As the year progresses and interest rates continue to climb, many potential home buyers are losing faith they will be able to find a property that will be a good fit for them. The higher interest rates and low inventory means making sacrifices that may not make sense compared to a year ago. The good news is that I have been getting extremely creative working with my buyers to take advantage of opportunities that other realtors are not aware of.
1. Off-Market Properties – I know I have talked about this before, but I have a deep network of homeowners and other realtors that always have opportunities off-market. This is good because they can accommodate for flexible financing, timeline and most importantly price.
2. More Inventory Is Coming On The Market – Lots of homeowners are taking advantage while prices are high and trying to sell their homes right now. This will be an advantage for buyers because there will be more homes available and less prospective buyers competing at their price point.
3. Work a Creative Angle With The Seller – When I know my buyer is interested in a property I research all the information and reports available, talk with the listing agent and learn about the sellers and their motivation. I have won with offers just by being able to work with a seller’s unconventional transition or being first to make a lucrative offer.
First Republic Eagle Community Home Loan – This is an amazing loan offered by First Republic Bank locally that offers a significantly reduced interest rate when buying in designated areas. I have seen clients have success with this loan in Oakland, Hayward and San Leandro for example.
Forgivable Equity Builder Loan – A new California state loan forgiveness program will allow qualified first-time homebuyers to borrow up to 10% of a home’s purchase price to use toward down payment or closing costs at 0% interest. This loan is forgiven by 20% each year up to five years, with all debt forgiven as long as it is owner occupied.
Comments