The Luxury Panel is a rotating group of San Diego’s top Real Estate professionals who specialize in the luxury market sharing their expertise on hot topics and home buyer & seller questions.
QUESTION: What is your top advice for buyers and/or sellers in today’s competitive market?
Greg Noonan, BHHS California Properties, firstname.lastname@example.org , DRE 00655720
“For Buyers and Sellers, this is an exhilarating market and more important than ever to have an agent experienced with an active market tempo in which multiple offers for well-priced properties are likely. Deft handling of those negotiations will make a crucial difference in your results. Sellers, I absolutely advise you price your properties reasonably to create excitement about value and then give the market time to react: if you are properly priced, in most cases it is better to give your property five to seven days on the market than to jump on an offer Day One.
Buyers must have their pencils keenly sharpened to compete for well-priced properties; if you will be financing it is likely you will be competing with all-cash buyers, so have a lender ready with all information necessary for your loan application to be submitted. Any pre-approval certification must have as much specificity as possible to clarify you are absolutely qualified to purchase. With careful strategies in place, this is a market in which both Buyers and Sellers can succeed.”
Pete Bilicki, Pacific Sotheby’s International Realty, email@example.com, DRE 0195684
“In today’s market both Buyer and Seller have to be aware of what is needed to create a great transaction. From a Seller perspective it’s what’s trending in the market; curb appeal, home updating and pricing. Homes that meet those will receive the best and highest offers and in some cases multiple offers. Buyers on the other hand have to understand what their purchasing power is. Being fully qualified by a lender, showing the ability to perform the purchase, shorter time frames on the purchase contract and as many contingencies removed or shortened as possible. This will help in acquiring that dream home.”
Liz Molina, Barry Estates, Liz@BarryEstates.com, DRE 01324648
“Find an experienced Agent who has vast connections with other experienced and high producing Agents and who is liked amongst their peers. Someone who can market your property or find an off market property with the low inventory. Working with a seasoned Agent insures smooth transactions.” Liz Molina
Ben Hamady, Swell Property, Ben@SwellProperty.com, DRE 01747836
“With Inventory and interest rates at all-time lows during these unprecedented times our advice is for Buyers. First, be prepared and get creative. Your ability to provide confidence to the Seller that you will perform financially is vital. Secondly, your capability to specify the enthusiasm you have to obtain their asset will help you stand out amongst the competition. This is where creativity comes into play and includes personalized family letters, video bios, financial advisors/lenders personally reaching out to listing agents, and submitting an offer with compelling terms and price. Lastly, it is essential to be working with a seasoned Realtor who is working full time and working in the desired areas of interest. ’He who hesitates is lost’-John Wooden”