Dec. 16, 2015

Coronado Real Estate: Closing the Deal in a Competitive Market

Close your eyes for a moment. When you think of your ideal home, what comes to mind? Describe the colors, trimmings, and style you view yourself living in. Now imagine that home in a charming beach community.

How did the style of home change?

So many buyers come to Coronado with a very specific vision for their beach abode. More often than not, it falls either into the beach cottages or craftsman style homes. There’s a good chance your beach community vision took the shape of one of those style homes as well.

Coronado is home to a plethora of different beautiful architectural influences. The beauty of our homes is so renowned that we even have a weekly Heritage Walk to showcase the diverse styles. Despite the charisma woven into all of our houses, many buyers come to the market with a specific beach style vision of their ideal home.

That’s not an uncommon trait among buyers. Everyone wants to enjoy a home that fits their image of perfection. What’s unique about Coronado buyers is that they will wait extensive periods for their perfect home to hit the market.

For certain homes, this can increase the competition in an already tight market. If you are looking to purchase a beach cottage, craftsman style bungalow, or house that you are anticipating multiple offers on, here are several tips to help you close the deal on your next home.

Financing in Order

When your dream home finally hits the market, you need to act fast. That does not mean you need to race to your local mortgage broker to get pre-approved. While mortgage brokers are getting more and more efficient at that process, by the time you wrap up your financing, the home could have already closed.

Additionally, you run the risk of having your dream home out of your budget. The first step in your home purchasing process, even before looking at homes, should be to have your financing options in order.

With this step complete, you can even work to position yourself as the first offer on the home.  

Clean Offer

The old saying dot your i's and cross your t's” exists for a reason. It’s a reminder to have everything buttoned up as much as possible. In real estate, this comes down to having a clean offer.

During certain market times, buyers are able to write in contingencies. They want to ensure the sale of their home before committing to the purchase of a new one. In reality, there are several different contingencies that a buyer can put into the mix, ranging from a Home Owners Association Review, Appraisal Contingency, Feasibility Contingency, and more.

While an admirable intention, certain ones will throw up a red flag to a seller. All they will see is a non-committed buyer and possible ways to kill the deal. With other options available, it makes your offer less appealing.

When approaching your offer, put yourself in the seller’s shoes. How do you make your offer more attractive than the other ones in the mix? The less potential for things to go wrong, the more appealing your offer becomes. That means a clean offer.

Timely Responses

This should go without saying, but it’s so essential that we wanted to emphasize the importance of clear and timely communication. Selling a home is not without its stressors. Having multiple offers doesn’t mean the seller is in the clear. They will need to walk a fine line to be able to get one to closing. If a seller puts another offer on hold to negotiate with you, they will be wary of loosing the other offer as time passes.

You don’t want to lose your footing due to miscommunication. Be in contact with your realtor to address questions as they come up.

Work With a Seasoned Local Realtor

Just like having unique buyers, the entire real estate market in Coronado differs from other areas in the region. Our local ParkLife agents will be able to help you navigate the nuances, know when your ideal property is hitting the market, and give you the best opportunity to close in a competitive market.

As seasoned realtors, they will also be able to walk you through the delicacies of a multi-offer situation. Each of our agents has years of Coronado experience to help you purchase your island dream home. 

Contact us today to tell us about your dream property!

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