Writing a Winning Offer in a Strong Seller’s Market
Orlando’s Sellers’ Market
We have been in a strong sellers’ market in the Orlando real estate market since April 2011 when inventory fell below five months of sales. (A balanced market is considered five to seven months of inventory). As of March 31, 2021, there was three weeks of inventory. As you can imagine or may well know, it’s the strongest sellers’ market on record.
The Power of the MLS
The best odds of winning start right at the beginning, knowing when a home like the one you’re looking for comes on the market. If you’re checking Zillow or Realtor.com, then contacting the listing agent or agent on the site to see the home, you are already far behind your competition, the other home buyers, and at a disadvantage.
When you are working with us, we will ask what you are looking for and enter those criteria in the MLS with your email address. You will get an email immediately when a listing agent moves a home to ACT (Active) status in the MLS. Then call or text us that you’d like to see it and we will get you in, most often within a half of a business day.
Multiple Offers
In a market like this, homes that are priced well and in good condition get multiple offers. Sometimes a dozen or more. If you are a home seller, that’s great! For buyers, it’s tough to have to compete. When you have an agent who understand this market and knows how to write a winning offer, you have a big edge on the competition.
Jean Scott and our team have been doing this since 2007 and closed close to 1,100 real estate transactions. Hundreds of them have been multiple offer situations on both the seller and buyer sides. We know what it takes to get your offer accepted. We may have to take a few swings (write offers on a few homes) to get it done. That’s OK. We will keep working until you get the house you’re looking for.
Your Offer Price
If the home is on the market one or two weekends, your offer should be full list price to be even considered. By the third weekend, if the home is still on the market, it’s likely overpriced, in poor condition, or a combination of both. The seller would be more open to an offer at this point.
Worried About Overpaying?
In the current market, it’s OK to go some above list and appraised value.
There are other strategies that include an Appraisal Contingency (FR/BAR Rider F) and an Escalatory Addendum that help win the offer without paying more than necessary.
We can go over all these strategies and more with you, answer all your questions, and get you into the home you’re looking for! Call us today at 407-564-2758 to speak to one of our Realtors.
We always appreciate the opportunity to help and earn your business.