate house hunters go to snag the house of their dreams, and what are they most worried about? To get the answers to these questions, Trulia worked with Harris Interactive to conduct an online survey of 2,029 U.S. adults between June 24-26, 2013. For the full methodology, see below.

What Prospective Home Buyers Worry About – Prospective home buyers are feeling the pain of a booming real estate market. The top worry among all survey respondents who might buy a home someday is that mortgage rates will rise further before they buy (41%), followed by rising prices (37%).

In the hottest markets – those where asking home prices rose more than 15% year-over-year like Las Vegas and Oakland – buyers’ worries are even more intense. In those areas, potential house hunters have heightened concerns about continued price increases, competition from other buyers, and having to decide quickly on a home before it gets snapped up. The only thing that people in the hottest markets worry about less than people in the rest of the country is qualifying for a mortgage.

While rising mortgage rates are the top concern for people if they were to buy a home within the next year, people actually planning to buy within the next year have another main worry: finding a home they like. Tight inventory means slim pickings for buyers. Even though inventory is starting to expand, and rising home prices should bring more for-sale homes onto the market, people who actually want to buy within the next year are feeling the pressure of competing buyers and limited inventory.

Continue reading article here: http://trends.truliablog.com/2013/07/american-dream-survey-summer-2013/

Just like anything in life, first impressions are very important. When selling your home, you want your potential buyers to get the best first impression possible.

• Your listing price doesn’t match your home. If the home you are selling requires some work such as maintenance and upgrades, don’t think you can just slap on a huge price tag and expect to sell it in days. The first week your home is on the market will be when it will get the most traffic. When selling make sure your home looks it’s best to give the best first impression possible.
• Your personal items are still cluttering your home. No matter how sentimental your items are, they are going to need to be taken down sooner or later when you sell. When selling your home make sure to de-clutter.
• You only have certain times potential buyers can view your home. When a new home comes on the market, potential buyers will want to see it right away. When selling, always make sure your home is available to show at anytime.
• You linger around when people come to look at your home. If you are selling, leave when potential buyers come by to look at the home. Your presence can make buyers uncomfortable and leave without truly considering it.
• You fail to mention any problems with the home. Disclose any major repairs that need to be done. Don’t let your deal fall through when selling because you have a leaky roof or your AC doesn’t work. In most cases potential buyers will hire a home inspector and these problems will surface one way or another.

The Lawhead Team would like to share some helpful tips to buying a home in a sellers market.

One of the most important things a home buyer can do when buying in a sellers market is to trust his or her real estate agent’s advice on the market conditions. Since buyers usually do not have an interest in the housing market until they are looking to buy or sell a home, they won’t always know how the market is moving from one season to the next.

With today’s changing market, a home buyer’s strategy must be flexible and they should see the guidance of a well-informed real estate agent. Call The Lawhead Team for expert advice!

As you probably know, multiple offers happen a lot more frequently in a seller’s market. We will share with you 5 important tips you must know when buying in a sellers market.

1. First and foremost, you need to get pre-approved. The mortgage process is much more elaborate now and you need to get all your ducks in a row. In a sellers market, a pre-approval will help let the seller know you are a serious buyer.
2. A larger earnest money deposit will look very attractive to a seller. Talk to your agent about doubling your earnest money since you will be paying it at closing anyway.
3. Unfortunately in a sellers market, low-ball offers don’t work. Although price isn’t always the most important factor, you don’t want to offer less than list for a home. You may even need to offer more than the amount the seller was asking.
4. Avoid asking favors from the sellers. Asking to include the washer and dryer or to repaint the front door may be a deal breaker when it comes to the seller accepting your offer.
5. Allow the seller to move out of the home a few days after you are able to take possession. If you are competing with another buyer and he doesn’t think of this offer, the seller may look more fondly upon you.

Looking to buy in today’s sellers market? Call The Lawhead Team to have expert advice on your side! “Because Two Lawheads Are Better Than One!^TM”