Many have found it difficult to participate in the housing and real estate market for the past year given the state of our economy and the supply and demand fluctuations. However, real estate aficionado, Juan Rubio, assures that if done the right way, today’s market can be very advantageous for buyers, sellers, and investors alike. With such a shortage of inventory and high demand for homes, the options are limited and buyers have found themselves getting outbid or unable to find a home that suits their needs.
Rubio advises buyers, “Work with a top agent and an agent you can trust. Someone that is experienced and will put you in the best possible position.”
The importance of the quality of your agent goes beyond setting up showings and closing deals. Well-connected and seasoned agents have access to a larger scope of off-market properties such as auction properties, REOs, bank foreclosures, and new builds.
This exclusive access allows their clients first pick before said properties are even visible to the general public, an advantage that is crucial for buyers during times when options are sparse. “The good thing about off market properties is that we can avoid bidding wars with other buyers. There is usually a set price on them, with a little room for negotiation,” Rubio informs.
He also encourages buyers to be generous with offers, “The more offers you submit, the higher your chances are of acceptance. Put out as many offers as you can and don’t get discouraged because four or five get rejected; it could be the sixth offer that gets accepted.” To make an offer more attractive to a seller, Rubio shares that buyers should consider not asking for repairs, covering the seller closing costs, making the earnest money go hard, reducing the due diligence period, and or offering the seller a lease back up, which would provide the seller with a free month or so in their home before the buyer intends to move in so that the seller does not feel rushed out of their home.
Full approval from a lender or proof of funds can drastically strengthen buyers’ chances of closing on their ideal home as well. Having financials secured prior to finding the right home can decrease the amount of time available for other potential buyers to submit competing offers on that same property. Rubio explains,
“If you are a serious buyer, have this day one. So the secret sauce to getting your offer accepted while competing against cash offers is fully underwritten approval rather than pre-approval. When this type of deal gets accepted, it closes within 10-15 days which is very comparable to a cash offer.”
Rubio ensures that he does everything possible to give his clients the best options even in the difficult buyer’s market of today. Juan Rubio explains, “My clients refer to me as the wolf of real estate. I always hunt deals for them.”
– By Danica Serena Stockton