You see it everywhere!  There a no houses to buy and the minute a good one comes on the market, it’s gone!     How do you make a game plan in this kind of market.

First of all let’s explore why potential Sellers are reluctant to put their home on the market in the fist place. The biggest reason is the problem, they have no confidence that they will have a place to buy if they get a quick offer on their home.  No Seller wants to SETTLE for something a bit less than ideal because they have a timeline on closing their home. Not everyone has a place where they can land their family for a month or two while they go through the search-to-closing process.  Having an offer accepted with a sale contingency is a hard sell, but you are seeing more and more.  Most however will have a kick-out clause in them which elevates the stress level as the transaction goes forward.

What is your leverage as a first time buyer?  TIME!

Whether you are currently renting or living at home, you have an established residence and in most cases can push a closing date off another month or two to accommodate a Seller. In fact, they may be willing to take a little less to assure they can have time to explore all of their options on the other end.  

Other ways to win in this market:

• Don’t hesitate to look at homes with “kick-out” clauses in place– that’s why they are there. not having something to sell is only an advantage if you use it.
• Search expired listing homes over the last few months – These are people that wanted to sell for some reason and may still want to.  You now have time, no sale contingency and no competition on your side
• Put in a back up offer – If you see something that is under contract that fits your needs, make sure you are next in line if something falls through.

Cash is always king, but as a first time home buyer with solid financing in place, you can be a player in this market.  

 In recent articles and a letter to the editor of the  Salem News, Mayor Rejects McKay School  Offers, Beverly needs to move on Waterfront Plan, and Fate of proposed plaza uncertain it is plain to see that time does’t heal all wounds.  In fact it appears that multiple offers, special elections and years of court battles and added costs, we are right back to where we started from on all three projects.

Rather than play the political blame game, my bigger concern as a local Realtor is what effect these projects are going to have on the property values in the three neighborhoods while these issues continue to work themselves out.

 I have sat down and met with people concerned in the Brimbal Ave area weighing their options of selling now or waiting to see the true impact. The major problem is that with the latest turn of events, the final projects and plans are more confusing than ever.

The latest rejected proposals for the former McKay School (of which I am a proud Alum!) range from condos to apartments to 13 single family homes!

The Black Cow project on the waterfront has the least effect on a residential area, but depending on what the surrounding properties try to develop if the Designated Port Area restrictions are lifted for the entire area.

I understand the need to be thoughtful and prudent but with most of these projects at or over 10 years in the making, its time for the City to make a decision and let these areas know what obsticles they will or will not have to face.

Please Comment with your thoughts on the best uses of these areas and how they will effect the neighborhoods and direct your political views to another suitable blog. Thanks in advance.