Real estate season is in full-swing and the Atlanta market has proven itself to be hot for sellers once again. However, while phrases such as “bidding war” and “multiple offers” may be welcomed by those looking to get rid of their property, similar words may incite a bit of unease in buyers looking to make a speedy purchase.
Still, while it would be easy to assume that, in this climate, sellers can easily field offers with minimal effort, it’s important to remember that both buyers and sellers need to work hard to make the most of the current market.
Be On Your Game. Even in a sellers’ market, traditional real estate rules still apply. In short, sellers must still put their best foot forward if they’d like to get the most for their home. Houses that are shown in top condition are much more likely to sell—quickly—in a sellers’ market than those that have been haphazardly cleaned and organized.
With that being said, don’t get carried away by assuming that you can overprice your home simply because the market is currently favoring those looking to move. At the end of the day, buyers will always flock to well-priced homes that show well. If it’s not priced right or shows poorly, it won’t sell.
Don’t Drag Your Feet. If you’ve been lucky enough to receive multiple offers on your property, it’s important to move forward with the most qualified buyer. Waiting too long can cause a loss of momentum, so pay attention to the buyer who is not only working with a local agent and has their loan lined up, but the one who makes an aggressive offer and expresses serious interest in your home.
Strategize and Plan. One of the most frustrating things about a sellers’ market is that, as a buyer, even if you’re serious about purchasing and have made a point to secure reputable financing, you may have trouble either finding the right home or getting your bid picked up. Therefore, since there’s often little you can do in these types of situations, it’s important to make sure that you’ve crossed your t’s and dotted your i’s in advance. You don’t want to suddenly find yourself in a great position to have your bid selected if you’re not prepared to move through the closing process.
Avoid Resting on Your Laurels. Sellers’ markets are all about seeing what you want and moving on it. Truly interested buyers won’t wait for the open house to decide whether they want to make an offer. If a home enters the market on Monday, you need to be viewing it on Tuesday and if possible, making an offer within a few hours. If you make the mistake of prudently waiting a week or two, you may find yourself sorely disappointed.
First Impressions Always Count. Buyers who move quickly show sellers that they mean business. Remember, no one wants to wait around, so make a point to make your contingencies and timeframes swift, and take as much risk as possible away from the seller. Consider moving forward with an inspection prior to submitting your offer so that your bid won’t come with contingencies regarding inspections.
In regards to financing, it’s important to consider the state of our current economic climate. Securing a loan takes longer than it did 10 years ago, so make sure you’re moving to acquire the necessary funds well in advance. Plain and simple, if you need to ask the seller for an extra month in order to get your finances in order, you’ll have a difficult time competing with someone who can do it in a quarter of the time.
In the end, regardless of the market, both buyers and sellers need to be prepared for the home sale process. Sure, it may seem stressful; however, if you make a point to surround yourself with a knowledgeable and experienced team of real estate/lending professionals, you’ll be in a better position to get the most out of your investment.
If you’d like some advice or have a home you’d like to list or buy, please feel free to contact me.
Marie Dinsmore | The Dinsmore Team | www.DinsmoreTeam.com | 770-712-7789