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INCREASED BUYER DEMAND IS EQUIVALENT TO MULTIPLE OFFERS: HOW TO WIN OVER A COMPETITIVE MARKET WITH YOUR OFFER

Thursday, February 1, 2024   /   by Bob Cowan

INCREASED BUYER DEMAND IS EQUIVALENT TO MULTIPLE OFFERS: HOW TO WIN OVER A COMPETITIVE MARKET WITH YOUR OFFER

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Dynamics of the Market

Recently, Orange County and the property market in Southern California have shown unusual tendencies. A scarcity of available properties caused a recent decline in overall sales for 2023, which in turn caused property values to rise. Consistent demand was the cause of this increase, especially from people moving to Orange County from nearby regions like Los Angeles, San Francisco, and San Diego counties.

There are fewer homes for sale in Orange County at the beginning of the new year than there were at the beginning of the previous one. Nonetheless, an increase in overall sales is forecast for this year, which is linked to the increase in inventories and the anticipated decline in loan rates. An increase in newly listed properties indicates that this prediction is already gathering steam.

Though the lack of inventory has been a major factor in the state of California's overall decline in home sales, Orange County has shown incredible resiliency. This is demonstrated by the notable 14.4% annual increase in the median sold price of single-family homes, which is currently $1,306,000. This pattern highlights Orange County's distinct place in the California real estate market and is suggestive of strong buyer demand in the area.

How to Make an Offer That Is Accepted

You're not the only one seeking a new home in this thriving area of Southern California. Obtaining the keys to your ideal home may seem overwhelming, but Orange County real estate is on the rise. But don't worry, we've got some helpful advice to help you along the way!

Our method performs noticeably better than the market averages. At the height of Orange County's COVID-19 real estate boom, the typical buyer made 11 offers before one was accepted. Our clients have achieved success with our unique approach, usually requiring only two offers. This outstanding accomplishment highlights how well our strategies work in the cutthroat Orange County real estate market.

For you, what does this mean? How are you going to prevail?

Although it indicates that individuals adore this place, it also implies that you must be quite prepared to purchase a home.

 

The secret to crafting a good offer is not just knowing how much to offer, but also knowing how to offer it. This is where Orange County Real Estate, Inc.'s excellent real estate agents come into play as your secret weapon. Even when houses are flying off the market, they are experts at getting offers accepted and negotiating the best deals.

1. Organize Your Finances

Start by demonstrating to sellers that you mean business. Make sure you have your pre-approval letter and proof of funding ready. It's similar to bringing a professional résumé to a job interview—it makes an impression!


Many buyers assume their competition includes all-cash offers. However, our data from the past five years reveals that the rate of all-cash purchases has remained consistent, without any notable increase. For a detailed look at our statistics on all-cash transactions, please visit this link, click here. We anticipate a similar trend in all-cash purchases for 2024.

It is imperative that you confirm your lender is prepared to speak with the involved agents if you are financing the purchase of a home. We ought to be knowledgeable about your financial status and equipped to handle any inquiries the seller might have. Encouraging the seller to have faith in your abilities to finish the transaction starts with this step. Presenting the figures is only one aspect of the process; another is establishing confidence and providing reassurance that you are a trustworthy buyer who is prepared and committed to seeing the deal through.

 

2. Recognize the Seller

Me and my team specialize this, and we excel at it. Not everything is about the money, sometimes. What's the tale of the seller? Are they leaving quickly? Do they treasure their house? In order to customize your offer to the seller's requirements, we will always get in touch with the seller's agent and, if feasible, the seller directly. Doing so can have a significant impact.

3. Establish a Relationship

In addition to fostering relationships, this in-person communication demonstrates my professionalism. Our approach is in line with the preference of agents to deal with specialists. These minor details frequently increase the attraction and likelihood that our offerings will be chosen.

4. Prepare to Take Action

Time is of the essence in a competitive market. When the appropriate home appears, be prepared to leap. Orange County Real Estate, Inc. possesses an innate ability to identify exceptional properties before they are lost.

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  bob cowan, san clemente, platinum living realty, mission viejo, dana point, orange county, san juan capistrano, february 2024

Platinum Living Realty
Bob Cowan
120 Newport Center Drive
Newport Beach, CA 92661
949-441-9918
DRE# 01970237

Based on information from California Regional Multiple Listing Service, Inc. as of April 16, 2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
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