How are buyers coping with today's market challenges?
Tuesday, April 25, 2017
How are buyers coping
with today's market challenges?
Orlando REALTOR® | MayJune 2017
Orlando REALTOR® magazine readers describe how they are helping their buyer deal with low inventory conditions and lots of competition.
My advice to buyers is be patient and try not to become overwhelmed or discouraged. I tell them to look at the MLS daily and to move quickly if they see something they like. I encourage buyers by telling stories of persistence that paid off. I also suggest putting in a strong offer while I work on building a good rapport with the listing agent.
-Dallas Hus, Masters Realty Group Inc
I recently received two full-price offers on the same property. They were so similar that the sellers decided on the offer presented by a REALTOR® who actually read and followed directions. She added the proper addendums and everything was fill out correctly. Buyers’ agents who do not read and follow directions are an ongoing issue for me as a listing agent and a property manager.
-Janice Welch, RE/MAX Town Centre
Have the buyer submit a pre-approval letter as opposed to a pre-qualified letter. It makes their offer seem stronger. Personal statements are a very important piece when dealing with a homeowner.
-Sean Ferguson, BHHS Results Realty
As a buyer specialist, I consult with each client in my office and set the expectations of what they will encounter in this market. First-time homebuyers especially need to be aware of the challenges that are out there with low inventory and multiple offers. I make sure each buyer has a lender and is ready to make an offer as soon as they do find that perfect home.
-Christina Lameirao, Keller Williams Classic Realty
My agents are fishing upstream for listings. We are mailing, calling, and knocking on doors as we canvas neighborhoods looking for potential sellers who haven’t already contacted an agency. We then write a lean, mean contract with little concessions and with good terms acceptable to both parties. Our buyer consultations include a detailed explanation of inventory.
-Nancy Shear, Watson Realty Corp
It is very difficult to get a buyer's offer accepted if it's a new listing and they are getting an FHA or VA loan, and it’s even more challenging if the buyers need closing costs covered by the seller. I do a consult with buyers prior to showing them any homes. I go over the likelihood of losing out to other offers, explain that there is no room for negotiating, and give them options for overcoming the challenges.
-Lydia Pisano, The Team Real Estate Group Inc
We're advising buyers to move quickly if they like a home. We have them ready before they even see a property by pre-determining the home’s market value. Given our expertise in valuation and construction, we refine that number during the initial walk-through and then quickly submit offers based on sound business principles. Makes for a seamless experience.
-Gary Bonacci, The QS Group, LLC
My buyers who are looking for homes under $350,000 are having a hard time getting a house under contract unless they have a 20 percent down payment. With inventory so tight, buyers are searching a wider area and settling for some things they do not like. Buyers above $500,000 have more choices and can negotiate better terms.
-Rafael Ferreira, Keller Williams Advantage 2
It's tough for my first-time homebuyers who are looking in the $155,000 - $199,000 range. Since the competition is so fierce, we've had to offer well above asking price (sometimes as much as $10K above) to get a contract accepted. In several of these cases, the house did not appraise at the higher price so the seller had to lower the price back down to the original asking price.
-Julie Wright, The Devinney Real Estate Group
I’m currently working with a buyer who had three full-price offers rejected. We saw a listing come up late one night and I quickly left the listing agent a request to show. The very first thing the next morning I called the agent and explained how I had this wonderful young family who really needed a home ASAP. We were the first and only party to see the home, as the buyers’ full-price offer was accepted.
-Luis Hernandez, Lovera Realty LLC