With the multitudes of buyers and the lacking inventory in the Santa Clarita valley cities – we have been watching as the bidding wars are continuing.
And the winner is…
We have Cash competing against conventional buyers. We have the less than 20% down conventional buyers – the 5% and 10% competing hard and heavy with FHA borrowers. We have VA and FHA slugging it out while belly to belly.
Who is the ultimate winner in a bidding war? The Seller of course. When it’s a sellers real estate market in the Santa Clarita valley we see our Sellers Happy as Clams. (I’m not sure how happy a clam is – but I thought I’d try it…)
Here are a few things you will want to watch out for when approaching any real estate listing as a buyer.
Santa Clarita Radio Notes:
- Bidding wars on real estate
- because of constrictive inventory
- not as many homes to sell as buyers
- short sales, foreclosures, bank owned, regular standard equity sales
- all across the board
- what strategy is the best
- 2 things – have your line in the sand
- that price you will not exceed
- abide by that number – don’t up your bid once you get to your line
- Don’t go above your means
- Highest and Best – They are different but the same 🙂
- At least two buyers involved in a Highest and Best scenario
- Highest – most money to the seller(net)
- Best – has to do with financing
- Closing Costs – you do and they don’t – they may win
Be Safe – have a listen and enjoy the show notes above for our Santa Clarita Real estate radio show. Talk soon…