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Headwaters44

Buying - Market is poor - timing is critical - need advice

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I am buying in a city where demand is very high and supply is very low. The good houses are swooped up in literally days. I need some advice on how to get the edge on the newly listed homes, FSBO's or MLS. How do I stay a step ahead of others aside from bugging realtors on a daily basis for new leads and stalking FSBO websites hourly?

 

I am not committed to any agents yet so I considered dangling that 'double-agent' carrot to realtors in exchange for first dibs on newly listed property that end up a success for us. However I know having my own independent agent is in my best interest.

 

To thicken the plot a bit, I'm selling my current home in this same city which I know will be a coveted property for buyers agents and will sell very quick. One other incentive I've considered is to promise local realties first dibs on showing my property (and obtaining 2-3% commission since I intend to sell myself) in exchange for early tips on new listings that lead to a successful purchase.

 

Does anyone have any advice on how to be successful in a market this challenging? Are either of my above ideas likely to give me the timing edge I need?

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Work with a realtor and have them do the looking; be willing to pay more than asking price - but make sure you have the cash to offset any amount between your offer and the comps and eventual appraisal...

 

I'm in Phoenix and it's a "seller's market" right now.. properties in all price points sell before the signs even go up in the yard.

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Work with a realtor and have them do the looking; be willing to pay more than asking price - but make sure you have the cash to offset any amount between your offer and the comps and eventual appraisal...

 

I'm in Phoenix and it's a "seller's market" right now.. properties in all price points sell before the signs even go up in the yard.

 

That's how it is here in DFW. Glad we bought in 2015. The home we purchased would cost about $50,000-70,000 more to build now.

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Apologies in advance to any agents out there, but you don't need them for much at all in a market like this. The commission they earn for selling a house in a weekend's worth of work (take pics Wed, list to MLS on Thurs, do open house Sat & Sun, take offers on Mon) is just way too much. I live in the Bay Area, and agents here are pulling an average of around 40k ea for buying and selling agents on 3 and 4 bedroom houses. It's insane. Even on the low end, they're pulling in 25k+. Like many careers losing out to AI and automation, there are numerous resources available to the average home buyer which makes much of what they do (or used to do) obsolete. Check out Redfin, OpenListings, Trulia, and Zillow in your area to find houses listed on the MLS and houses coming soon to the MLS, as well as FSBO properties. You can use OpenListings or Redfin agents to get half of your commission fees back at closing.

 

I've been trying to buy a house in the bay area for a few months now. I tried using the seller's agent or the "dual agent" strategy (which almost worked - I'd do it again if there was a property I really didn't want to miss out on and if I felt like I could trust the agent), and I also have a few realtor friends who kept telling me I needed their help, but none were willing to split their commission with me (although one friend wanted to give me all of their commission, but I didn't want to take advantage of them and they refused to accept any money). Long story short, I ended up going with an OpenListings agent and am now in contract to buy a house that I found on the MLS and visited on my own during an open house. I've never met my agent, but he's been awesome to deal with over the phone and via email. They've provided everything I needed and in a timely manner, have been super responsive and were very knowledgeable - oh, and did I mention I'm getting half my commission back?! :) I highly recommend considering discount agents like Redfin and OpenListings if they're in your area. I'm sure there are others out there as well. If you get an agent that you don't find helpful, just ask for another one. There are good agents and bad agents at every company, but it's 2017, and if you're still paying full commission to ANY agent for ANY service, you're WAY overpaying in my opinion. They'll tell you all the reasons you need them and need their help, but I say it's nonsense. I am biased though. I hate sales people in general... so take it with a grain of salt obviously.

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Apologies in advance to any agents out there, but you don't need them for much at all in a market like this. The commission they earn for selling a house in a weekend's worth of work (take pics Wed, list to MLS on Thurs, do open house Sat & Sun, take offers on Mon) is just way too much. I live in the Bay Area, and agents here are pulling an average of around 40k ea for buying and selling agents on 3 and 4 bedroom houses. It's insane. Even on the low end, they're pulling in 25k+. Like many careers losing out to AI and automation, there are numerous resources available to the average home buyer which makes much of what they do (or used to do) obsolete. Check out Redfin, OpenListings, Trulia, and Zillow in your area to find houses listed on the MLS and houses coming soon to the MLS, as well as FSBO properties. You can use OpenListings or Redfin agents to get half of your commission fees back at closing.

 

I've been trying to buy a house in the bay area for a few months now. I tried using the seller's agent or the "dual agent" strategy (which almost worked - I'd do it again if there was a property I really didn't want to miss out on and if I felt like I could trust the agent), and I also have a few realtor friends who kept telling me I needed their help, but none were willing to split their commission with me (although one friend wanted to give me all of their commission, but I didn't want to take advantage of them and they refused to accept any money). Long story short, I ended up going with an OpenListings agent and am now in contract to buy a house that I found on the MLS and visited on my own during an open house. I've never met my agent, but he's been awesome to deal with over the phone and via email. They've provided everything I needed and in a timely manner, have been super responsive and were very knowledgeable - oh, and did I mention I'm getting half my commission back?! :) I highly recommend considering discount agents like Redfin and OpenListings if they're in your area. I'm sure there are others out there as well. If you get an agent that you don't find helpful, just ask for another one. There are good agents and bad agents at every company, but it's 2017, and if you're still paying full commission to ANY agent for ANY service, you're WAY overpaying in my opinion. They'll tell you all the reasons you need them and need their help, but I say it's nonsense. I am biased though. I hate sales people in general... so take it with a grain of salt obviously.

 

Possibly for selling, but for buying in a market like this, an agent can be extremely useful and often find houses before they hit the market.

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