By Michelle C. Carr-Crowe, ABR, ALHS, ASP, CDPE, PME, RECS, SRES
Did you know Martin Luther King Jr. can help Silicon Valley buyers negotiate (and GET!) a great home value in 2010? With the three-day weekend to honor the civil rights hero, Santa Clara County buyers are getting an opportunity to get ahead as well. It’s estimated about 30 percent of the population in Santa Clara County leaves the immediate Valley during most three-day holiday weekends.
Even in this fiscally conservative environment, people still plan to visit friends or relatives, as well as get away to the snow, campgrounds, beaches, theme parks and pre-paid timeshares. What does this mean for the Buyers who stay in town?
Do You Qualify for the New First-Time Home Buyer or Existing Home Buyer Tax Credit?First and foremost is OPPORTUNITY due to temporarily reduced competition among buyers! Especially in the more competitive market segments, such as under $1,000,000 for single-family San Jose homes in Lynbrook High, under $600,000 for detached homes in Willow Glen or under $400,000 for almost any single-family investment property throughout Santa Clara County, including Sunnyvale, Milpitas and Morgan Hill.
Or even see and buy a home such as our Warm and Welcoming Westwood Oaks Beauty with Cupertino High that's open on Saturday and Sunday - before it even goes on the Multiple Listing Service! How's that for a great opportunity?
Opportunity Knocks! Buy Now Before Home Hits MLS!
Essentially this three-day holiday weekend effectively removes about one-third of your potential competition. Those on holiday are likely "taking a full mental break" and also unplugging from the phone and Internet. (Some may just be traveling to areas where Internet and phone service is poor or intermittent.)
Don’t underestimate the competitors still here. The flip side is those who remain in town during a holiday weekend are the most committed and/or motivated to buy in the near future.
Second, Sellers and Agents holding open house this weekend are committed to selling. It means the Sellers and their Representatives also gave up a three-day weekend to achieve the goal of selling that home.
Thirdly, a three-day weekend gives you as a buyer that extra third "weekend" day. You have more time to review and fully process the data, disclosures and reports provided, perhaps re-visit the home(s), sleep on the decision Sunday night and go over the pros and cons and think things through one more time without immediately rushing back into your usual work and school routine.
And with the current limited-time government tax incentives for first-time and existing buyers, home buying is definitely worth a careful look.
Last, for Buyers who are truly prepared (pre-approval letter already on file, clear goals and a defined plan), it's a chance to leap ahead by making an offer while others are relaxing.
As in Aesop's Fable, this is that window of time when the turtle can sneak ahead of the hare. In wise Aesop’s morality tale, the hare had run so far ahead of the turtle that he relaxed and stopped to take a nap. While the confident hare slept, the perseverant turtle crept ahead and reached the finish line first.
The moral of the story is a three-day weekend allows the “slow but steady” Silicon Valley home buyer a chance to get ahead of the competition and win the real estate race by completing a contract while competitors are “asleep” to the opportunity. If you're pre-approved, prepared and know precisely what you want to buy-and see it available this weekend, this may be your big chance to hop ahead of the competition and secure a great home buy in 2010.
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