Our market is just plain nuts. It was insane on the way up, wild on the way down, and now it’s just as bananas as ever. Our low prices and warm sunshine have created a perfect storm in the real estate market. It seems that I have more buyers willing to buy than properties to sell. Inventory has dried up for the time being and it tends to create multiple offers on listings when they are priced right!
As you know, when supply is low and demand is high, some “hot” properties go on the market. Our driving factor is price and when a perceived low-value home hits the market, it can go under contract within hours! If you are a frustrated buyer who keeps missing out, here’s some tips to help you win a successful sale!
- Start High and End High – With a well-priced property that you know will sell fast, give your highest and best offer to start with. You’re more likely to get it accepted right away than trying to go back and forth. The more time wasted in the bidding process allows for more potential buyers to bid on your potential new home!
- REO (Bank Owned Foreclosures) – If a new one comes on the market, expect it to go near asking price. The bank does professional price opinions and appraisals so they feel their price is at or below market and they won’t budge. However, when homes are on the market for 30 days, you’ll usually see the price drop 5% to 10%. The problem is most foreclosures don’t sit on the market that long.
- Inspections – Instead of 10 days, try 5 days. The fewer days for you to back out the riskier it is for you, but you greatly increase your chances of the seller accepting your offer. Just line your home inspector up immediately and you should have no problem!
- Remove Contingencies – Don’t try to make it contingent upon you first selling your house in Michigan. It’s not going to happen. In a fast moving market like this, sellers don’t bother with those easy escapes for buyers.
- Be Prepared – Get your bank statements or your approval letters from your mortgage broker ready. You need to submit them with your offer, which makes your offer look stronger. Do it ahead of time and increase your chances of being the winner!
Good luck and stay positive! You will buy the right home when it’s meant to be!!
Need help Selling, Buying, or with Property Management? Gulf Pointe Properties would be glad to help! Please contact Gabe at: 239.825.2234, Gabe@GulfPointeProperties.com or www.GulfPointeProperties.com Gabe Mellein is the broker of Gulf Pointe Properties, He has 8 years experience in the SW Florida Real Estate Market. He is a member of The Naples Area Board of Realtors, Bonita Springs – Estero Association of Realtors, Realtor Association of Greater Fort Myers and the Beach, The Florida Association of Realtors, The National Association of Realtors, and is nationally certified in Feng Shui for Real Estate.