Prospective buyers take note: the seller's market in South Florida may be here to stay. Reports continue to surface that not only are owners who are looking to make a real estate sale in a particular strong position these days, but they are also increasingly able to dictate the terms of sale. This can often lead to bidding wars between potential buyers, and can also result in a fully paid, cash buyout.
Home ownership in South Florida is starting to look pretty good these days, for both buyers and sellers. The interest in the local market has led to plans for all types of real estate development, from condos to townhouses to single family homes. Demand is beginning to outpace supply, and the dwindling inventory of residential real estate is having quite an effect on negotiations surrounding real estate transactions.
For example, one recent story told of how a single two-bedroom condo - without rent restrictions - drew an amazing 54 offers. It had originally been listed for $53,000. It sold for $71,000 cash. And this is just one example. Reports of the same type of bidding wars are coming in from all areas of South Florida, with no signs of slowing down.
Although the seller's market is putting smiles on the faces of many South Florida residents for the first time in years, it can be just as important to ensure that the buyer is equally satisfied with the end result to avoid conflict. When it comes to negotiating a contract for the sale of real estate, many different variables can affect the final terms. However, getting the right information about the potential leverage to use in these negotiations can lead to a favorable result for both the buyer and seller - ensuring a smooth real estate closing process for all parties involved.
Source: SunSentinel.com, "Multiple offers empower South Florida home sellers," Paul Owers, Dec. 9, 2012