Buying and Selling in a Competitive Real Estate Market

Updated: May 26, 2023

According to the U.S. Census Bureau in 2022, the homeownership rate was 67.3% 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.

This week’s Tip Tuesday comes from two of our Preferred Realtor®s we work closely with at Launch, Barbara Remington and Lee Goldberg.

 

Barbara Remington is the Real Estate Broker/Owner of Prestige Property Shop. Barbara has been serving the Central Florida Real Estate market for decades with professionalism and integrity.

 

Lee Goldberg is a Coldwell Banker Real Estate agent. Lee serves the Central Florida, Space Coast, and Las Vegas real estate markets. Lee consistently finds homes that are an ideal match for his clients.

Tips For Buyers 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!

Be Prepared to Write a Strong Offer

Your real estate agent should sit down with you to discuss what your strongest offer is. For example, a strong offer could be 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. 

Prepare For Multiple Offers

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.

Tips For Sellers In A Seller’s Market

Invest in a Realtor

You want a professional on your side. In the current competitive market, you want an agent who can put their full attention on selling your home. Agents are creative and strategic with offers. Have a veteran realtor on your side. 

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.

Know Your Next Home

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 was unheard of a few years ago.