Posted: 06/02/2017

Preparation is perhaps your greatest ally when you enter the current real estate market, which continues to show increases in home prices.

The sales numbers are picking up steam across the Bay Area, which has many buyers paying above asking price. In fact, most buyers in the region paid more than the asking price in March, according to a Redfin report, and that trend is likely to continue throughout the spring and summer months, when real estate transactions typically increase. Nearly 70 percent of homes sold above the listing price in San Jose during the month of March; in San Francisco, the number of homes that sold above asking price was nearly 67 percent. Home sales also increased during this time as the competition remained fierce.

The robust activity aligns with a five-year run of home price increases, according to Redfin.

In this type of climate, Bay Area buyers need to be prepared to stand out from the rest. Here are four ways to stand out in this active market.

Partner with a Reputable Lender

An agent noted the following in the Redfin report:

“As a seller’s agent, the first thing I do when I receive an offer is ask who the lender is. Great offers come from buyers who are pre-approved by a local lender with a strong reputation for speed and reliability. If I’ve worked with the lender before and know they can fund the loan and close on time, I am sure to highlight that for my client.”

Guarantee Mortgage has a well-earned reputation and has helped Bay Area families finance their homes for more than 20 years. We stand out from the rest because of the way we treat our clients and conduct business. Guarantee Mortgage is committed to transparency, thorough consultation and timely transactions. These values are important to our clients and us. Our strong reputation will surely help you stand out among the many other offers that are likely to compete with your own. 

Get Pre-Approved

Guarantee Mortgage recommends all of our clients obtain a pre-approval before beginning their home search. Great offers are backed by a preapproval, especially in this kind of market. A pre-approval, which carries more weight than a pre-qualification, provides our underwriters with the full scope of your financial details. This information will give our office the power to approve you for a specific amount, allowing you to submit an offer with confidence and the backing of Guarantee Mortgage. You will also know how much home you can buy, which is a strong tool if you are willing to pay above asking price. Guarantee Mortgage is happy to connect you with a loan professional as you begin the preapproval process.

Remove Contingencies

Your offer can stand out by waiving your financing contingency once you are pre-approved with Guarantee Mortgage. Waiving the financing contingency simply means that you have already gone through the loan process and now carry a TRUE pre-approval. This takes the guess work out for the seller in terms of your financing ability, which builds confidence that you are presenting a solid offer, thus putting your offer at the front of the line.

Work with a Local Lender

A local lender like Guarantee Mortgage can offer multiple loan options, allowing you the flexibility to put together the most attractive offer on the home of your dreams. As a local mortgage lender, we will strongly advocate on your behalf so you get a package that meets your financial situation at a competitive rate. Together, we can help your offer stand out from the rest.

In a market filled with buyers willing to pay above asking price, there’s no better ally than Guarantee Mortgage.

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