Mar272012

Spotted: Bloomerg Businessweek Reports on Bidding War

Fate. I was planning on doing a post on the recent trend on multiple offers when I came across Bloomberg ¬†Businessweek’s article on bidding wars in real estate this¬†morning. (Here I thought I was so insightful!)

The article states that “bidding wars, absent from most parts of the U.S. residential market since its peak in 2006, are erupting from Seattle and Silicon Valley to Miami and Washington, D.C. The inventory of homes hovers close to a six-year low, while an increase in jobs and record affordability are tempting more buyers. The number of contracts to buy previously owned homes jumped 14 percent in February from a year earlier, the National Association of Realtors reported yesterday.”

Coral Gables and Coconut Grove listings that are well priced and in good condition are being courted like a prom queen. Last week I came across the multiple offer predicament twice with two separate buyers. Fortunately, my team and I prevailed in both instances but it really is a departure from years past when listings were languishing on the market for months.

Here is what I recommend if you are actively looking to buy a home:

  • Make sure your Realtor has researched recent comparble home sales in your exact location
  • Come in with your highest and best offer
  • Remove as many contingencies from the offer as possible¬† ie: financing , inspections or amount you want from seller for repairs
  • If you cannot remove the financing contingency, provide your pre-approval letter with offer
  • Provide a quick closing date, if that is what seller is looking for
  • Be prepared to pay asking or a bit above asking if you truly want the property

Things… they are a changin’…

As a top producer with over 20 years experience, I invite you to contact me if you are interested in listing your Coconut Grove or Coral Gables home for sale. Thinking of buying a Coral Gables or Coconut Grove home for sale? Benefit from the Strength of My Experience and call me today.

305.710.1010 | [email protected] | facebook.com/CaroleSmithRealtor

Affiliated with EWM REALTY International | Christies International of Coral Gables

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