Whether you are the buyer, seller, or both, Florida’s real estate market is lively. Staying on your toes is a must. Due to the shortage in inventory, buyers must take the necessary steps to ensure when they find a dream home, they can secure it. On the other hand, sellers often receive multiple offers due to high demand and need to strategically choose the best offer. Today, I will share with you tips for navigating the hot real estate market for both sellers and buyers. So make sure you’re in the know!
Tips for Buyers
Homes are being snatched up as soon as they hit the market. If you want to get in on the action, every move must count. Follow these tips to beat out the competition to get the home of your dreams.
- Get Pre-Approved – You can’t even make an official offer on a home until you get pre-approved. Before you even start looking at homes, be sure to obtain confirmation of pre-approval first.
- Choose the Right Lender – A local lender with a solid reputation for punctual closings and minimal hiccups is advisable. Sellers and their agents place a great deal of weight on the lender a potential buyer chooses.
- Make a Strong Offer – Chances are you will end up in a multiple bid situation. Make sure you come in a competitive offer. Sellers are looking at their bottom line, so keep this in mind when making your offer.
- Avoid Contingencies – Sellers prefer offers with few to no contingencies (e.g., selling a house first). Therefore, keep your offer as clean and straightforward as possible.
- Offer Your Best Down Payment & Earnest Money – Coming in with your best down payment and earnest money of at least 1% of the offer price tells the seller that you are serious and committed.
- Choose a Realtor Who Truly Understands the Market – You need to choose a Realtor who understands the urgency of moving quickly and is available to show homes as soon as they come available and send in an offer immediately.
Tips for Sellers
If you have a home in good shape, chances are it will be a hot ticket item with multiple offers within a few days. These three tips will help you choose the best offer.
- The Numbers Need to Make Sense – An offer may look deceptively good at first. Do the math and make sure the final number meets your bottom line. Deduct closing costs you are asked to pay, seller’s commission, etc., to get an accurate picture of how much you will actually pocket.
- The Earnest Money Matters – The amount of earnest money offered shows how serious a buyer is. $500 in earnest money is much riskier than a buyer who offers $3,000.
- Check the Lender – Once under contract, your home is unavailable to other buyers. If the deal falls through due to the lender not being able to make it work out, then that is time lost, and you must start the process over again. If all else is equal, choosing a local lender with an excellent reputation for closing deals on time is better.
Are You Ready?
These tips for home buyers and sellers will help prepare you for today’s market. When you are ready to buy or sell, you don’t have to do it alone. Here at Gitta Sells, getting top dollar for your home and helping your find your dream home is our passion. I am here to help guide you every step of the way, making the process seamless. Please feel free to reach out with any questions you may have at email@example.com or 407-330-2181. I can’t wait to talk with you!