Citron Quoted In The Sun Sentinel On 5 Mistakes Homebuyers Make As Seller’s Market Looms

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Citron Quoted In The Sun Sentinel On 5 Mistakes Homebuyers Make As Seller’s Market Looms

Parkland Parrot Real Estate Michael Citron Quoted As A Real Estate Expert In Sun-Sentinel Article

parkland-isles-real-estate-agentThis weekend, the Sun-Sentinel article really puts the current real estate market in proper perspective.  Kudos to Paul Owers with the Sentinel for writing how the real estate market is showing momentum and causing a shift from a buyer’s market to more of a seller’s market.

The story, Five Mistakes Homebuyers Make As Seller’s Market Looms, is one of the first articles in the press showing how buyers need to understand and realize the change is happening due to the lack of inventory and low mortgage rates.  As supply is low, demand is high.  Below, please find the 5 mistakes that homebuyers make in today’s market:

  1. Sticking with lowball offers – During the housing bust, buyers submitted very low offers on home listings.  But, buyers cannot get away with this anymore, as more and more homes are selling close to asking price or more.
  2. Taking too long to “sleep on it.” – Today, it is important that homebuyers understand that they are most likely not the only interested parties for the home listings.  As a result, they should be ready to submit an offer quickly after seeing the home. If buyers waiver and take too long, they will possibly loose out on their dream home.  Time is of the essence!
  3. Littering the contract with contingencies – Some buyers ask for unnecessary long inspection periods or contingencies on having a family member see the home or having a lawyer review the purchase contract which could take many days.  You should expect competition when trying to buy a home.  The lesser the contingencies, the better chance you have on getting the deal.
  4. Failing to make a personal impression on the seller – Offering a competitive price for a home is not the only thing that a buyer should do in today’s competitive real estate market.  For example, my recent property above which was featured in the Sentinel article, I had a seller in Parkland Isles that received two $600,000 offers and ended up accepting the offer where the buyer agreed to pay cash, let the sellers take the washer and dryer, and even allow for the sellers to post-occupy the home for 45 days after the closing.  I also recommend that buyers write a personal letter introducing themselves to the sellers and why buying their home is important to them.  It warms the seller up and shows that you are not just a number.
  5. Waiting to get preapproved for a mortgage before starting the search – It’s imperative to first speak with a mortgage professional before ever seeing a home.  How do you know how much you can truly afford and what your fees will be?  In fact, if you do not have a mortgage pre-approval letter to submit with your offer, you most likely will lose out on the house to other buyers that are already approved and ready to move forward. Also, it can take weeks to get fully qualified for a home loan, as banks require more paperwork now.

I am always honored to give my real estate advice and opinion to the Sun-Sentinel and other media outlets.  I also enjoy writing and managing my Parkland Parrot Real Estate Website, where I am able to share my real estate expertise with the public. The Parkland Parrot is the most comprehensive online source for Parkland real estate information. Whether you are looking for the latest sales, trends or homes for sale in Parkland, Florida, The Parkland Parrot has it all at your fingertips. Know the neighborhood. Know the value. Know your hometown agents: The Parkland Parrot Real Estate Team.