Mission Viejo First Time Home Buyers Must Be Flexible
Bending Your Home Searching Strategy Will Help
Just so we are all on the same page, currently in Orange County neighborhoods and cities, like Mission Viejo, Coto de Caza, Rancho Santa Margarita, and Ladera Ranch, there is a shortage of homes on the market for sale – commonly referred to as “low inventory.” Right now, low is an understatement. Very, very low inventory is a much more precise description of what’s going on in most every OC neighborhood. So that means that many sellers are dealing with the all-so-coveted experience of receiving offers from more than one buyer almost as soon as their house hits the market. This phenomenon creates a “multiple offer situation” – the words no first time home buyer wants to hear. Because to you, that means a bidding war. You have enough to get your head around to even raise your hand to get in the game. But it is what it is, as the proverb goes. If that sounds harsh, that’s because it is harsh. If you are still a first time home buyer intent on being successful at taking advantage of incredibly low interest rates and incredible low home prices – you just might have to become a little bit more flexible. Here are a couple of places it might benefit you to stretch your options.
- Be Flexible with your time – When your Realtor calls to say “This is the one we’ve been waiting for! We need to see it immediately and write up an offer today,” you’re recommended response would be “On my way!” Avoid the alternate responses of “I can’t today, I have an appointment with a medium who I need to consult regarding my lotto numbers this week” or “Today’s not good for me, I am the snack mom for Tommy’s T-Ball team and I have a trunk full of Rice Krispie treats and juice boxes” or “I’m going to Costco at lunch and that’s the only time I can get away from work – how about tomorrow?” When your Realtor finds the one you’ve been waiting for, you need to be willing to stop, drop, and roll on over to see it. How flexible are you willing and able to be to increase your chances of beating out all the other buyers?
- Be Flexible with your terms – Get your agent to ask what the seller wants and be flexible enough to meet their terms. This applies to the length of the escrow, any rent back period, shortening the time for any of the default time period for one or more contingency removals, and specifying the sellers’ choices for service providers like the Title Insurance Company and Escrow Company. Bending over backwards to give the sellers what they want up front may give you a better chance of getting your offer accepted.
- Be flexible with your priorities – Of course you have your list of must-haves, but is there any wiggle room at all? Can you live with the shag green carpet (which is making a comeback in some circles) until you can save up for a more neutral color? Can you handle tile counters in the kitchen? Can you get used to the street noise which comes with any house that backs to a busy street? The more willing you are to be flexible about your must have list, the more homes there may be to choose from.
Stretching your buying muscles in a market like this is one way to get it done. You may even score a perfect 10.
I’m Leslie Eskildsen. Just keeping it Real in Orange County Real Estate. Text me. Call me. Email me. We can do this.