Several years ago, Florida became one of the hottest real estate markets in the country. Recently, the tide has turned slightly towards a buyer’s market, but it remains active and competitive, especially in southern areas like Miami-Dade, Broward, and Palm Beach counties. If you’re planning to buy a home, making the right offer is more important than ever to stand out just enough while also getting yourself a great deal in the current climate.
Making the Right Real Estate Offer
Even though the market has seen a shift, inventory remains limited in many neighborhoods, and well-priced homes can still receive multiple offers. Here are some tips to ensure you are making the right offer:
- Work with a Local Real Estate Agent: Before submitting your offer, work with a local real estate agent who understands current trends in your target area. They can provide up-to-date comparable sales data, helping you make a smart, market-driven offer.
- Make a Realistic Offer: Your offer price needs to be realistic and compelling. Making an offer below asking might not get serious consideration unless the property has been sitting for a while. On the other hand, overbidding without reviewing recent sales can put you at risk of appraisal issues if you’re financing the purchase. Do your homework on the listing history and comps, and this should guide you well on making a smart offer.
- Get Pre-Approved: make your offer stronger by including a current mortgage pre-approval letter and a solid earnest money deposit. If you’re paying cash, show proof of funds upfront by including financial statements. These details reassure sellers that you’re financially ready and serious.
- Be Flexible: If possible, offer terms that match the seller’s timeline. Whether that means a quick close or allowing extra time for them to move. This can make your offer more attractive even if it’s not the highest one. Aligning on time can definitely save you money!
Keep in mind that sellers may pass on offers with too many conditions. This doesn’t mean you should skip inspection and financing contingencies, but make sure they are within reason for both sides.
In this current market, the right offer balances a competitive price with thoughtful terms. With good guidance and preparation, you can secure the property you want without overpaying or missing out.
At the Law Office of Donna Hearne-Gousse, P.A., our staff is trained to guide our clients and protect their best interests. So, whether you are the buyer or the seller in a real estate transaction, our law firm can represent you from contract inception through closing.
The Law Office of Donna Hearne-Gousse
(561) 582-5670