Whether you are looking for a vacation or a forever home in St Pete Beach today, you are undoubtedly faced with a strong seller’s market and extremely low inventory. You’ll be up against many other homebuyers all vying for the short supply of listings.
Here are five tips for making a confident and competitive offer on your dream home.
1. Listen to your Agent
Your St Pete Beach real estate professional has been working amidst this crazy market scenario for the past several months. He or she can help you stay focused on the most important things, especially at times when this process can get emotional and disheartening for buyers.
2. Be Prepared to Move Quickly
Stay alert in your search. Your agent will be sending you new listings as soon as they hit the market, as well as homes that may have become available again. In today’s competitive market, multiple offers are being made within a day or two of a home being listed. Try and schedule showings as soon as possible and be prepared to submit an offer quickly if you find a home you love.
3. Make a Strong Offer
It’s only natural to want the best deal you can get on a home. However, the days of low-ball offers are long gone. Many homes are selling higher than the asking price right now. Don’t be tempted to make an offer that will be tossed out as soon as it’s received. The expertise your agent brings to this part of the process will help you stay competitive. Remember, a home’s sale price in the current market will be dictated by how much someone is willing to pay for that home today.
4. Be Realistic with your Finances
Having a solid grasp of your budget and how much house you can afford is essential. Cash is king in today’s market, but if you are financing, it’s important to get pre-approved for a loan before you even start looking. A strong deposit helps make it clear to sellers you’re a serious and qualified buyer, and it can give you a competitive edge in a bidding war. That said, be cautious of over-offering if your loan amount is dependent on the home appraising for a certain price. If the appraisal comes in much lower than your offer, your lender may not be willing to finance a higher amount.
5. Stay Patient
After submitting an offer, you will likely need to wait while the seller reviews other offers. There are many reasons a seller may choose an offer other than yours, and it may not just be about the price. In a competitive market, you may be able to strengthen your position with an offer that includes flexible closing dates, a higher price, or minimal contingencies and conditions. Resist the temptation to waive the inspection contingency. Most Florida contracts are ‘as-is’, which means the seller is not obligated to pay or negotiate for repairs. You don’t want to get stuck with a home you can’t afford to fix!
And if your offer is unsuccessful, try not to get too discouraged. Even though you submitted a great offer, remember you are up against many other determined homebuyers. You may have to kiss a lot of frogs before you find your prince of a dream home!
In today’s competitive market it’s more important than ever to make a strong offer on a home and to remain realistic and patient. Your local St Pete Beach real estate professional is your key to navigating a successful — not stressful – journey towards securing your dream home.