If you have even partially followed the real estate market in recent years, it is easy to see that Buyer Demand has continued to grow, and has outpaced the Seller Supply for quite sometime.
In the Tampa Bay Market the gap between supply and demand has actually become larger since COVID began due mainly to
Seller hesitancy to move forward with their plans.
Therefore, heightened competition between multiple Buyers for the same house has become common in most price points.
Do you think that overpaying is the only option?
How will you know what to do
when it comes time to make tough decisions?
Do you choose to move on or press on
and compete for your dream home?
Every real estate journey has its own challenges, and it is common to have complex issues to resolve before we get to the closing table. How you handle these challenges will either make, or break your home purchase. It's about being prepared to deal with whatever the future holds, and having a team that you can rely on for great options and solutions that foster success.
Real Estate Is Complex With Unexpected Moving Parts.
Here are 5 things you need to know to be a savvy Buyer in todays market.
Understand the dynamics in your price point and specific location. Will you be facing off with other Buyer offers? Current and LOCAL Up-to-date information about Active, Pending, and Closed Sales will help you make the best decisions.
Types of Properties For Sale
- Short Sale, Foreclosure, Auction, and Regular Sale properties all have different requirements to purchase, and some will not qualify for regular financing.
SPOILER ALERT! In today’s market, many times the best deals are in a “Regular Sale” over a Short Sale or Foreclosure.
Decide what your comfort level is on the following property conditions. Pre-1978 Lead Paint, Repaired and Un-repaired Sinkhole homes, Flood Zones & the Cost of Flood Insurance, CDD (Community Development District), HOA/COA (Home/Condo Owners Associations).
Don’t Pre-judge a Home’s Condition
Learn first how much it will impact you as the homeowner. Ask questions so you fully understand how risky the conditions are, and decide now, if you want to remove properties with unacceptable conditions from your search criteria.
Plan A, B, C- What are your alternative options for housing if you must adjust your ideal plan or timeline? If there are multiple offers and this is your dream home, eliminating or reducing contingencies is your next step. Are you able to find another way to pay your own closing costs vs requesting the Seller to pay them? Can you be flexible on other terms like the Closing Date, or Inspection Repairs?
Here are few ways to prepare for your home search in
A real estate transaction consists of a dynamic team
of business people working for you.
Choose Your Team Leader Wisely:
HOW your offer is presented and negotiated
is just as important as WHAT you offer.
Have confidence in your agent
to be your guide through all the potential pitfalls.
A great Realtor will act as your counsel,
coach, and as the “glue” for all aspects of your transaction.
Collecting information, education, negotiating, and providing options that best suit your circumstances will drive success.
In addition, communication with you and between, lender, home inspector, listing agent/seller and others will keep all parties, and everything else on track. Trust, listen, and be open to counsel, many times it will be the difference between success and failure.
Get Pre-Approved With a Good Lender:
The Lender you choose is also a very critical part of your team.
Just like every other profession, not all lenders are equal.
Various mortgage lending companies have different strategies and lending restrictions based on who they see as their ideal client.
Over the past 14 years we have worked with hundreds of different lenders, and can offer our experience and resources for choosing one who will be a great addition to your team.
~ ALWAYS REMEMBER ~
This is your next home worth hundreds of thousands of $ and we will be with you every step of the way. If you don’t understand something, ask for clarification. If you still don’t understand, ask again until you have the clarification needed to make your best decision.
Multiple offers are tough, yet we can show you many alternatives that help Buyers win.
My team and I are here to support you, provide our experience, options, and solutions to challenges as they arise.
Stay tuned for next week’s episode Part 2 of 3: BUYERS: Think Like a Seller and Win!
I'm here as a resource for you for all things Real Estate.