Seller's Market vs Buyer's Market
You’ve probably heard a lot of talk about the busy buying seasons! South East Florida is enjoying a buoyant property market! What is the best time to buy versus the best time to put your home on the market? It sounds complicated, but most of it comes down to simple supply and demand.
When housing inventory is low, competition increases for buyers; when housing inventory is high, the increased competition switches to the sellers. While it’s ideal to buy or sell in the market that gives you the upper hand with your respective position, it doesn’t mean you can’t be successful in a market that doesn’t match your status.
Our housing inventory is at an all-time LOW! It's definitely a Seller's Market.
Over the past year, buyers trying to avoid the lockdown and escape their small high rise condos up North, are streaming down to the Sunshine State at warp speed!
The Demand for single family homes has surpassed supply which translates to multiple offers - above asking price. This has given Sellers the upper hand in their negotiating tactics.
They can entertain all offers with the highest price and least amount of contingencies. How do we move forward?
Are you ready to sell....if so...where are you buying next?
You have to weigh up your options of selling your fabulous home and then moving and having the same challenge buying.
Tips For Buyers In A Seller’s Market
Brace yourself for the competition. Know that if you see something you love, you’ll need to act quickly. We try to keep emotion out of the negotiations...
Letters to sellers may sway or tug at the heart strings, but be prepared to pay!
The most crucial part, is to have a local experienced licensed mortgage broker pre-approve you. You need to have your best foot forward, and a pre-approval is the strongest step you can take, It's a competitive market in Fort Lauderdale, Pompano beach, Wilton Manors, Rio Vista, Weston, Lighthouse Point and Delray.
Tips For Sellers In A Seller’s Market
You’ll probably be sensing the rush that a “hot market” tends to carry, but you can control the tempo of the game here. Take the time to carefully consider each offer. Make sure that each cash buyer has shown you proof of funds. Make sure that the finance offer has shown you a pre-approval by a local experienced licensed mortgage broker. Don't discount online lending, but dealing with a mortgage broker is stronger. You need to call and discuss the file with the broker. remove unnecessary contingencies.
You’ll also want to price your home right and refrain from letting those rising home prices get to your head. While home prices are higher in a seller’s market, keep in mind lenders won’t allow buyers to borrow more than what a property has been appraised for. If a buyer will require financing, make sure they’ve received a pre-approval from their lender.
The same tips from the seller’s section of a buyer’s market will apply here as well, as getting your home in tip-top shape and having that reflected in your listing is always to your advantage.
All these tips...are tips! Working with an award winning agent who lives and works in the area understands every step and level of the real estate transaction. Agents are prepared and ready to tackle every aspect of the roaring market. Call Daniela Melaniti of SFL Luxury Homes Group at Coldwell Banker Realty today.
For insight on the market please read Guaranteed Rate Affinity Market Trend article Market trends for 2021
When you are ready to sell...make the call!!