Hasvold urges buyers avoid 'must have' mindset

Rick Monroe

Special to the Village News

"With this crazy market, people are getting overanxious about getting the home they want," said Chris Hasvold, real estate broker and owner of Coldwell Banker Village Properties in Bonsall. He has advice for those individuals, "Don't become desperate."

Would-be buyers can become frustrated at "losing out" on previous offers to buy, he explained, but advised, "Be wary, and don't get caught up in the 'do whatever it takes' mentality.

He noted that some potential buyers offered $15,000 to $200,000 over the asking price and still missed out.

"Be patient," he said. "You'll find the house that's meant for you. Don't get too caught up in the moment," he said.

There are times that it's best to drop out of the bidding.

He offered the example of a recent sale where he represented the seller of a nice home with some unique amenities like a detached four-car workshop and easy access for a large RV. Both are attractive amenities in this market.

There were over 20 written offers, he said, and others who didn't bother with the formal offer because they could see the competition was too much. The listing price was $899,500 and it wound up selling for $1,160,000, all cash with no contingencies.

Without any contingencies means there is no "out clause" for such things as appraisal, home inspections, disclosures, or a loan contingency.

That's dangerous for a buyer, Hasvold said, because there could be unknown issues affecting the property. In this sale, however, Hasvold represented the seller, who provided all the disclosures and pre-inspection reports in the MLS so potential buyers had enough information to make an offer like that before they wrote their offer.

Hasvold said single-family home prices are continuing to rise, but it's difficult to determine for how long.

"The pending sales have decreased each month for the past four months but at the all-time highest prices," he said. "With interest rates rising you would expect the pace of sales to slow, however, with continued historic low inventory and huge demand for our area, we're still seeing home prices rise and properties selling quickly if priced right."

This is Hasvold's 41st year in the real estate business, the past 34 in Fallbrook. "This is the most unique and challenging time I've ever seen in my career, especially for buyers," he said.

Coldwell Banker Village Properties is located in Bonsall's River Village, 5256 S. Mission Road, Suite 310, Bonsall. For more information, call 760-728-8000.