Plus 5 Ways to Compete in a Fast-Moving Market!
Written by Angela Geller, Broker, Oceanside Realty Partners
Home sales have been unprecedented! Inventory is at an ALL TIME LOW! There is more buyer interest in this area for several reasons-State-to-State Migration is driving the market. You can even say that State-IN-State Migration is prompting the push to buy too!
What is this “Migration”? With interest rates so low now and predicted to rise as the summer season nears and a population that can move to their dream retirement home earlier-prior to retiring because they are able to work remotely courtesy of COVID restrictions in shut-down states as well as the high cost of living in states such as New York, New Jersey, and California, the Florida market is soaring in sales and new construction. Affordability, fresh air, sunshine, getting outdoors and living, (safely and with precaution of course), are making our area a highly sought-after location.
April historically is the best month to sell a home! Spring is a new beginning, creating more buyer interest, higher list prices - prices that are appraising, and extremely fast sales with multiple offers. Market conditions strongly favor sellers and there may never be a better time for homeowners to contact their local real estate professional to post their home for sale. Many homes are being sold sight unseen. Agents are ‘showing homes’ via Facetime and other video resources.
This has become a deterrent in getting offers accepted because so many buyers find it an easy way to secure a home and back out, so sellers are leery of accepting an offer from a buyer who has not actually set foot inside their home.
Buyers feel they can secure a home quickly but also get out of the accepted offer during an inspection time. Seasoned agents advise their sellers to be cautious and discourage the ‘sight unseen offer’ unless strict terms are agreed upon in advance.
With low inventory right now, sellers are in the cat-bird seat for a quick sale at top dollar pricing. Listing sooner than later can pre-empt some unknowns like COVID surges, climbing interest rates, higher unemployment rates, and sellers who have been on the fence to make a move will want to get in on the action to cash in on their equity and buy their dream home, downsize, or just realize their dreams sooner than later. Those that were waiting to retire in a few years or relocate to more open states are buying now to secure a home that offers the affordability and lifestyle they seek.
In Florida, each area differs in Realtor.com’s 2021 Best Time to List research and analysis. Sites like Realtor.com see much more activity for home searches this time of year and into the summer, but now, as COVID fears subside somewhat with more open states and vaccinations given, people are on the move. They want to get out and live! And why not in sunny South Florida? This could also bring more competition too!
FIVE RECOMMENDATIONS OF HOW TO COMPETE IN A FAST-MOVING MARKET
- Hire a true professional with a proven track record to sell your home. Not just an agent that will list to list. A big brokerage is NOT always better. Hire the agent that has your best interest as their top priority, not just quantity…quality, accessibility, resourcefulness, recommendations.
- A true professional is worth the commission! They will showcase your home in its best light, helping you prepare your home for a great first impression, showcasing the lifestyle of your community and local amenities, events, activities that attract prospective buyers.
- Focus on what buyers are looking for-well cared for homes, get a home inspection prior to listing your home, and make repairs that will create value, a little money preparing your home in advance prevents requested discounts or even the potential of a back out during the inspection period.
- Your agent should guide you on what is important and have the resources to help you make that BEST FIRST IMPRESSION!
- Price your home correctly! Be aware of terms that are beneficial to your goals and those that could derail a contract.