Bidding Wars..Frustrated Buyers
Beth Atalay always has such great advice and I would advise any buyer that is frustrated by this market to listen to what she has to say about it.
Bidding Wars..Frustrated Buyers
With a low inventory of homes in the Clermont area, multiple offer situations have become the norm. This is not only frustrating to the buyers but the home sellers as well.
Homebuyers may think they will have an advantage if they contact the listing agent directly since they have a relationship with the sellers but I would caution you! Please keep in mind that;
-The listing agent represents the seller and look out for their best interest
-The buyers' agent represents the buyer and look out for their best interest
Frustrated home buyers get tired of several rejected offers and decide to wait for a later, calmer market to purchase a home but, is that a good strategy? None of us have a crystal ball that would give us an inside on what’s to come. We can make predictions based on history but we can never know for sure what type of real estate market we will see in the months to come.
With that said, the best time to buy is when you are ready! Don’t be discouraged, instead, keep pushing forward.
In a sellers’ market, it is best to get pre-approved if you are financing your next home, if it will be a cash purchase, be sure to have a letter from your lender to show proof of funds.
What should you do if there are multiple offers on the home you see yourself living in?
-Regardless of the market, no buyer wants to pay for a home than it is worth. However, that’s not what we are seeing in my local market. For instance, a home may worth $300,000, there are multiple offers ranging from below asking price to well over asking price with no contingencies. The fact is, not every buyer can afford to pay $20,000, $30,000, $40,000 over list price. Especially if they have been approved for a certain amount and don’t have extra cash to put down. In that case, my suggestion is to look at homes below your mortgage amount so you have some room.
-Make your offer as clean as possible. For some sellers, money isn’t always the deciding factor. An earlier closing date may put your offer in the winning bucket. Sellers concessions are another one that may cause your contract to be rejected by the sellers’.
-Preview homes as soon as you are able to and if you can see yourself living in, don’t sleep on it. Chances are, there will be others who feel the same way.
Lastly, don’t get discouraged and don’t give up. You may get a few rejections before your offer gets accepted.
If you are looking to buy a home in the Clermont, Minneola, Groveland, Mascotte, and Winter Garden areas, I would love the opportunity to speak with you. Call or text me at 407-929-1852, email bethatalay@gmail.com or visit www.WhereToLiveInOrlando.com
Bidding Wars..Frustrated Buyers
Beth Atalay, Broker/Owner
Cam Realty and Property Management
407-929-1852
Wheretoliveinorlando.com BethAtalay@Gmail.com
Your Orlando Agent - Where to Live in Orlando
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