We have never seen so much competition for good houses. Tried-and-true buyer strategies just don’t work anymore. Gushy love letters? Pfft. Every buyer has a compelling story, and love letters are often disallowed for potentially violating fair housing laws. Escalation clauses fall flat when four offers include one. Coming in strong with a “bully offer” and a 24-hr deadline to try to beat the crowd? Sorry - good listing agents wisely schedule a week of showings before they even glance at offers.
All that being said, you can get a home in this market. If you have a good agent, and you are taking their advice (this is key!), you should be getting acceptance, backup, or what we call “last look” (meaning the listing agent calls and gives you a chance to match the highest offer) on roughly half your offers. If you’re not, call us. We got you.
Some words of advice for home buyers:
1) Write strong, clean offers. Make it easy for the seller! We speak from experience - if a home has 30 offers, as many do in this market, only 2 to 5 of them are actually competitive - make sure your offer is one of them.
2) Do not eliminate a house based on pictures. Some of the best deals we’ve gotten for clients in 2021 were TERRIBLE listings - blurry iPhone photos and incomplete descriptions. Get in your car and drive to the property - that’s where the deals are!
3) Do not swoon over staging (staging, touch-ups, and landscaping are so effective at getting homes sold for top dollar, it’s like cheating). Think like an investor and get excited by bad layouts, dying grass, and peeling paint. On the flip side, sellers - listen up! Invest in the staging, touch-ups and landscaping upfront - it will pay in dividends.
4) When in doubt, write an offer! Right now, in red-hot Silver Lake and Echo Park, there are 77 houses for sale (!), including 23 that have been on the market over two months (lowball half of them and see what happens…). You may just get a deal in the hottest market ever.
Some thoughts for sellers in the next issue…our new listings are below.Make sure you follow us on Instagram for tips and tricks, to see new listings before they hit the market, as well as Lori’s OOTD @brockandlori