Buying And Selling In A Competitive Real Estate Market
According to the U.S. Census Bureau, during the first quarter of 2021 the homeownership rate was 68.10% in Florida. The real estate market is booming right now so we decided to see what two seasoned realtors had to say about buying and selling your home in a competitive market.
Tips For Buyer’s In A Seller’s Market
Obtain an approval letter from your credit union. When your realtor presents your offer to the seller’s agent, your agent knows that you are a strong, ready, willing and able buyer for that contract and home. Your agent can confidently speak with the seller’s agent knowing that you are a buyer ready to buy!
In this very competitive seller’s market, be prepared to encounter multiple offers. This happens when multiple buyers submit an offer on the same house. Many times, the seller’s agent will reach out to each buyer’s agent and ask for their highest and best offer. This is an opportunity to make your current offer stronger. The downside is not knowing what the other buyers are offering. There are many ways to make your offer stronger and your realtor will guide you through the process.
Be prepared to write a strong offer. Your real estate agent will write your offer and should sit down with you to discuss what your strongest offer is. An example of a strong offer is a full-ask contract with a minimum inspection period or offering to pay the owner’s title policy. Be sure to meet with your agent and discuss a strategy before looking at homes.
Tips For Sellers In A Seller’s Market
Hold off on that honey-do list. Wait for the inspection report to come back and then look at negotiating those improvements out. If the improvements are minimal like painting a wall or spreading new mulch in your landscaping, then do it! These costs will be small and will give your home an improved look.
Be prepared. Have a plan in place for moving into your next home. This is one of the biggest hurdles sellers are facing right now. Where do you go? If you have that handled, then you are ahead of the game. In many instances, buyers are renting back to sellers and allowing sellers to rent the home after closing. This is a key negotiating tool for buyers and unheard of two years ago.
Invest in a realtor. You want a professional on your side. In the current competitive market especially, you want an agent who can put their full attention on selling your home. Agents are creative and can be strategic with offers. Have a veteran realtor on your side.