Homebuyers have had the advantage for six years, especially in hard-hit real estate markets like right here in South Florida. Now that the sellers’ market is recovering, some buyers don’t realize or can’t accept the fact that the market is quickly changing from a buyers market to a sellers market. Or at the very least a more balanced market where both sides of the real estate transaction must negotiate to get the deal done. As a result, some buyers aren’t getting the homes they want. Here are common errors that the Real Estate Agents at the Henri Frank Group at REMAX Preferred and real estate experts across the country agree, that buyers are making:
Ridiculously low offers were the norm during the housing bust, but buyers can’t get away with them anymore. The mistake some buyers make is going so low that seller will not even consider their offer. Sellers think they are being lowballed on offers less than 90 percent of their asking prices. While some buyers say bids of 80 percent to 85 percent of the list price are reasonable, the seller may consider this an insult. This could cause the bid to be rejected and the buyer could lose their dream home.
Taking too long to submit an offer:
Real Estate agents who tell buyers not to take a long time thinking of an offer are often accused of being self-serving. With so few houses available for sale, Real Estate agents say buyers don’t understand how the market has changed. A large reason why we at the Henri Frank Group at REMAX Preferred are constantly educating both the buyers and sellers here in Fort Lauderdale, Wilton Manors, Hillsboro Shores, Plantation, Coral Springs, Miami Beach, Boca and all throughout the South Florida region. Not all homes sell quickly because some sellers are asking for higher than market value. But properties priced appropriately in desirable neighborhoods tend to go under contract within days, weeks – or sometimes hours. If the house is priced right you don’t want to mess around or you’ll end up without the house you want.
Littering the contract with contingencies:
The standard real estate contract includes stipulations, but some buyers also insist on unnecessarily long inspection periods or they want the sale to be contingent on a family member touring the property. You have to have a clean contract if you want to purchase your new home in a timely manner. Too often, we see muddled offers that don’t get accepted not because of the price the buyer has offered, but these unreasonable contingencies and demands.
Failing to make a personal impression on the seller:
With some homes getting two or more bids, it’s not enough to offer a competitive price. Owners will look at other factors to decide which offer to take. It’s not just about the money, some sellers are emotionally attached to their homes and they want to take certain items with them when they leave. A seller may have two offers on their home but they will usually take the one in which the buyer agreed to pay cash and allowed the seller to take the washer and dryer or stove and refrigerator. Take the time to meet the seller’s agent. It is the seller’s call on which offer to select, but the listing agent will have input and it doesn’t hurt if the agent likes the potential buyer. Consider submitting a personal letter with the contract, describing features you like about the home and why buying it is important to you.
June 2012, the #1 Position in three of four sales categories within the Remax Preferred brokerage, #1 in the number of closings, #2 in the dollar volume in closings, and #1 for the number of listing and #1 for the dollar volume of brand new listings in the South Florida region was earned by the Henri Frank Group at REMAX Preferred. That demonstrates the willingness of the Real Estate agents of the realtor Group to work with South Florida buyers and South Florida sellers, educating them throughout the process of the transaction. We believe we must educate the consumer and be certain they understand that if they follow these proven strategies that the Group has taken many hours to develop, they will succeed at the sale of their property. And for the buyers, follow the simple steps to get their offer accepted and the purchase of a South Florida single family home or South Florida condominium.
The Henri Frank Group at Remax Preferred is located at 2810 E Oakland Park Boulevard, Fort Lauderdale, Florida. Also, satellite offices at 2166 Wilton Drive in Wilton Manors, Florida and 2 University Drive in Plantation, Florida and on Ocean Drive at the Hillsboro Inlet to the Hillsboro Mile in Hillsboro Shores, Florida. Call 954-604-9999 or go to their website at http://henrifrank.com or find the Henri Frank Group on FACEBOOK, Twitter, Pinterest and other social media.