Today’s topic was – Time if of The Essence. I wanted to discuss this – especially in the Fall Market.
Literally, the term – Time is of the Essence – is IN THE PURCHASE CONTRACT. For the California Association of Realtors California Purchase Contract it is line 29 and for the PRDS Purcahse Contract it is line 27 L, and in the San Francisco Purchase Agreement it is Line 32.
Now, contractually – Time is of the Essence – it means we most honor the dates set forth in the contract – they are of material significance. For instance, the date to close escrow – pretty important date. As it is the day ownership is transferred by county record, monies are exchanged and keys handed over.
However, how does Time is of the Essence work outside of a written contract? Well, it is that concept that I want to touch on today.
Time. We all have the same amount of time in the day. Though it may feel like some have all the time in the world while others are in a constant rush.
So how does Time relate to Real Estate? Critically I assure you. For a Seller, time is measured from Day 1 on the market. A Seller and prospective Buyers are all looking at Days on the Market (DOM) to gauge how popular or desirable a property is. (Which isn’t the best way to gauge a home – by the way.)
During the Fall Market, you’ll see homes on the market after the ticker hits day 15 – and NO – it doesn’t mean there is something wrong with the home. Sometimes it is the homeowner or Relator, who want to make sure they have fully exposed the home to the open market before reviewing offers. It make sense. Sometimes, as it does each Fall, the Days on the Market are a direct influence of Buyers who’ve been outbid all Spring and Summer and taking a break before jumping into Real Estate one more time before the Holidays.
But truly, where Time if of the Essence comes in at the upmost importance is for the Buyer.
Take a moment and step back in time with me. Before the mad rush of demand over supply took over our Real Estate market, back in the day – when a Buyer saw a home, if they liked it, their Realtor would call the Seller’s Realtor and put a deal together. During that time, a Realtor didn’t look to see what the offer date was – it was pure and simple. One Realtor has an interested Buyer, one Realtor has an eager Seller, let’s find that middle ground where everybody’s wishes, hopes, dreams and desires come true. Easy, plain and simple – right?
Guess what? That market is now. Yes – you heard me right. The Fall Market is when the early bird gets the worm, when the proactive clients and Realtors make magic happen.
What I find funny about this opportunity is many people don’t understand how this works to their advantage. (Trust me – I even see the surprised look in Realtors eyes when they hear – offers as they come – or offers reviewed at any time.) What kills me – some people don’t understand what that means.
IT MEANS OPPORTUNITY!
If you like a home and no offer date is posted – tell your Relator (and if you don’t have a Realtor – tell me!) It is the Buyer’s Reatlor’s job to contact the Seller’s Realtor. How will a Seller’s Realtor even know there is an interested party if no one calls, texts, emails, or just plane shows up? It only takes ONE Buyer to sell a home. As awesome as multiple offers are for a Seller – the Seller can only sell the home to ONE Buyer. Therefore, technically speaking – the Seller and their Realtor only need one, fair offer.
How does this translate to a Buyer today? DON’T WAIT! Don’t ask for permission to write an offer. Call your Realtor – Call The Caton Team – if no offer date is posted or planning to be posted – GO FOR IT. Write the offer, write a good, clean, fair and solid offer. Make sure your Realtor – like The Caton Team always does – prepares a Comparative Market Analysis (CMA) to strengthen the offer. There is a reason Buyer’s and Seller’s Realtor’s are needed. I’m talking about full-time, professional Realtors who live and breath the market. Call us!!!! We know what to do far better than any app!
In the past few weeks, when the media is reporting old news and generating fear in the consumer – The Caton Team was able to negotiate some wonderful opportunities for our clients because we were the only offer, because we didn’t go out and party on Saturday night, because we stayed up late to ensure every disclosure document was signed, that our offer was clear, concise and fair and if that meant presenting the offer at 10pm – so be it. Because it takes a dedicated Realtor, who knows an opportunity when they see it, and an equally dedicated client to make dreams come true.
The Fall Market is RIPE with opportunity. If you want to be a Bay Area Home Owner – If you have a budget – If you’ve been outbid all year – DO NOT GIVE UP! Pick yourself up, dust yourself off and Call The Caton Team.
Yes We Can Make Your Real Estate Dreams Come True
Got Questions – The Caton Team is here to help.
We strive to be more than just Realtors – we are also your home resource. If you have any real estate questions, concerns, need a referral or some guidance – we are here for you. Contact us at your convenience – we are but a call, text or click away!
The Caton Team believes, in order to be successful in the San Fransisco | Peninsula | Bay Area | Silicon Valley Real Estate Market we have to think and act differently. We do this by positioning our clients in the strongest light, representing them with the upmost integrity, while strategically maneuvering through negotiations and contracts. Together we make dreams come true.
A mother and daughter-in-law team with over 35 years of combined, local Real Estate experience and knowledge – would’t you like The Caton Team to represent you? Let us know how we can be of service. Contact us any time.
Email Sabrina & Susan at: Info@TheCatonTeam.com
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The Caton Team – Susan & Sabrina
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Thanks for reading – Sabrina
Berkshire Hathaway HomeServices – Drysdale Properties
Sabrina DRE# 01413526 / Susan DRE #01238225 / Team DRE# 70000218/ Office DRE #01499008
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