Many of my buyers are finding out that they need to act quickly if they want a home that is priced well. Last week a client of mine wanted to view  a new listing in Kailua, and we found out that it had 17 offers, above asking.  It was sold in 3 days.  Then this weekend I viewed a nice house in Ewa Beach, that sold with 2 full price offers within 5 days. 

Every Realtor I have spoken to in the last few weeks has said the same thing - that buyers are getting outbid, and sellers are receiving multiple offers, fast. 

My tips for securing a home in this market - 

  1. Don't be stingy with a few thousand dollars.  Seriously.  If you miss a home over $5000 because you didn't want to pay the list price, it's your own fault.  In this market, any home priced well is going to get full price or better. Don't miss out on the home you want just to save a few thousand dollars. The next home may be more expensive.  You'll keep doing that until you realize you have been priced out of the market, again.
  2. Act fast. Don't wait, write an offer as soon as you are ready to buy.  You cannot afford to wait overnight.  You will miss out. 
  3. Include an escalation clause.  It makes your offer automatically outbid others, with a set maximum. I like to use increments of $5000, with a max price a little above asking.
  4. Get your loan approved first.  If you submit an offer without a loan approval, forget it. You will be passed by.
  5. Go see a house the first day.  This involves being in close contact with your agent.  When a house becomes available and looks good, change your plans, go see it that day.
  6. Listen to your agent.  If your agent tells you the price is good, don't second guess.  If the list price is low, be willing to go over.  The list price means nothing if it's below market.  If your agent says it's too high, don't bother. The house will be around for a while. 
  7. Be patient - in this market it may take several attempts to get a home. You may miss a few good opportunities, but eventually you will get the home you want. Just don't give up.