Real Estate’s Busy Season Underway!  

Whether you're buying or selling, spring typically marks the start of real estate’s busiest season. With bright green grass, blue skies, and colorful flowers blooming everywhere, spring brings a natural boost to a home's curb appeal, which can be a boon for sellers and an incentive for buyers!

Data shows homeowners who sell during the month of May see a higher percentage of profit than any other month of the year. The days are longer, the weather is warmer, and it's the perfect time to begin your journey into a new home. 

Here’s hoping for an extra spring to your step this season, as our society is turning out of the pandemic towards more "normal" times. If your plans this year call for a home sale or purchase, we are ready to help!


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When Losing Is Winning

Sometimes in real estate, it's not the best news to learn you are the winning bidder. It simply means you were willing to pay the most money for a property, which could be greatly overvalued.  

Losing out in a bidding war can be a good educational experience, allowing the buyer to step back and rethink their strategy for the next time. Rather than trying to beat everyone out on price, they may be able to have stronger terms, such as shortening timelines and waiving contingencies. 

In other cases, it may be a wake-up call that the market is too hot and not the right time for the buyer to join the fray. There are always options. Buyers may consider searching in a different market which could prove to be a better investment. They could choose to rent until the market cools down a bit, or they could decide to stay put and explore home improvement projects.

In one recent negotiation, we lost a bidding war on behalf of our client because we had set our maximum price ahead of time and we stayed put. It was more of a financial purchase rather than an emotional purchase, so we were able to step back without being too disappointed in losing out. Turns out the winning bidder got cold feet, and the seller came back to us as the backup buyer. Seeing that we now had the upper hand, we were able to ultimately get the home and we negotiated a subsequent discount. In the end, the initial loss turned into a win for our client.

What We're Reading

A recent survey at the end of November 2021 revealed the top 20 cities where homeowners stay in their homes the longest. Los Angeles took the number one spot with residents staying put for an average of 18 years! LA was followed by the Honolulu area, and Oxnard came in third.  Anaheim finished fifth, with four Bay Area cities also in the mix.  Read more here to see how people staying in their homes relates to current market conditions. 

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