Clearwater Real Estate – It’s a Seller’s Market Now

Tips for Buyers and Sellers

Both buyers and sellers need to be aware of the current market conditions in the overall area and in their specific area.  Some cities or neighborhoods may be in a very strong sellers market and require special techniques to get you  a home there (like I described about the experience of my Safety Harbor home buyer).  But then some neighborhoods or complexes may have a lot of properties for sale and require the right strategy to successfully sell.

It’s important to be given accurate and current information on the specific area, neighborhood, city or complex you are trying to buy or sell in to make sure that you are implementing the right plan.

Buyers absolutely need to have their finances for purchasing lined up and either a preapproval or proof of funds statement/letter at hand.  Without this you will have a much greater chance at missing out when you find the right home or condo.

Buyers also need to be aware that sellers are not as willing to come down as much on price – except when they have been having difficulty selling their property and/or it has been on the market for an extended period of time.  Even then you have to be prepared to act quickly because I have seen properties like that suddenly have more than one buyer express interest, and when that happens you will likely pay more than if you had gotten your offer in and accepted before another interested buyer came along.

Well-priced homes or condos in areas or complexes where there is a strong demand and little inventory – if you want it you should be prepared to pay close to or at the list price as long as it is reasonably priced.

Sellers need to have their properties in ‘showing condition’.  This doesn’t mean expensive upgrades but it does mean that the exterior and interior are clean and neat and issues that are distracting (stains on carpets) or may concern buyers (stains on ceilings from roof leaks, rotten wood on the exterior, etc.) are taken care of.

Goals need to be clearly defined for price and the timing of the sale and need to be reviewed against the current market conditions with your Realtor.

From my experience I’ve found that at least 50% of the success of sales comes from the preparation done prior to the listing going into the MLS and 40-50% comes from selecting the right buyer and handling things properly after you get a contract.

For an owner who is in mortgage trouble or is in a possible short sale situation, the key is having someone who is adequately trained to handle this type of sale properly.  I see way too many short sale listings being handled by an agent who does not have adequate training and which then unfortunately end up being foreclosed on.  If you or someone you know is in a situation like this, make sure to call me to find out what can and can’t be done in your specific situation.