By Bill Sohl
Homeowners in the Coral Springs/Parkland area certainly have reasons to celebrate! Home values have soared, and inventory has plummeted during 2020. There is no doubt it is a great time to sell and a challenging time for buyers. According to Jeff Tucker, an economist at Zillow, Sellers have the upper hand in the housing market today – and they know it.
Despite this strong seller’s market, sellers still face many obstacles in assuring their home actually sells for the highest and best price. Unfortunately, a full purchase price may not be full by the time of closing. This is due to the fact, the time between a contract is executed and the closing affords many opportunities for the purchase price to be reduced. Sellers need to remember a buyer has an entire team working to save them money. Their team includes their realtor, lender, inspector, and other third parties. The seller only has their realtor to safeguard the original and agreed-upon price. As a result, this phase can be extremely complicated and confusing to a seller.
The fear of not having an offer accepted has robbed buyers the luxury of aggressively negotiating a price before entering a contract. However, a knowledgeable buyer’s agent views the “post-execution of contract” phase, as a perfect time to renegotiate the price and terms. A skilled realtor will aggressively find and use any circumstance to reduce the amount their buyer pays. In contrast, a professional listing agent has the acquired knowledge to anticipate, avoid, and counter any attempts to decrease the proceeds their seller receives. They have the benefit of past experiences and the expertise to ensure a home sells for the original price. Furthermore, this phase of a transaction is not for the faint of heart or the inexperienced. It requires an experienced real estate agent to successfully maneuver through it.
A contributing factor for the high demand for our homes is professionals from metropolitan areas moving to South Florida. This migration is partly fueled by financial institutions and tech companies relocating their operations to South Florida. The Bill Sohl Luxury Homes Team has had the privilege of representing some of these buyers as well as the sellers who have sold to them. Through these transactions, it is clear they are sophisticated negotiators. They have full command of the “Arm’s Length” relationship found in real estate transactions and will utilize it for their benefit.
Since post-contract negotiations are becoming the norm, buying and selling a home in South Florida is increasingly complex and stressful. Sadly, buyers and sellers run the risk of losing large amounts of money and valuable time, if they are not well represented. Failure to hire a reputable realtor may cost you more than if you hired one.
Lastly, I would like to thank you for allowing me to share my real estate knowledge with you. As always, feel free to contact me with any real estate questions or needs.
Bill Sohl & Associates www.BillSohlSellsParkland.com