Biggest Mistakes Buyers Make in a Hot Seller’s Market

In the current seller’s market that exists in many parts of the country, buyers need to perform near perfectly to attain the home of their dreams. Many of the best new listings that come to market are receiving multiple offers . . . and in just a few days on the market. So what can you do as a buyer to enhance your odds of getting your offer accepted?

1)      Get Serious and Work with a Real Estate Agent – while this sounds like a given, many buyers are casually looking and only get serious when they see a home on the internet and start their quest to buy that home from whatever agent they can find. By the time they get mobilized the home is gone!  Here in the Destin, and most of the Northwest Florida market, many homes that are terrific deals have multiple offers almost immediately after going on the market.

2)      Get Ready to Buy – There are great local lenders here in Destin, Niceville, Fort Walton Beach, Crestview, and Navarre markets – be sure to get prequalified or better yet preapproved for your loan. This eliminates any surprises and demonstrates to sellers that you are serious, qualified, and able to close. Have your proof of funds ready to show which is often required.  Especially if you find a foreclosure, they will want this proof of funds to come with the offer.

3)      Operate with a Sense of Urgency – Have your real estate agent set you up a new listings alert and when a hot property comes to market moving quickly is extremely important. If a listing comes to market on a Wednesday, waiting until Saturday to see it because you want to watch TV won’t work. Always assume that other interested buyers are seeing the home on day 1 and making an offer on day 1!

4)      Make Clean Offers – offers that are not clean result in delays and counter offers– delays results in more buyer offers – multiple offers drive prices up and probability of getting your dream home down. If there is something specific that the seller is looking for in your offer do everything possible to accommodate it.

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