Buying or Selling in a Competitive Real Estate Market
Updated: March 11, 2024
According to the U.S. Census Bureau for 2023, the homeownership rate was 65.9% in Florida. Right now, the housing market is booming so we decided to see what two seasoned realtors had to say about buying and selling your home in a competitive real estate market.
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 an 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 a 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 improve your home’s curb appeal.
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.
Thinking of buying your first home? Join Launch Cu’s First Time Home Buyer Savings Program! When you save a minimum of $100 each month for 12 or 18 consecutive months we’ll match your contribution!
