By Jenny Gonzalez
123rf.com
How to compete as a buyer in Corona’s Seller’s market
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seller’s market occurs when the demand for homes is unmatched by the supply. In simpler terms, it is a market where there are more buyers than there are properties. These conditions tend to favor the seller more than the buyer in terms of payout, hence the term “seller’s market.” For most of 2021, Corona has been a seller’s market, with inventory dropping to as low as 60 at one point. As more buyers enter the market, it is hard to ignore the appeal that Corona has. Corona has ten neighborhoods that you can home and get to enjoy a dense suburban feel. With the average sale price of homes being $697 351 and homes spending a record low of just 12 days in the market in August, you are going to need to be prepared. Homes are receiving multiple offers, and buyers have to pay 5 percent over the asking price. With that in mind, here are a few tips to make your offer stand out.
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1. GET A MORTGAGE PREAPPROVAL It is safe to assume that a single home will receive multiple offers when you enter the Corona market. It is, therefore, in your best interest to be “offer ready.” That means you need to get your preapproval letter with you. And no, a prequalification letter will not give you the edge you need. A preapproval letter, unlike a prequalification letter, is a “proof of funds.” It is necessary to provide this to the seller as it acts as a safety net. The seller can take their house off the market; rest assured that you will afford and buy the home. Additionally, the letter means that you can submit your offers before the deadline. 2. MAKE YOUR BEST OFFER FIRST If you want to stand out, go bigger or go home. Houses are receiving multiple offers, and to stand out, you must put your best foot forward. When you identify the neighborhood you wish l
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