San Diego Coastal Real Estate Resource

Looking for a Great Buy – Start With A Custom Client Gateway!

by Jeffrey on February 28, 2009

in First Time Buyer, Foreclosure, Short Sale

While there is mostly bad news in the press regarding the real estate market in San Diego, the reality of the market for those brave buyers out in the field, is some properties are selling very quickly, if they are priced correctly. Why does this happen even in a down market like we are experiencing in San Diego?

The truth of the matter is, there are quality buyers out there looking for homes. They have solid jobs, and recognize combined with the low mortgage rates and the first time buyer tax credit, this may be a good time to buy – sometimes as cheap as renting a property.

Certainly they can save from 30 to 50% off the top of the real estate market of just a few years ago. These buyers have been out looking in the areas that they are interested in and could not find a home that excited them enough to make an offer. Usually they have established a relationship with a REALTOR® who is calling or e-mailing them as new homes hit the market.

Over the weekend I showed several new bank owned homes with a string of buyers coming and going. The agents could not even get the key back into the lock box before the next group of potential buyers had arrived. If priced correctly, the Bank will usually have multiple offers by Monday, and then the waiting game begins. Read Bank Owned Bingo for more information.

This group of people I like to refer to as the Buyer pool. In an appreciating market, there are many buyers in the pool and a few homes – this shortage of inventory tends to drive prices upward, thus an appreciating market. In a depreciating market there are lots of homes for sale – and fewer buyers competing for them.

Since most of the normal sellers have not returned to our market, there is a frustrated group of buyer’s running from one new bank or short sale listing to another. Usually, unless the Bank has priced too high, they will have multiple offers within the first few days – I just spoke to an agent that had 6 offers with two all cash offers on a real fixer-upper!

When I first start working with Clients I spend an afternoon showing them existing inventory in the areas that they are looking. Very seldom do we find a property they want to buy, but this begins the education period for them to determine market value. Once we have been out a few times, we can narrow down the area and then it is a waiting game watching the market for new listings.

One of the very useful tools that I use is a customized Client Gateway. I can customize a search area with price and amenities for my Clients. I can then set the system to update them on a daily basis, or even as the listing is inputted into the Sandicor MLS – this gives them an edge over the other buyers on possible listings that they may want to make an offer on.

The other nice thing about the Client Gate is that you can save your favorites and make notes on them. It does not take too long before all the homes you have seen start to blur, and your Client Gateway can help keep your memory sharp.

I have many Clients that I text the moment a new listing hits the market – giving them an edge and keeping them out of the herd of frustrated buyers. Just give me a call or send me an e-mail to get your Client Gateway set up. I just need to know price range, area, bedrooms, bathrooms, and any other amenity that would be critical. You will be on your way to finding that elusive “best buy”.

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