With the housing demand exceeding the supply in markets across the U.S., homebuyers may be facing quite the challenge to find the perfect home this spring. The total housing inventory at the end of February 2016 was 1.88 million, 1.1 percent lower than last year leaving us with an unbalanced market between home buyers and sellers. In Tampa, there are less homes than buyers and clearly we are in a seller's market.
In competitive markets such as these, it is incredibly important that homebuyers and sellers work with a Real Estate Professional. Realtors who have the National Association of Realtors Accredited Buyer’s Representative designation specialize in working directly with buyer-clients. Helping them through the challenges of finding their ideal home and securing that home by way of negotiating purchase prices and contracts is the top priority. The National Association of Realtors, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.1 million members involved in all aspects of the residential and commercial real estate industries.
"When there is more demand than inventory homes sell quickly, prices rise and bidding wars can start," said NAR President Tom Salomone, broker-owner of Real Estate II Inc. in Coral Springs, Florida.
A Realtor is a home buyer’s upper hand; they understand local markets and can negotiate on behalf of their buyer-clients. Sellers are able to expect a price premium for their homes now, of course as long as we are not over market value, and over anticipated appraisal value. It is a fine line.Salomone adds, "Buying a home is often one of the biggest decisions of a person’s life, and having a Realtor in their corner is the ultimate advantage. They are there to guide consumers through the complexities of this life changing transaction."
Here are 5 reasons why you should work with a Realtor:
Ethical Representation – Every Realtor must adhere to a strict code of ethics. As a Realtors' client you can expect honest and ethical representation and treatment throughout the transaction process. Their first obligation is always to you, the client.
Expert Guidance– A knowledgeable expert will help you prepare the best contract and avoid costly delays or mistakes on either side of the process. Buying and selling a home usually requires multiple contracts, forms, reports, disclosures, technical documents and jargon. You want to work with a professional who knows all these items and can decipher it all for you, and be sure that you are being fairly dealt with.
Objective Opinion – By understanding both your needs and search criteria, desired area, a Realtor can provide information on local developments, utilities, zoning, schools and more. Realtors can use data to help you determine if the property has what you need and also point out additional neighborhoods you don’t know much about that may also suit your housing needs better than you thought! For a seller, it is introducing the same information to a buyer audience.
Search Power – Sometimes properties are available but not actively advertised. A Realtor can help you find properties not listed on home search sites and can help you avoid dated advertisements. Perhaps the property is still being advertised, but is no longer available. Let a Realtor help save you time and effort! If you are selling, a realtor can maximize the exposure you desire to sell your home quickly, especially if you have a marketing department as part of the agent's sphere of influence.
Negotiation Skills for Buyers, Sellers – There are many factors in discussing a deal on a property. A Realtor will look at every angle from your perspective. A good example would be drafting a purchase agreement that allows enough time for you to complete inspections on the property before you are bound to completing the purchase.
A home is much more than its structure. And for most people is the largest investment they will ever make. Having a concerned but objective Realtor helps you stay focused on the issues most important to you while they seamlessly guide you through the home buying and selling process as seamlessly as possible.