Common Mistakes Made by Realtors & Buyers in a Sellers’ Market

Posted by Jeremy Olsher on Wednesday, September 19th, 2018 at 12:30pm.

Buyers thinking they have leverage in purchasing properties when they do not.  Often they will go directly to the listing agent, and ask them to cut their commission and low ball the sellers.  This rarely works, as the agreement that the listing agent has with the seller is what governs the deal.  A good agent will protect their customer's best interests first and foremost. 

Giving sellers a short time frame to accept an offer.  Unless the buyer is paying cash, and giving a very high-priced offer (at, close to, or above asking price), give the seller some time to accept the offer.  Pressuring the seller with time to accept an agreement does not work in a sellers’ market.

Looking for a bargain in a hot market. Buyers often learn the hard way when attempting to buy a property in a hot sellers’ market.  They look at 10 properties, find one they love, and then offer less than the asking price and try to low ball a seller.  Looking for a bargain in a hot market is a very tough task.  It's common that when a buyer comes in low with the offer, another buyer purchases the home, and they are stuck at trying to find a home that they love again. 

A good agent will ask the buyers, “How would you feel if you lost this home to another buyer, or if the sellers don’t accept your offer?” If they would feel devastated, then show your buyers the true comparable sales, and let them know that a strong offer should be submitted.  If you see 10 homes and like one in a sellers’ market, most likely, another buyer or two also would love that property.  Find what you want, know your finances, and submit a strong offer, or be prepared to miss out on your dream home to another buyer.

If you’re ready to buy or sell a home near Delray Beach, Florida, call our Broker, Jeremy Olsher, at 561-400-3737. We are happy to answer any questions you have, and help you get started!

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