How to Prepare for a Competitive Real Estate Market

Fort Lauderdale Aerial Homes

The real estate market in South Florida is similar to most major areas across the country where competition is tough for most buyers. Especially in the lower and mid price points there is a shortage of listings and an abundance of buyers all vying for the same properties. So how do you prepare for this competitive landscape? Here are some great tips that can help you through it.

  1. Assess your wants versus your needs – There is no such thing as the true picture-perfect home. There is always going to be something that has to give where you make a compromise, even if it’s as simple as paint colors to match your taste. In today’s competitive market you may need to identify a distinction between your wants and your needs so that you can actually locate a home. Sometimes there may be things that are not ideal in the home as they are now, but with a little work the home can be a great fit for you.
  2. Be prepared and act quickly – Most properties are not on the market for long as it is a seller’s market. Before you even begin your search, make sure you are well prepared and have been prequalified for a home loan. Then you will want to get yourself very familiarized with the market and what prices are like in the area of interest. This way when a property comes available that you are interested in, you will know its worth and you can quickly submit an offer.
  3. Keep to your budget – What you are prequalified for and what you are comfortable spending can sometimes be two different things. In a competitive market sometimes there can be multiple bids on the same house. If you are involved in this kind of situation, it is important to not let your emotions get the best of you. Stick to your budget and know when you have reached your comfortable maximum price.
  4. Make your offer competitive – Low ball offers do not typically prevail in a seller’s market. Putting your best foot forward in these market conditions can make your chances better as there could be additional offers on the table. Additionally, there are other things that can make your offer attractive to a seller other than price such as limiting any contingencies or being accommodating to their desired schedule for a closing date.