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South Florida

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Selling in a Seller's Market

Posted on March 20, 2013 at 5:58 PM
Okay Sellers on your mark, get set, get ready …. GO! This is your day in the sun! Enjoy the advantage of demand exceeding supply; it‘s a Seller’s Market!
The trends are evident that buyers are scrambling to find properties in our thin South Florida inventory. Serious buyers come to the table these days pre-qualified and ready to buy. Happy days are here again! Question is, how can you best position yourself for a quick and successful sale?
Be prepared for multiple bids. A rarity in years past, this is becoming common practice. Keep calm and cool; let your REALTOR® clarify what is good and bad about each offer and take your time to choose wisely. A lower offer with a qualified buyer is better than a higher offer with a weak buyer. It is tempting to accept the highest offer but, don’t get caught tying up your property for a buyer who’s financing is likely to fail in the bank’s initial investigation. This can happen for many reasons ranging from the higher scrutiny of FHA loans to the negotiated price being higher than the appraised value.
An old adage in the real estate industry is for sellers to hold first offers in high regard. It may take a bit of a ping pong game, lobbing offers and counters back and forth, but give it your best shot. Oftentimes sellers lament that had they made a more ardent effort to negotiate with their first buyer, in the long run, they would have saved valuable time and money.
As a seller, if you have a defect you can address, fix it! Homes that need repair are less desirable. Also, credits are subjective and after taking your home off the market by accepting an offer, you may end up at an impasse with the buyer once credit demands come into play. A clean, organized “show worthy” home is your best bet for acquiring attractive offers.
If you truly want to sell your home quickly, don’t be tempted to price your home excessively high, regardless of the market being in your favor. Your realtor will give you an honest brokers price opinion. Remember, your REALTOR® doesn’t make a thin dime if the home goes unsold so, they are going to give you their earnest estimate of a list price that will move the home off the market in the quickest time at the highest possible price. If you price the home too high, the days on market will drag out and area REALTORS® will become hesitant to show it. The final sale price will likely be higher if you price it right to begin with; as opposed to starting out too high, being forced to repeatedly or drastically reduce the price over time.
Make sure your home is easy to show. Cooperate with your REALTOR® on showing times and open houses as much as possible. The more your home is seen by potential buyers, the more likely it will sell. Establish a schedule with your family and your REALTOR® so that potential buyers have quick and easy access to your home. A little sacrifice will go a long way.
In today’s market you are best served to only accept offers accompanied by proof of funds to close or pre-approval letters. Sellers do not need to wait for financing to be approved with so many buyers competing for so few homes.
Be very clear with your REALTOR® on what items are not included in the contract. Potential buyers can be confused when wall mounted televisions, chandeliers or anything of a seemingly permanent nature are missing come the day of the final walk through. Disclose everything up front so there are no surprises along the way.
If you are ready to move, enjoy the advantage of being in a Sellers market! Remember these few tips to help smooth your path to a quick and successful sale;
  • Price it right from the beginning if you want the quickest possible sale;
  • Request proof of funds and/or pre approval letters with all offers;
  • Weigh all offers respectfully giving priority to the financially strongest buyer;        
  • Repair all you can to avoid buyer’s credit snafus;       
  • Establish clearly what items are not selling with the house;
  • Make your home truly “show worthy” and convenient to see. 
It is quite likely your closing day will come and go without a hitch. Although, there is potential for twists and turns. Sustain a singled-minded intention that whatever issue arises, you and your REALTOR® will work together to see that it is quickly resolved.
Stay positively focused on a successful sale and the happy new beginnings at your next address!   
Copyright 2013: Valerie Anne Martinetti    

Categories: Real Estate Pulse for 2013

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3:48 PM on May 17, 2013 
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3:51 AM on May 19, 2013 
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2:40 PM on May 19, 2013 
Hi Elizabeth. Thank you for your post - I tried to respond to you via email but got your address kicked back. You are welcome to share my content with your Zynga group; I appreciate your kind comment and encourage you to direct your Zynga group back to my blog. I especially enjoy engaging conversation via the blog and welcome new readers.
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2:46 PM on May 19, 2013 
Hi Monica: Thank you, I would be happy to guest blog on your site. Please email me directly at: [email protected] to discuss this, as well as an e book. I tried emailing you directly but got your address kicked back. Your gracious commentary is much appreciated.
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8:10 PM on August 1, 2013 
Thank you Nifty Tips for your kind words ... please check back often as this is a very, very interesting market here in South Florida. I encourage you to share your own insights about your particular market anytime you stop by to read my blog.
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2:52 AM on August 12, 2013 
Liking the weather in Florida very much. It's ladiback and there's not too much snow and the sun is just perfect. How much is the average home price right now in South Florida?
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In response to the 8-11 from essay writing service ... The average single family home price in Florida at the end of Q2 2013 was $262K, which is up 11.9% from Q2 2012. Homes for sale were on market an average of 51 days, selling at an average of 93% of list price. And yes, snow is a rarity for us; especially in South Florida. We saw it once back in the late 1970s and it did not stay on the ground - it was so rare we made headlines around the world. Thank you very much for your question :)
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