To say that the current housing market is competitive would be quite an understatement. Although we are seeing some signs of buyer demand diminishing, there are still many prospective buyers remaining in the market from the spring and summer months. In addition, the inventory of homes for sale continues to be quite a challenge as well. While the number of bidding wars peaked during the summer months, we are still seeing multiple offer situations for listings hitting the market now. With this said, it is quite important that you and your real estate agent take the proper measures to make your offer stand out from the rest.
Things to consider
- Have your real estate agent communicate clearly and often with the listing agent: Although this seems obvious, it is surprising how often buyer’s agents fail in this department. It is important that the buyer’s agent keeps in contact with the listing agent to get a better idea of the interest in the property and what competition you are up against. In addition, this is an opportunity to gather information on the seller’s preferences. Perhaps they prefer to have a delayed closing date or would like to use a certain title company? These items can then be reflected in your offer.
- Be able to make quick decisions: In a competitive housing market such as the current one, it is extremely important to be able to make quick decisions. Thinking about putting an offer on a house too long typically results in missing out on the property entirely. It is important to remember that even if you get the property under contract, you typically still have the inspection period to perform your due diligence and re-evaluate your decision.
- Keep your offer as simple as possible: If feasible, a cash purchase with no financing contingencies is obviously ideal. Of course, this is not an option for most buyers. With this said, it is important that your offer is as simple and straightforward as possible. For example, an offer to purchase that is contingent on the selling of another property is never ideal. In addition, the more information you can gather on the seller’s preferences, the more appealing you can make your offer look. As mentioned above, examples of this are using the seller’s preferred closing date and title company.
Summary
In closing, navigating through a home purchase in the current seller’s market can be quite frustrating. With this said, it is important that you have a knowledgeable and professional team behind you. Naturally, this begins with a local, knowledgeable, and professional real estate agent. In addition, a responsive mortgage broker is also critical if you are obtaining financing. Lastly, we always recommend a trusted real estate attorney as a part of your team. At Live South Florida Realty, Inc., we do not charge our clients the typical “transaction” and/or “processing fees” that are seen across most other real estate brokerages. With these fees adding up to even $1,000 per transaction, we feel that these funds are better utilized by our buyers or sellers to pay for a reputable real estate attorney to represent them in the transaction.
At Live South Florida Realty, Inc. we have assisted many clients with their real estate needs. Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. Live South Florida Realty, Inc., has been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our recently launched “Florida Home Search” app is now available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!
