How to be a saavy first time home buyer, part 1

By
Real Estate Agent with London Realty Corp.

In this bipolar residential real estate market in Broward county, it is a very tough proposition for someone looking to jump into the real estate market for the first time.  The very most important idea to take away from this post is the following:

1.  CURRENTLY THERE ARE TOO MANY BUYERS BIDDING ON TOO FEW PROPERTIES!

The statement above affects everything else for the buyer looking to obtain their first home (of course this applies to ANY current buyer as well).  If a buyer can understand the ramifications of this statement then he/she can be successful in this market.

What this means is that if a home is priced right for the area/condition, there is a very good chance that there will be multiple offers on the property.  In this case, the listing price has to be used as a starting point rather than a firm asking price.  Most of the current inventory is bank owned properties (aka REOs) and short sales.  These owners/lenders have already lost a tremendous amount of money by the time a property has come to this point.  The sellers main objective is to have the listing agent price the property to attract multiple offers from which they can choose the highest and best from.

So the bottom line is this, if a property I show you has multiple offers, there is only going to be one "winner" and all other offers will be "losers".  If my suggestions are taken, I will do everything possible to put your offer in the best light to the seller.  This will increase your chances of winning that property!  Bidding on a property receiving multiple offers is like the game of

Next time I will discuss some specifics on how I can assist you with submitting a winning offer.   

 

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