- Investopedia Definition of a Seller’s Market – A situation in which demand exceeds supply and owners have an advantage over buyers in price negotiations.
- Investopedia Definition of a Buyer’s Market – A situation in which supply exceeds demand, giving purchasers an advantage over sellers in price negotiations.
Our Hernando County real estate market continues its “slow but steady” market improvement since 2012. Home inventory levels continue to decrease monthly and the tally is at an all-time low of 1268 residential units as I write this blog. In deep contrast, our local market was bloated with 2400+- homes for sale in early 2011.
With any market, sellers need to be knowledgeable of what their local market will bear and buyers need to make realistic and educated offers also based on the same local market conditions. Now, more than ever, as an increasing number of buyers “compete in the ring” with the dwindling number of available listings, this statement could not be more true.
For a bird’s eye view of our local Hernando County market nuances from 2011 to present, click on the link below:
Here are some winning strategies that will allow BOTH sellers and buyers to get the most of a sale or purchase in a seller’s market:
Sellers Should Not Get Lazy
Home-sellers still need to make the effort to prep their home to hit the market in order to get top dollar. The realistically-priced homes that show well will not last long in a seller’s market. What makes a seller’s market so strong is attracting multiple buyers at once.
Dealing With Multiple Offers
Home-sellers are seeing multiple offers due to limited inventory of available homes for purchase. How can a seller know which is the best offer to choose? The best buyer is the one who is most knowledgeable of the local market, is working with a local REALTOR, has their financing lined up and makes the most aggressive offer, soon after a home hits the market. Most times, they are the 1st buyer at the door.
Prepare For the Hunt
Home-buyers know there is nothing more frustrating than being a buyer in a seller’s market. Having their ducks in a row regarding financing/purchase options available, is a necessity. Buyers need to be able to pounce on the perfect home as soon as it hits the market.
Don’t Drag Your Feet
Home-buyers learn very quickly that the “early bird gets the worm” in a seller’s real estate market. As soon as a new listing hits, interested buyers should make plans to see the home with their REALTOR as soon as possible and be prepared to write an offer within hours.
Put Your Best Foot Forward
Home-buyers can illustrate to home-sellers that they are serious about purchasing a home by moving swiftly after a showing. By finding out what is important to a seller, a serious buyer should structure their offer accordingly. Is closing quickly important to a seller due to a job relocation?? Does a seller have the luxury of time and more interested in price??
Get Your Head Out of the Sand
Home-buyers can find themselves losing the perfect home to another buyer or too late to the game over and over again if their offers are not “market-oriented”. Part of what makes a buyer successful in a seller’s market is being aware from the get-go what to expect and to plan accordingly.
We hope you found this post to be informative, interesting and fun… Watch for our next BLOG POST in 2 weeks. Be sure to visit us at www.GailSellsFloridaHomes.com, for valuable tools and resources for both buyers and sellers in Spring Hill, Brooksville, Hernando Beach and Weeki Wachee.Until then… it’s all about YOU!