Alright now……I have come to the conclusion that in order to purchase a home in this Livermore market you are going to feel like you overpaid for a home, especially in situations where you are competing for the home. In a way, it sort of takes the fun out of helping homeowners buy a home. Buyers are exhausted from all this competition and writing offers. Not only does it take time for everyone to see the homes, write the offers, and submit them, …it takes it's emotional toll. The buyers begin to think that this buying business is impossible or worse, …they start to question whether their agent is being aggressive enough or whether they really know what they are doing.
Sellers are being inundated with very aggressive buyers and buyer's agents making offers with no appraisal contingencies, addendum stating that they are willing to pay a certain amount of dollars over appraisal amount, and that they are willing to provide free rent back and pay up to $5,000 more than the best written offer. How does one compete with that?
With so many buyers, it has now begun to feel like courtship. There are many suitable mates out there, but, it just takes the right fit to become the chosen candidate, or in this case, buyer. It's up to the Seller. You have to put forth a strong effort and put the offer package together the best you can from the get-go in the hopes that the Seller will just sign away quickly.
This market is what it is. We are learning to deal with it as we move along. I am being realistic with people about their chances when using any financing other than conforming.( 20% down ) My suggestion is to keep writing offers until one sticks. Your standards might need to be lowered or " adjusted" in order to make the process more in line with proper expectation. If you writing offers with FHA financing or less than 20% down, you are not going to be able to compete well for the best homes in any price range.
I would be happy to discuss your current situation with you anytime. Feel free to contact me. I specialize in the Livermore real estate market.
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