House hunting in Silicon Valley is a pretty stressful affair these days. As a fierce winter storms settles in many house hunting families might understandably decide to stay indoors. Don’t! This is the best opportunity you’ve had in weeks to score an honest-to-God deal on a home in Silicon Valley.
Here are the top 6 reasons why:
- Fewer buyers attend open houses on rainy days. Especially if you’re shopping for a home in a “family” neighborhood, it’s just too hard to pack up the babies and wander through open houses. Most folks do their house hunting on line on stormy weekends.
I have several clients that love to peruse Zillow and Redfin for real estate deals. They are quite likely to be in front of their computer this weekend. But I have yet to have a client that bought a home without seeing it first.
- Open houses aren’t crowded, so you have plenty of time to cruise through homes that you like and ask questions of the listing agent. You have time to look, inspect, and really get a feel for whether or not this home would be one you and your family would be comfortable in.
I recall a home I helped hold open last year where we had – I’m not exaggerating – over 200 people come through in two days. It was so crowded that you had to continually excuse yourself to get around people. No fun at all.
This weekend it will be a totally different story!
- Because open houses will be less well-attended, you’re less likely to find yourself in a bidding war. Have you been burned by multiple offers? Now is your chance to submit the only offer, or at least one of only two or three.
One of my clients made an offer this week on a home and the final purchase price was more than $200,000 over the list price! I don’t know how many offers there were, but being in that situation is awfully discouraging. And now the successful buyer has to figure out how to close on that purchase. The appraisal is very unlikely to come in at the purchase price, and so the buyer may not be able to finish the deal. Not a good experience for the buyer or the seller or even the agents.
Stormy weekends mean more rational house hunting!
- When fewer offers come in sellers tend to be less confident and have to be more rational. Because you are less likely to end up in a bidding war the seller is much less likely to counter – as in the example above – at $200,000 over the asking price.
- Your real estate agent property has a nicer car than you. Sure, you might not want to take your car out in the rain and the wind, but Realtors know that to be successful you have to look successful, so they drive cars that are perfect for hauling clients around in inclement weather.
Leather seats (including bun warmers!), nice heating and maybe even all-wheel drive – your Realtor has the perfect car to spend the weekend driving around in.
- Open house shopping is a reason to get out of the house! It’s so easy to hunker down on stormy weekends and turn on the television – especially a 3-day weekend like this one. But by the end of the weekend we’re 10 pounds heavier, sluggish and pale. Not a good way to go back to work on Tuesday!
Imagine instead going back to work excited about your offer that was just accepted!
Get Out There!
Yes, it’s rainy and windy and cold (by California standards) but pull on your boots and go house hunting. You’ll be glad you did!
This article represents the opinion of Casey Fleming, and not necessarily that of C2 Financial. This analysis was prepared with the best information available at the time it was written. Neither Casey Fleming, nor C2 Financial Corp., have any magical insider information about bond markets, real estate markets or mortgage markets that would make economic projections any more reliable than any other source. No warranty is made that the outcome will reflect the projections in this article, and neither Casey Fleming nor C2 Financial Corp. are responsible for decisions that you make regarding your own choices about your real estate or mortgage or those of your clients.
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