Real Estate Tips 20 Jan 2017
It is harder for buyers to get their offers accepted in a seller’s market. Yajnesh Rai of Team Yaj – Keller Williams Realty shares a series of tips for buyers on Radio De Hotties’ Pam Pam Show. Here are tip number 5 & 6
5. DOM (Days on Market) – DOM mean how long a home is staying on the market before getting in contract with a buyer. This is an indication of the health of the market in general. It is also is an indication of situation of the house with respect to the market. If the DOM for the house is more than the average DOM for the market, then there are two possibilities: 1- House is overpriced or 2- something is wrong with the house. I teach my clients that, since most other buyers are going to shy away from a stale property like this one, it is a good idea to check it out. It the pricing is an issue, may be the seller’s motivation has changed now and he may consider lowering price. If there is an issue with the property, then check out if this will be something that will work you particularly with some adjustments. In a tough market like ours, it helps to be open minded be ready to capitalize on such opportunities.
6. TFT (Transaction Fell Through) – This mean that a buyer and the seller were in contract but something in the contract did not work out and the contract failed. The home comes back on the market and the seller, in most cases, is at his peak motivation level. He does not like that his property will have long DOM and have trouble selling in future. At this time an agent that very active, agile and smart will jump right in for you and try to loch the deal. Having a buyer educated of such scenarios and be prepared to make quick decisions helps lock in a deal for the buyer.
More tips to be shared on the Pam Pam show and on this blog.
If you or anyone else you know that is looking to buy their first home, an investment property or sell their home, please reach out to me via either contact method.
Thank You, Yajnesh Rai – “Yaj”
Team Yaj, Keller Williams Silicon Valley
Real Estate Consultant, Broker Associate, CNE
2110 S Bascom Ave, #101, Campbell, CA
408-547-7845 | www.YajneshRai.com
CalBRE# 01924991