What Happens When Your Offer Is Contingent?

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If you’re a homeowner buying a new home, your offer may be contingent upon the sale of your current home. Having a contingent offer decreases the likelihood of acceptance, especially when competing against others. For instance, if there’s an offer identical to yours that isn't contingent on a home sale, it’ll be more attractive. What if your offer is contingent on the sale of your property in the Silicon Valley?

On the flip side, most people do have a home to sell when purchasing a new one. How then do you win a bidding war with a property to sell? There are different stages of contingency. The further along you are, the better your offer looks.

For instance, you see your dream home listed on the MLS. You want to make an offer, but your home isn’t even listed. It’s not staged, and it might even need repairs. You’re not pre-approved and you haven’t pursued an inspection. Before jumping ahead, you need to do some work. Stage one involves the time it takes to prepare your home.

However, if you’re further along in the process, that strengthens your offer. If you’re considering buying a new property, I highly suggest starting the selling process as early as possible. 

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The further along you are in the selling process, the better your offer looks to the seller.

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If you've already prepared your home for sale, the next step might be to have professional photos taken and work on the marketing aspect. If you’ve handled all of this, your offer is even stronger. A step past that is already being listed on the market. An even further step would be already having a buyer, especially one that removed their contingencies! The further along, the better it looks for the seller.

If you’re thinking about buying or selling a home in the surrounding area, give me a call or send me an email. I’d be happy to answer your questions and serve your local real estate needs!

What Does the Silicon Valley Housing Market Look Like?

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How is the Silicon Valley real estate market doing? We’re at the end of the first quarter of 2016, so it’s time to look over some data and statistics.

Overall, compared to 2015’s first quarter, it’s looking good! We’ve experienced a slight increase for average sales price and slight decrease in days on the market. Although other numbers in the region have remained consistent, we know real estate is hyper-local. 
San Jose experienced an 8.7% sales price increase to $912,000. Morgan Hill experienced a 9.6% average sales price hike to $871,000. Additionally, in Morgan Hill, the average days on the market decreased to 33 days. We’re seeing some major improvements, but again, it needs to be broken down by specific neighborhoods.

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We anticipate a busy spring and summer season in Silicon Valley real estate.

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For the first three months of this year, we’ve had low inventory, but during each month, more homes have been listed. It’s catching up to buyer demand. More sales are happening from increased inventory and buyer foot traffic. We anticipate a busy spring and summer season. That makes it an opportune time for anyone thinking about listing.

If you’re thinking about buying or selling in the surrounding area, you can reach me by phone or email at your earliest convenience. I’d be happy to provide you localized information about your neighborhood, as well as your home’s market value.

The Key to Winning Bidding Wars in Silicon Valley

Looking to buy in the Silicon Valley? Get a full Home Search 
Looking to sell in the Silicon Valley? Get a Home Price Evaluation

The real estate market in Silicon Valley has gotten extremely competitive for home buyers. In order to craft a winning offer on your dream home, you need to keep in mind a few different things while writing your offer.

1. Before anything else, you will need to get a pre-approval for a mortgage loan. Most sellers won’t even look at your offer if you have not talked to a lender and gotten pre-approved. You need to prove that you can afford the home before you make an offer to the seller. You’ll also want to show proof of funds for the down payment.
2. Writing a personalized letter to the seller is always helpful. You can include a picture of yourself and your family, and this can help put a face to your name instead of just a number. This can help to tug on the heartstrings of the seller, and sometimes this is the extra boost you need to push your offer to the top. Within the letter, tell them what you love about the home and neighborhood – especially any remodeling or upgrades the seller has done. Focus on how happy it will make your family.
3. Make sure your actual offer is written properly. Consult with your Realtor in order to fashion an offer with a proper price and terms for the sale to occur. It’s important to have a professional that knows the local market to craft your offer and ensure you have a “complete package” before you submit it.

When all's said and done, you need to figure out what the seller wants. Have your Realtor consult with the listing agent so that you can tailor-tune your offer to match the exact needs of the seller. Some people want a high sale price, and others might just want a shorter closing period for the sake of convenience.

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Tailor-tune your offer to meet the needs of the seller.

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If you need help writing an offer or navigating a tough market in Silicon Valley, please don’t hesitate to reach out to us!