Real Estate: Getting Creative in a Sellers’ Market
Almost a thousand people are moving to Florida every day, and there isn’t enough real estate in available homes for everyone. Last week, after scheduling a tour to help my clients find their Florida dream home, we were disappointed just hours later when all but one of the homes we planned to see was under contract.
This happened three days in a row. While we had plenty of time to look, the pace of the market and the lack of inventory did create some urgency. We widened our search area and upped the price tag to see what we might be missing in a slightly more expensive market. Same story.
Real Estate Options
My buyers considered a brand new neighborhood with models under construction and available soon. New construction is a great option for buyers who have a bit of time. But nothing was just right for my clients. Until we found it—the perfect pool home on a corner lot with lovely trees and a fenced yard for their much-loved pup. And it was in the right price range.
By the time we were able to schedule a showing, it had been on the market for three days. There were already multiple offers above asking price. The listing realtor told me the seller was not scheduling anymore showings and would make a decision after lunch. That day. Nothing like a little pressure!
The last thing I wanted was my clients in a bidding war, even for the house of their dreams. But we’d seen enough homes and done enough market study, we knew this was THE ONE. Then I listened carefully to what the seller’s realtor told me.
Though there were several offers over asking price, including one for cash, each was based on a quick closing. The rush-rush was stressing the seller who needed time to relocate. Bingo! We could give the seller what he really wanted. Time!
Knowledge and The Right Offer
So, did we make an offer over asking? Sure, but just enough over so the seller would take notice of a closing date more than two months away. In a market like this, a serious buyer must be pre-qualified. It’s fast action. In our case, we submitted a preapproval letter with their offer. I’m convinced over and over how well this works, especially in multiple offer situations.
When the buyers came into Florida Suncoast Real Estate to sign the offer, I bound it with one of my lucky green paper clips. I jingled my keys over it for good luck, like I do all contracts I really, really, really want accepted. And I prayed this would be the right house for my clients.
When the listing realtor called to say our offer had been accepted, I teared up a little. I’m a great believer in dreams come true. Then I called and celebrated with Florida’s newest homeowners. Well almost. We’ve still got inspections to wrap up.
Contractually, the buyers are not asking the seller for any repairs, which also eases the seller’s stress. The house is in good repair, and we anticipate inspections to be routine–a good way to acquaint the buyers with their new home. Inspections are worth it.
Two months will fly by for the buyers and the seller as they plan and pack. Looks like I’m going to be busy too. A thousand people are moving to Florida every day? Maybe you’re ready to put your own home on the market. Give me jingle. We could sure use the inventory!
Terri White, Realtor
Florida Suncoast Real Estate, Inc.
P.O. Box 931
Cortez, FL 34215|
Talk or text: 941/720-3670
Photo from Deposit Photos