SkillSET Blog
Advice For Pros · April 20, 2016 · AUTHOR: Udi Dorner

10 signs you are in a competitive real estate market

000001558465XSmallAs the economy has been improving so has the housing market. However, there are areas of the country where the market is not as healthy like it is in other areas. The health of the market depends on the neighborhood, as well as how affluent the city is. It also has a lot to do with how desirable the state is to live in and, how nice the weather is and mostly is it a good time to sell a house? California for example has always been a very desirable state to live in, and this is why the properties in the areas of Los Angeles, Orange Counties and, areas of central and northern California have always commanded a higher price to live in.   1 Cash usage. A good indicator of a competitive market is when sellers are often, given offers that are cash in hand. Buyers who are willing to pay in cash, often understand the area that they are buying in. This is also an indicator of someone that has been, working for a while in their chosen field. 2 Bidding wars. This is when potential buyers put in so many offers that this drives the original asking price of the home up so much and it is a war of who can put in the highest offer of the house before it closes. The thinking behind this is if someone really wants the house, they will raise the price up enough to where other buyers do not have the money to buy it. 3 Hip Cites. There are many factors that contribute to when a city becomes a good place to live. The housing market and, the pricing for it are good indicators for this because housing is a factor of supply and demand. Also look and see where the jobs that today’s generation are looking for because, this can tell you about the desirability of the city and the type of people that live in it. 4 Escalation. If you really like the house that an agent takes you to and a bidding war starts, you can sign a clause that allows you to increase the dollar amount to a chosen amount if there are higher bids. This is often how bidding wars start because other people want to buy the house as well if it is an a highly desirable area. 5 Emotion matters. The prospect of having multiple buyers is a confusing time for everyone, but there are ways that buyers can get themselves into a prospective house faster. If your agent asks the seller how fast they need to sell their house, and get out of the property? This is a good way to close fast because everyone involved gets something that they want and, walks away happy with the situation. 6 Sale price is above asking. If the area that you are looking to buy in is a desirable neighborhood competition among other buyers will be very high so they will do whatever their bank accounts will allow to get themselves into the house that they want, and this often means driving the house up so high and hoping that someone else is not able to match that price or top it in anyway. 7 How many offers? When you are interested in buying a house, multiple offers mean that buyers are ready to buy. This also goes for open houses which sells homes, that are packed because the market is so competitive. If you are interested in buying a house and there are multiple offers it might be better to find something else that has no offers. 8 Flying off the shelf. When you are looking for a house on real estate websites and, there are a lot of houses this is a sign that houses are in a popular neighborhood. If the area that you are looking for a house in a good rule of thumb to get first pick is, to sign up for alerts and this can give you the chance that you need to look at the house before the competition moves in. 9 Popular neighborhoods. When a neighborhood becomes a hot seller and is very popular among buyers it is not out of the ordinary for the next area over to become popular and to have more buyers looking in those two areas versus anywhere else. The types of buyers depend on the neighborhood that is becoming a good seller. 10 Deadlines. If you have a deadline for when your seller has to be out of the house, then putting a due date as to when no more offers will be accepted can help to close the house quicker, because everyone will want to put in an offer and this can help raise the price and it will sell higher than what the seller is asking for. Setschedule has changed the way real estate marketing is viewed, by changing the way REALTORS® access clients and listing appointments. SetSchedule is a “first of its’ kind” exclusive membership based model that provides verified appointments, marketing tools which help knowing when is the best time to sell a house, and elite invite only networking events for its members.By blending new technologies, and thought processes with proven success methods Setschedule had incurred record producing results unseen in the industry.

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