There’s no hiding that the housing market in Coronado is competitive right now. Demand is at an all-time high. Inventory has not increased to meet the demand. To add to the mix, the housing market has corrected increasing home values.
As always, Coronado is a unique market. But it has come full circle to be a seller’s market.
We’ve said it before, but we’ll say it again. Right now, getting a property in Coronado is “getting a deal.” Even if you pay full asking price, it’s still worth investing in. Especially since historically home values in Coronado have steadily increased.
If you are thinking about making the lifestyle change to Coronado, here are 3 tips to winning a bidding war:
While this may sound like we are tooting our own horn here, it’s essential. Even if you don’t choose us, make sure you have an experienced and knowledgeable agent in your camp.
This is an aggressive market. You will need an expert to help navigate.
Here’s what we mean:
- Offers are being submitted without buyers ever seeing the property;
- Homes often see multiple offers within hours of listing;
- Offers are being accepted in record time.
This isn’t a forgiving market. And you need an edge. ParkLife can be just the edge to get you the keys to your new Coronado property.
Contingent Offers are Dead in the Water
Sellers in slower markets are often open to contingent offers. This is great for buyers wanting to secure a home prior to selling their current residence. They have their dream home on hold and only are committed to the deal if their residence sells. It’s low risk to the buyer.
But Coronado isn’t a buyer’s market.
All contingent deals do here are put your offer at the bottom of the pile. With multiple offers on the table, why would a buyer forgo a done deal in favor of an “if my house sells I’ll buy,” deal.
Back to the Basics
Purchasing a house 101: talk to your lender first.
It’s not uncommon for buyers to want to see what’s out there before contacting a mortgage broker. Get a feel for the market so to say.
Resist the temptation. Most times a buyer falls in love with a home they can’t afford.
Combine this with the fast-paced market in Coronado and ultimately you’ll miss out on the right home. Make the first step to Coronado home ownership meeting with a mortgage broker. Know exactly how much house you can afford. Get pre-approved. Eliminate any surprises when you go to make an offer on a home.
While these may not seem revolutionary, the basics become even more essential in a competitive market. Do everything you can to make your offer more appealing to the seller. Don’t give them a reason to turn down your offer.
If you are looking for an experienced agent to have in your camp, check out any one of the superior agents at ParkLife. We deal almost entirely with Coronado Real Estate. Together we can make living in Coronado become a reality.