Home selling secrets you need to know
By Danny Margagliano
The real estate market has been very solid in South Walton for quite a few years now. It doesn’t take long to notice the new construction and neighborhoods that are popping up in the area. The Emerald Coast and especially Santa Rosa Beach, Inlet Beach, and 30a have been growing tremendously over the past years. Anyone that has kids here at Bay or Butler Elementary can attest. Even with all of the construction of new homes and neighborhoods our real estate inventory is still low. This high demand and low inventory makes for a seller’s market. What this means is that the seller has a slight advantage because there are usually more qualified buyers available for each property on the market.
When looking to purchase a home in a seller’s market, there are a few things that you should do to expect the best outcome. As always, make sure you have an experienced, full-time real estate agent that knows the area and the market.
Receive a preapproval/prequalifying letter from a bank or mortgage company. This solves two problems; first you need to know what you can afford, and second, you may find the perfect home and not be able to make an offer.
The natural thing for people to do when purchasing something like real estate is wanting to get it for as little as possible- a natural instinct. So, when we see the price of the home we naturally want to make an offer that is less than market value. There is nothing wrong with that, even in a seller’s market. Where people make the mistake is wanting to offer less than asking price without having facts to back up their offer. Here is where having an experienced Real Estate agent really helps! Let your local Realtor get the information about other similar homes that have sold to see what he feels the home is actually worth. If it’s overpriced, underpriced or priced right, make your offer according to the actual value of the home and back it up if necessary with facts.
When selling your home in a strong seller’s market, as we are in now, there are a few pitfalls you will want to avoid. Just as a buyer wants to get a home for the lowest price a seller wants to get their home sold for the highest price. Don’t come up with a number that you “want” or “need” or “think” your house should sell for. Let your agent do their job and determine what the market value is for your home. Don’t make the mistake by listing your home for significantly more than it’s worth. Just because it’s a seller’s market doesn’t mean a buyer will offer an unrealistic price.
Unwillingness to negotiate with buyers will also lessen your chances of selling your property. A buyer that makes an offer on your house rarely will offer full list price. So be prepared to play the game and negotiate. This doesn’t mean you need to sell your home under market value or give it away. But do not expect to sell your home over what the market will bear.