This market is on fire! When the number of viable buyers vastly exceeds the number of available properties it's common for homes to sell quickly. As expected, this fabulous home below received multiple offers from various qualified buyers on the first day of showings! This is great news for sellers but not the best for buyers. Buyers must be prepared to put up a fight in order to buy a highly desired home in this market. Competition is high!

1 - Strong Terms & Aggressive Price

In order for a buyer to make their offer different from the rest they will have to get creative. Of course the offered price plays a big part in making an offer stick out but there are other factors that are important as well. Besides the price, a buyer can make their offer stick out by offering strong terms such as a quick closing, short inspection period, waiving appraisal, and many others. Demand is super high and a high offer alone won't make your offer stick out amongst the rest. (Highly desired homes)

2 - Chase the "Lowkey" Listings

There are other ways a buyer can win in this market. The best way is to avoid chasing the nicest homes! The homes that are in immaculate condition almost always sell instantly and for top dollar in this market. If you are chasing the nicest homes and are looking to find a "deal" you basically have no chance. In order for a buyer to find a good deal they will have to chase the properties that attract less attention. This doesn't mean that buyers have to chase homes that need a lot of work but it does help when a home can use some upgrading. Most buyers try to avoid buying homes that aren't in great condition since it may take some extra liquid cash to get it in the condition they want. This results in less competition which helps buyers that are willing to do some renovations.

3 - Be Flexible & Expand Search Criteria

Another way that buyers can win is by expanding their home search. In this market it is very difficult to get exactly what you want since inventory is so low. It helps if you are a little flexible in location, features, and condition. For example a buyer looking for a pool home in Flamingo Gardens, Cooper City may have to pay over ask price on a property that is listed at $560k (pool homes are in extremely high demand). If that same buyer is flexible, they can buy a similar home without a pool listed for $530k and deal with less competition. This way they can possibly purchase the home slightly under ask price, save $30k - $40k on the purchase price, and build a pool later. (The numbers used here are only examples).

The truth about the South Florida real estate market is that it may stay this way for a while and only get tougher in the near future.

It takes a true professional to be able to help you understand and execute these strategies successfully. This market is not for everyone and that is completely fine but for the buyers that can handle this market, I highly recommend working with an experienced Realtor. If you plan on buying or selling a home and would like to discuss your possibilities, please give me a call.

Herson Richiez

(954) 829-6073

Herson@BridgeStoneRE.com