Last month we closed on a property for two amazing clients, Alejandra & Jeremías. It was such a pleasure to work with them because they were also willing to put on enough effort to find their perfect home. They had been in the hunt for a property for over 3 months. Currently, the market is considered to be a “Seller’s Market” given that the inventory is extremely low compared to other years, this means that first off it is hard enough to find the right home but also because the demand is still so high the number of offers can complicate the process for my clients. For this property, in particular, there were 22 offers, and this had been the 2nd transaction my clients and I had been in, which means that they already had an idea of how the market worked and knew what to expect. When put in the offer and my clients were brave enough to put a deadline for a response. My team and I had done the due diligence and analyzed the market to estimate the value of the property. From our counts and given the clients’ past experiences in this process, they were willing to offer over the asking price. This is something not many people understand or are prepared enough to do, which is understandable because it is risky. Nobody ever wants to lose on their investment.
When the date of the deadline arrived, we were all so happily surprised by the acceptance of our offer. As the transaction progressed everything went so smoothly, and when the day for the appraisal inspection arrived we were once again so happy to see on the report that the home was valued at an even higher price then what had been offered, this means that my clients now hold more equity on their property.
With the way the market is acting at the moment, it is crucial to educate the clients so that they can be prepared for the unexpected. In the seller’s market, the seller has the final say, many offers could be rejected based on the price offered of contingencies out in place. This is a trial and error process, but the more educated the clients are, the more they can participate in the transaction and help it go trough in a smart manner. So happy this beautiful home went to amazing people!