Tips for Buying Your Lafayette Dream Home in Today’s Low Inventory Real Estate Market
July 28, 2012
In the current low-inventory Lafayette housing market, it can be a challenge to buy the perfect home in the perfect neighborhood without first facing competing offers that can push what appeared to be the perfect listing price into a not-so-perfect purchase price range.
This is particularly true if you’re looking to buy in Lafayette’s most popular neighborhoods. For some, this can lead to revised home search strategies.
“I told my husband that we just have to find the house with the tragic flaw we can live with,” one out of town homebuyer said to a Dana Green Team member at a recent open house in Burton Valley. Something not too terrible, this potential buyer added, but it needed to be enough off from perfect to discourage an aggressive number of other bidders.
“It’s a good idea to look at homes with a creative eye and balance turnkey against price, size against location, home condition against lot grade,” says Realtor Dana Green, Lafayette’s top producing agent since 2008. “After all, the perfect home today likely once had a kitchen that required updating, a yard that needed landscaping, or maybe two bathrooms instead of its current three.”
Still, don’t be quick to abandon your wish list.
“Before you jump to compromise on your dream home, make sure you’re putting yourself in a strong position to bid on the turnkey property you really want,” says Green.
That starts with having your financial house in order, including funding pre-approvals, proof of liquidity to cover a significant down payment and a willingness to put down a meaningful good faith deposit to prove you mean business.
It also helps to work with an experienced Realtor who can help you navigate what can be fast moving Lafayette real estate market terrain when it comes to the most sought after properties.
Look to work with a well connected local Realtor who hears early about properties coming to market, recognizes undervalue listing strategies, offers defendable alternative market valuations, and creates effective bidding strategies that garner seller attention.
We’ve been on both sides of these recent multiple offer situations. Here is what we know about today’s sellers: Price matters but getting to closing day should matter more. Astute agents council sellers on how to pick the offer package most likely to get there. That can be a lot more complicated that just writing a number on a contract, and it involves a lot more people, personalities and opinions beyond just those of the buyer and seller.
Getting to closing is important to buyers, but most understand that overpaying for a home is the fatal deal flaw no one should accept. It’s important to work with a Realtor who will council you to walk before that happens based on defendable market valuations.