If you’re like most people, you think of the San Francisco Bay Area as one of the most expensive places in the country to buy a home. And while it’s certainly no bargain, the reality is that there are still some great deals to be found in this market – if you know where to look. Here are five secrets to help you get started.
1. All-Cash Offers Win The Bidding War In The Sf Bay Area Real Estate Market
It’s no secret that the SF Bay Area Real Estate Market is competitive, but what you may not know is that all-cash offers often win out over traditional financing. In fact, according to a recent study by Forbes, 43 percent of homes in San Francisco were sold for all cash in 2016. If you’re looking to buy property in this hot market, it’s important to be prepared with your finances in order to make a strong offer.
Another thing to keep in mind when purchasing property in the SF Bay Area is that inventory is tight. This means that there are more buyers than sellers, so it’s important to stand out from the competition. One way to do this is by making a fair and reasonable offer—one that is slightly lower than the home’s listing price.
Another way to purchase a house using cash is by using companies like iBuyers. They are a relatively new way to buy a home. They’re growing in popularity because they offer an easy, convenient way to purchase a home without all of the hassles that comes with buying traditional property. With iBuyers, you can buy a home using cash and skip all of the usual steps involved in purchasing real estate.
The process is simple: your real estate agent submits information about the home you want to buy, and the company will provide you with a quote. If you’re happy with the quote, they can purchase the home for you immediately using cash.
2. Ask Your Real Estate Agent About Unlisted Homes
The SF Bay Area is one of the most competitive real estate markets in the United States. In order to find a home that’s right for you, it’s important to look at all your options, including unlisted homes. The market is extremely competitive – there’s always a bidding war for the best homes and unlisted homes are often an overlooked option – but they can be a great way to find a hidden gem. It’s important to work with an experienced agent who knows the market inside out
In order to find the best deals, it’s important to know what properties have been selling for before they hit the MLS (Multiple Listing Service). Unlisted homes won’t show up on this list because owners haven’t chosen to make them available yet – so there could be some really good deals out there.
3. Have Your Loan Properly Underwritten
When you are buying a home, it’s important to make sure that you are fully underwritten by your lender. Getting pre-approved is not the same as being fully underwritten – in fact, there is a big difference.
Pre-approval means that the lender has looked at your credit score and debt-to-income ratio and determined that you would be approved for a loan up to a certain amount. This is not binding, though – if something changes when the lender actually looks at your full financial picture, they could still deny you a loan.
Fully underwriting means that the lender has reviewed all of your finances and determined that you are likely to be approved for the loan amount
SF Bay Area homes are expensive and the SF Bay Area real estate market is competitive. There’s no margin for error when you’re in a time crunch to buy your SF home before someone else nabs it out from under you, especially if we’re talking about an SF luxury house or SF luxury condo that may come with bidding wars where multiple buyers compete for the best offer.
4. The Listing Price Does Not Reflect A Home’s Value
A listing price does not reflect a home’s true value. In fact, it often has very little to do with it. Rather, it reflects what the seller is willing to accept and what the buyer is willing to pay. This means that two homes with exactly the same asking price could have wildly different values depending on who is selling them and who is buying them.
5. Expect Sellers To Ask You To Go Into A Bidding War
Some sellers might ask buyers to go into a bidding war in order to get more money for their homes. In some cases, the seller might not be interested in selling to the buyer if they don’t submit a higher bid.
Bidding wars can also create a sense of competition and excitement among potential buyers. Some buyers might feel like they need to submit a higher bid in order to win the property. This could lead to them spending more than they originally intended on the home.
It’s important for buyers to remember that they don’t always have to participate in a bidding war if they’re not comfortable with the price tag. There are plenty of other homes available on the market that won’t have you compete against others.
If you are looking to buy a home in the San Francisco Bay Area, these 5 secrets may help you find your perfect dream house. The first thing that will set you apart from all other buyers is an offer of cash. This approach usually wins over those who have loans for their down payment because it eliminates any contingencies or delays associated with loan approval and underwriting. Secondly, make sure to ask your real estate agent about homes that aren’t listed on the market yet – oftentimes they can provide access before anyone else! Thirdly, be mindful of listing prices as they do not reflect true value; don’t expect sellers to go easy on price just because there are multiple bidders. Finally, always prepare yourself for a bidding war as they are common in the SF Bay Area real estate market. Remember, it’s not always necessary to participate and you can walk away if the price is too high. With these secrets in mind, go out and conquer the SF Bay Area real estate market!
Are You Finally Ready to Buy or Sell a Home in the San Francisco Bay Area?
You’re ready to buy or sell a home in the Bay Area, but you don’t know where to start. It feels like the market is changing every day and the thought of going through this process alone causes an overwhelming amount of stress that only seems to get worse as time goes by. You want some information about whether or not it’s a good time to sell or buy and how to get started. That’s where the team headed by Lisa Chan Carnazzo, Realtor steps in to help! Together, we will explore your options, help pinpoint areas and provide honest feedback from our market research so you can make the right decision for you and your unique situation. Lisa is a Bay Area native who grew up in Piedmont, and also has the privilege of being an Emmy award-winning television journalist, reporting and anchoring on news stations like KPIX 5 CBS in San Francisco. You can still hear her anchoring on all news 106.9 FM and 740 AM KCBS! Lisa knows how to listen, work in a fast-paced environment and be persistent. Her team’s goal is not only to help you through the process but maintain a lifelong relationship while doing so. She has been successful as an anchor/reporter for more than 10 years which has given her some unique tools on what it takes from being both sides: buyer’s agent AND seller’s advocate. Contact Lisa today to get started!