Buyer Tips for a Seller’s Market

If you’re a buyer in our seller’s market, there are five tips you can utilize that will help you stay ahead of the game.

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When buyers compete in a seller's market, like the one we're in right now, there are a few tips they must remember to get the home they want. First, when presenting your offer, always offer strong due diligence terms and/or a large earnest money deposit. When a seller sees these two things, they’re more likely to consider your offer—more earnest money up front looks a lot better than additional earnest money down the road. Second, show that you’re qualified to buy. Many buyers make offers without a pre-qualification or pre-approval letter. Of course, in real estate, cash is king, so an all-cash offer will usually trump any offer that’s utilizing financing. Third, keep your offer lean and mean. By this, I mean the fewer deal points you have, the better. Don’t make an offer that asks for too much.

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The fewer deal points your offer has, the better.

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Fourth, have your agent communicate with the seller’s agent and ask them what the seller wants. For example, maybe they want a longer contract-to-close date or a post-closing occupancy period. Lastly, try offering to purchase the home as is. When you buy a home as is, you’re not negotiating back and forth with the seller over whatever repairs may need to be made that they may have to pay for. Applying these tips when presenting an offer in our market will put you on top of the game. As always, if you have any questions or you’re looking to buy or sell a home soon, feel free to give me a call. I’d love to help you.

When Should You Start Preparing to Sell Your Home?

I want to talk to all the sellers today about when you should speak with an agent about selling your home.

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Today I want to talk to the sellers. This is because I want to discuss when the best time is to interview a Realtor or agent when getting ready to sell. The first thing you want to ask yourself is, when do you want to sell? If it is anytime between a year and now, you may want to contact an agent now. You can benefit greatly by speaking to an agent now because it can take some time to find the best fit, so start by interviewing all the agents you can. Typically anywhere from three to five interviews is ideal. To compare apples to apples, be sure to check out my video on the top 10 questions to ask any agent here. This can put you in a great position. Another reason you may want to start speaking with an agent now is that the agent should have a coming soon campaign. While you’re getting ready to sell and getting your home market-ready, your agent should be working behind the scenes to create a coming soon campaign to create excitement among potential buyers before your home even goes live. I have had many buyers come to me with offers before I even went live on the market with some of my sellers.

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You can get market updates as well as potentially forecast information from the agent to find out when the best time is to position yourself to go live.

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The next reason is education. You can get market updates as well as potentially forecast information from the agent to find out when the best time is to position yourself to go live. Speaking to an agent sooner rather than later also allows you to make a plan and figure out what steps you need to take before your home goes live on the market. This can help you sell at top market value. Finally, the No. 1 reason you should speak with an agent now is that it can save you money. You can find out what you need to do now and what you need to do to your house in the form of renovations and upgrades. We can help you decide where to spend your money so that your home is in the best position to get the highest and best value. I have seen sellers spend their money on a pool or painting their whole house purple instead of listening to their agent. If you are going to spend money, you should spend it where you are going to get the best return for your money. If you have any additional questions or are interested in buying or selling, please feel free to reach out to me. I would be happy to speak with you.

Debunking the Top 5 Real Estate Myths

The real estate market is filled with myths that change the way that people think of the industry. Today I am proving five of them wrong.

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A lot of what is said regarding the world of real estate is inaccurate, so today I'd like to debunk five myths about this industry. 1. "If it is on the internet, it has to be true." There are some incredible websites out there that share a lot of valuable information like Zillow, Redfin, and Trulia. However, you still have to do your due diligence. For example, Zillow has something called a Zestimate, which is an online valuation tool that the website itself warns you isn’t always 100% accurate. 2. "As a seller, price adjustments or reductions are bad." This is not always true. Sometimes when you do a price adjustment, you can make more money because you may not have been in the market’s sweet spot for your price range. Buyers may not even be visiting because you are overpriced. Adjusting will help your home sell and help make you money.

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The National Association of Realtors and other supporting resources have said that approximately 90% of for sale by owner, or FSBO, listings eventually end up listing with an agent.

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3. "All agents are equal." Every individual agent or team is truly different, and this is why it is in your best interest to interview several agents or teams before you make your choice. You can watch one of my previous videos about what 10 questions you should ask a potential agent here.

4. "I can make more money selling by myself rather than working with an agent." This is not always the case. The National Association of Realtors and other supporting resources have said that approximately 90% of for sale by owner, or FSBO, listings eventually end up being listed with an agent. Plus, with a FSBO listing, there are many different factors that need to be considered, including liability and the potential to misprice your home. Unfortunately, many owners have to find this out the hard way after wasting time and money. 5. "All agents market the home the same." You can discover the truth of this when you interview different agents by asking for an example of their marketing budget. If you end up with an agent who is not marketing your home and does not have a budget to market, you are losing valuable market share and market price. If you have any additional questions about the myths of the real estate market or would like to buy or sell your home, please feel free to contact me by phone or email. I hope to speak with you soon.