Home Buyer Successes in a Seller’s Market
Home buyer success in a seller’s market? Yes! It’s a little ironic that I helped three different families close escrow on homes in our area last month when you consider that inventory is so painfully low. All three families feel very fortunate to have purchased wonderful homes at fair prices and with very low mortgage interest rates. Congratulations to all three!
The first of the buyers to close escrow purchased a fantastic property in Hollister on 5 acres. This property will be perfect for this family and their two horses. This family had been looking for a home since last September and wrote a few offers that didn’t get accepted. But after the new year, they found this wonderful piece of land in an area north of Hollister where they had hoped to end up. I can’t wait to visit them and see their horses settled in their new barn!
View from the property of the eastern foothills. There are gorgeous views from all angles.
The second set of buyers had been looking since the end of summer for a home for their growing family. We spent the first 4 months of their search looking in south San Jose and especially we had been targeting a particular school district where they wanted their son to attend school. Unfortunately, prices kept rising as we were looking and the condition and quality of the homes coming on the market kept deteriorating.
Finally, the buyers decided to look in Gilroy in the Luigi Aprea Elementary School area in the northwest quadrant of the city. When a property came on the market just after the new year, the buyers decided it would make a wonderful home for their family. We wrote the best offer we could and the buyers decided to offer more than the list price because they knew they were competing with other buyers. Eight offers were made on this property, but fortunately my buyers prevailed! They had a good-sized down payment and offered the sellers about 6 weeks occupancy after the close of escrow. They are anxious to make their move during March when the sellers vacate.
And finally the third set of buyers who purchased their very first home. Believe it or not, I have been helping these buyers look for the right home since 2009! And they had been looking previously to that time for several years. (These are very patient people.) They were mostly targeting San Jose, wanted a newer home and hoped for a single story.
After writing several offers on resale homes over the years and not having them accepted, the buyers started considering purchasing new construction. Last August, we hurried to the opening sale date for the single family homes at Maravilla Court in Campbell. All homes released on that day sold before noon, and my clients were one of the fortunate buyers. Over the next months they worked with the builder’s design office to choose their finishes and the home turned out beautifully. I am invited to their housewarming party this weekend and I can’t wait to see their new, wonderful home with them in it!
So I guess there can be home buyer success in a seller’s market and sometimes the key is patience and perseverance. And I like to think that working with a good Realtor helps too!