Buying a home is not as easy as it was before. Haggling with buyers takes a long time, and if it drags on for too long, most sellers lose interest. Hence, you find yourself back in the market looking for the next best deal.
Nonetheless, it seems that the current times may be in everyone’s favor. The Orlando real estate market inventory is low. Sellers can gain more profits. But at the same time, interest rates are low as well, prompting buyers to the market.
What side of the trade are you on? More importantly, how can you navigate these interesting times in the market?
Alexis Nickley of The Nickley Group (TNG) shares their monthly mastermind meeting wherein each TNG agent shares their tips and tricks to help buyers and sellers get the best offer. Let’s get to it.
Every Home is in a Multi-offer Situation
With the inventory and interest rates at record low levels, every Orlando home for sale is now in a multi-offer situation. This situation puts the sellers in a good light. Why?
[It’s because] buyers have to offer over asking price, give up their contingencies, sacrifice their firstborn, give their Netflix account, [or] whatever it takes to get that home.
Here Comes Buyer’s Remorse
Now that it’s easier for sellers to sell because prices are way above asking rates, closing a sale doesn’t mean it’s the end of the cycle. There’s this factor called “buyer’s remorse,” wherein the buyer regrets purchasing the property. In the end, the house goes back on the market.
The process happens all over again. They get a bunch of offers, and then [the interested buyers back then] find out that the house came back on the market and [they’re going to get] back to that.
Don’t forget to have a backup offer.
With the fast turnover of homes in the real estate market, it isn’t easy to keep track of the properties you’ve been eyeing and those that have already sold. It’s indeed hard to get updates. That’s why TNG agents help interested buyers who were denied the first offer get a second chance.
What we’re doing is if their [the primary offers are] not accepted, we are making sure to execute a backup offer.
A backup offer is an addendum to the primary offer wherein it puts another interested buyer second in line. It means that if the primary offer falls through, the backup offer becomes legally binding, and the buyer in the backup offer automatically gets the house.
We have several agents on our team right now who put clients under a [backup] contract because [their clients have a] backup offer, and [the backup offer] was put into place.
For sellers, backup offers are contingencies in case the primary offers fall through. Hence, it speeds up the sale because someone is already waiting in line to buy the property.
Instead of going through all of that again, [the sellers have] a person in place…and then they can move forward on [the sale]. This will truly help both buyers and sellers if you are currently thinking about buying a home in the future.
Buyers or Sellers: Get Help from Expert Real Estate Advisors
At TNG, our agents will find the best contract for you. Call one of our agents today if you are a buyer or seller who needs help securing a contract and finally closes on that sale. The Nickley Group is Orlando’s residential real estate expert and one of the most well-known realtors in the Orlando real estate scene today.
Let TNG help you with your home today. Visit our main office at 1013 E. Colonial Dr. Orlando, FL 32803. For more information, give us a call now at 407.906.2456, and let’s get started.