Buying and Selling Real Estate in Contra Costa County

The current state of the real estate market in Contra Costa County is unprecendented. Inventory is at an all-time high, prices are declining, bank owned properties are driving the market, and many seller's are upside down.  What does this market mean to you?

For buyers, the current market means you have many choices.  You can focus on REO or bank owned properties.  These homes are generally in fair to poor condition.  The bank will not pay for repairs so professional home inspections are extremely important.  In many cases, you will be competing with other buyers in a "multiple offer situation".  Another option is to pursue homes in a "short sale" position.  A short sale is where the seller owes more than the home is worth.  In order for a short sale to close escrow, the lender must approve the sale and accept an amount which is less than what the seller owes.  In many cases, there are two lenders and this complicates the process.  A short sale can take many months to complete, but if you are patient you can get your dream home at a wonderful price.  And of course, we still have regular sales.  Each option requires a different offer strategy.  Make sure your Realtor® is experienced and knows how to get your offer accepted.

In all three cases, you must be Lender Approved.  Things have changed over the past 12 months and lenders have tightened their qualifying criteria.

Are you ready?  Have you meet with a lender and are you approved?  Find out ahead of time how much you qualify for and what the loan options are.

Do you have a house to sell?  If your dream home is also everyone else’s dream home, then you will have to make a strong, non-contingent offer.  This means you might need to put your home on the market before you find a house.  Your real estate professional can make you aware of all the options available.

We are in a buyer's market.  Interest rates are at an all time low.  Inventory is at an all time high.  Now is not the time to sit on the sidelines.

If you are a first-time buyer, the government is offering a tax credit.  Please consult your accountant or tax preparer for more information.

For sellers, it means your home must be priced right, updated and staged to appeal to the largest number of buyers, and marketed to both Realtors® and potential buyers.  In many cases, your home will be competing with a bank owned property or a home which is in a short sale situation.

Pricing your home correctly is critical in today’s market.  Statistically, homes that are priced correctly sell within 24 days.

An updated home that has been prepared for sale will standout from the competition.  And in today’s current market, this is what you and your Realtor® must do to sell your home.  Bring your Realtor® in early to start getting your home ready.   Use a Realtor® who will stage your home.  A home that has been staged will receive 4-6% more than the a similar house that has not been staged.

Actively market your home to both agents and potential buyers using all currently available technology. It is estimated that over 80% of buyers begin their search for a new home on the internet.  Make sure your home will be seen with multiple pictures, virtual tours, and a spotlight property brochure.

With a six month inventory of homes on the market, buyers can wait until the perfect home is available.  They no longer have to participate in bidding wars.  They can even offer less than what you are asking.  They can ask for repairs, and they may make their offer contingent upon the sale of their own home.

In today’s changing market, how your home shows, how it is priced, and how it is marketed will effect your selling price and the number of days on the market.

If you are contemplating putting your home up for sale now or in the next 12 months, please give Cindy Ribergaard a call today at (925) 285-4909 to ensure your home is ready to standout from the competition.