House Hunting

[av_heading tag=’h2′ padding=’10’ heading=’House Hunting’ color=” style=’blockquote modern-quote’ custom_font=” size=’35’ subheading_active=’subheading_below’ subheading_size=’15’ custom_class=”] There are some basic statistics that buyers need to know in any current real estate market: [/av_heading] [av_textblock size=” font_color=” color=”]

The average days on market (DOM), the comparable sales numbers and the average list to sales price ratios. Internet sites like Trulia, Zillow, Realtor.com are good places for research but not so good for finding available properties and making final purchase choices and decisions.

Here in South Florida, we are definitely in a Seller’s market. A “Seller’s market” is simply a time when demand is stronger than the current inventory. Great properties priced right are gone before you know it so this definitely presents some unique challenges for serious buyers. In turn, those challenges (e.g., multiple offers, super short DOM, way over-asking sales prices) can be met by several good strategies depending on the situation. This is where our expertise and experience come in to play for you. Data points will give you the power to manage your expectations and our strategies will help exceed them.

Unsuccessful offers are the norm in this market and there are a lot of discouraged buyers out there. If you do not know what to expect, you may want to just stop the process entirely. However, with interest rates at historic lows, this is not the time to give up. You are not alone.

[/av_textblock] [av_section min_height=” min_height_px=’500px’ padding=’default’ shadow=’no-shadow’ bottom_border=’no-border-styling’ id=” color=’main_color’ custom_bg=’#cf1b15′ src=” attachment=” attachment_size=” attach=’scroll’ position=’top left’ repeat=’no-repeat’ video=” video_ratio=’16:9′ overlay_opacity=’0.5′ overlay_color=” overlay_pattern=” overlay_custom_pattern=”] [av_heading heading=’MOST BUYERS LOSE AT LEAST TWO HOMES BEFORE THEY “WIN”‘ tag=’h3′ style=’blockquote modern-quote modern-centered’ size=’25’ subheading_active=” subheading_size=’15’ padding=’10’ color=’custom-color-heading’ custom_font=’#ffffff’][/av_heading] [/av_section] [av_textblock size=” font_color=” color=”]

While it is true that many times it is the fault of buyers who just don’t do their homework and listen to their agent, some are lost in spite of our best efforts. Sellers will most often accept the highest bid or best terms. It is normal for even smart, strategic, aggressive buyers to lose out on a few homes before they are the prevailing bidder in this market. So do not be discouraged; we don’t stop working until you “win” the home of your dreams.

[/av_textblock] [av_section min_height=” min_height_px=’500px’ padding=’default’ shadow=’no-shadow’ bottom_border=’no-border-styling’ id=” color=’main_color’ custom_bg=’#cf1b15′ src=” attachment=” attachment_size=” attach=’scroll’ position=’top left’ repeat=’no-repeat’ video=” video_ratio=’16:9′ overlay_opacity=’0.5′ overlay_color=” overlay_pattern=” overlay_custom_pattern=”] [av_heading heading=’WE ARE IN A MULTIPLE-OFFER MARKET’ tag=’h3′ style=’blockquote modern-quote modern-centered’ size=’25’ subheading_active=” subheading_size=’15’ padding=’10’ color=’custom-color-heading’ custom_font=’#ffffff’][/av_heading] [/av_section] [av_textblock size=” font_color=” color=”]

Most great homes priced right will get more than one offer. Underpriced homes can get 15 or more offers. Underpricing a home is a STRATEGY. If it looks too good to be true, it probably is so when you find that 4 bedroom 3 bath home with a pool priced 30K lower than the other homes in the neighborhood, know that a full price offer won’t cut it. When buyers start bidding against each other the “if you want it, I want it more” mentality kicks in and you need to be very careful if you want to play this game.

[/av_textblock] [av_section min_height=” min_height_px=’500px’ padding=’default’ shadow=’no-shadow’ bottom_border=’no-border-styling’ id=” color=’main_color’ custom_bg=’#cf1b15′ src=” attachment=” attachment_size=” attach=’scroll’ position=’top left’ repeat=’no-repeat’ video=” video_ratio=’16:9′ overlay_opacity=’0.5′ overlay_color=” overlay_pattern=” overlay_custom_pattern=”] [av_heading heading=’YOUR “WANTS” MAY NOT BE AS IMPORTANT AS YOUR “NEEDS”‘ tag=’h3′ style=’blockquote modern-quote modern-centered’ size=’25’ subheading_active=” subheading_size=’15’ padding=’10’ color=’custom-color-heading’ custom_font=’#ffffff’][/av_heading] [/av_section] [av_textblock size=” font_color=” color=”] The inquiring minds of buyers with demanding or hard-to-find home feature requirements need to understand that they may be limiting their chances of finding a home that fits the bill.  We always start out with a sit-down, face-to-face buyer consultation and it is always surprising and sometimes disconcerting to our buyers to watch us plug in the criteria when we are previewing properties on the big screen and see the number dwindle every time we add a feature. From choosing a neighborhood, assigning the price range to specifying the needed number of beds/baths, we watch the number of eligible properties get smaller and smaller. Most times we do not find many houses that fit the bill at this initial meeting. So we save the criteria to a search format so that when a property is listed that meets our buyers wants and needs, we are notified first – and we go and see it within 24 hours. We have strategies to stave off bidding wars and strategies to encourage the seller to accept our offer over all others if there is a bidding war so our team is more successful than most. But sometimes our buyers just have to compromise. If the house is perfect but the bedrooms are carpeted and you prefer tile, just figure you will have to invest some money after closing to make it your dream house. Would you really turn down the perfect home at a great price because it doesn’t have a pool but has “room for a pool’? If so, you need to face the fact that you are on the picky end of the spectrum and that very few homes on the market will work for you not to mention that if the trend in inventory in your target area is flat or barely budging, you may be looking for a very long time. Bottom line – if you find a home that has EVERYTHING on your wants and needs list, do not dilly dally – jump on it! Or you may have to deprioritize some ‘needs’ to non-essential ‘wants,’ when a house comes up that could work for you with a little tweaking. [/av_textblock] [av_section min_height=” min_height_px=’500px’ padding=’default’ shadow=’no-shadow’ bottom_border=’no-border-styling’ id=” color=’alternate_color’ custom_bg=” src=” attachment=” attachment_size=” attach=’parallax’ position=’center center’ repeat=’no-repeat’ video=” video_ratio=’16:9′ overlay_enable=’aviaTBoverlay_enable’ overlay_opacity=’0.3′ overlay_color=’#ffd3d3′ overlay_pattern=” overlay_custom_pattern=”] [av_one_half first min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ padding=’0px’ border=” border_color=” radius=’0px’ background_color=” src=” background_position=’top left’ background_repeat=’no-repeat’] [av_comments_list] [/av_one_half][av_one_half min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ padding=’0px’ border=” border_color=” radius=’0px’ background_color=” src=” background_position=’top left’ background_repeat=’no-repeat’] [av_social_share title=’Was this useful? Share it! ‘ style=” buttons=’custom’ share_facebook=’aviaTBshare_facebook’ share_twitter=’aviaTBshare_twitter’ share_gplus=’aviaTBshare_gplus’ share_linkedin=’aviaTBshare_linkedin’ share_mail=’aviaTBshare_mail’] [/av_one_half][/av_section]

Leave a Reply

Your email address will not be published. Required fields are marked *

*

*