Your House Could Be Closer to List-Ready Than You Think

One of the biggest concerns for a homeowner looking to sell is the time they’ll have to put in before listing their house. If that’s the case for you, you should know – your home might be closer to list-ready than you think in today’s housing market. A survey of recent sellers from realtor.com finds that many were able to get their house ready in less than a month. It says:

“With many homeowners expecting a quick sale, and in many cases a lack of contingencies, the preparation process took less than a month for over 50% of home sellers this past year, with 20% completing it in less than two weeks.”

Those sellers expecting to sell quickly are following recent buyer trends. With mortgage rates and home prices rising, buyers in today’s market are serious about finding a home quickly. But with the limited number of homes for sale, there are very few options for those buyers to choose from. That means many may be willing to take on projects after they purchase.

Because of this, you may be able to focus on less time-consuming tasks before putting your house on the market. According to the survey mentioned above, some of the top things recent sellers completed before listing over the past year include landscaping, making minor cosmetic updates, and touching-up paint.

A Real Estate Advisor Will Help Streamline the Process and Keep You Focused

Of course, each situation is different, and knowing what repairs or updates your house needs to stand out in your local area is critical. That’s where a trusted real estate professional comes in. In a recent article, NextAdvisor explains:

“. . . Real estate can be hyper-local, and demand can vary from one neighborhood to the next. It’s a good idea to work with a local real estate professional to determine an ideal listing price and if any improvements or repairs need to be completed before putting your home on the market.”

Your trusted real estate advisor knows the ins and outs of the market in your specific area. They’ll help you identify the places where you should and shouldn’t spend your time and money – and that can enable you to list quickly.

Bottom Line

If you’re ready to take advantage of the incredible conditions for sellers in today’s real estate market but are worried about the time it’ll take to get your home ready, you might be closer than you think. Let’s connect so you can see what you need to do before listing your house today.

Things That Could Help You Win a Bidding War on a Home

With a limited number of Boca Raton homes for sale today and so many buyers looking to make a purchase before mortgage rates rise further, bidding wars are common. According to the latest report from the National Association of Realtors (NAR), nationwide, homes are getting an average of 4.8 offers per sale.

The same report from NAR shows the average buyer made two offers before getting their third offer accepted. In this type of competitive housing market, it’s important to know what levers you can pull to help you beat the competition. While a real estate professional is your ultimate guide to presenting a strong offer, here are a few things you could consider.

Offering over Asking Price

When you think of sweetening the deal for sellers, the first thought you likely have is around the price of the home. In today’s housing market, it’s true more Boca Raton homes are selling for over asking price because there are more buyers than there are homes for sale. You just want to make sure your offer is still within your budget and realistic for the market value in your area – that’s where a local real estate professional can help you through the process. Bankrate says:

“Simply put, being willing to pay more money than other buyers is one of the best ways to get your offer accepted. You may not have to increase it by a lot — it’ll depend on the area and other factors — so look to your real estate agent for guidance.”

Putting Down a Bigger Earnest Money Deposit

You could also consider putting down a larger deposit up front. An earnest money deposit is a check you write to go along with your offer. If your offer is accepted, this deposit is credited toward your home purchase. NerdWallet explains how it works:

“A typical earnest money deposit is 1% to 2% of the home’s purchase price, but the amount varies by location. A higher earnest money deposit may catch a seller’s attention in a hot housing market.”

That’s because it shows the seller you’re seriously interested in their house and have already set aside money that you’re ready to put toward the purchase. Talk to a professional to see if this is something you can do in your area. 

Making a Higher Down Payment 

Another option is increasing how much of a down payment you’re going to make. The benefit of a higher down payment is you won’t have to finance as much. This helps the seller feel like there’s less risk of the deal or the financing falling through. And if other buyers put less down, it could be what helps your offer stand out from the crowd.

Non-Financial Options To Make a Strong Offer

Realtor.com points out that while increasing these financial portions of the deal can help, they’re not your only options:

“. . . Price is not the only factor sellers weigh when they look at offers. The buyer’s terms and contingencies are also taken into account, as well as pre-approval letters, appraisal requirements, and the closing time the buyer is asking for.”

When it’s time to make an offer, partner with a trusted professional. They have insight into what sellers are looking for in your local market and can give you expert advice on what levers you may or may not want to pull when it’s time to write an offer.

From a non-financial perspective, this can include things like flexible move-in dates or minimal contingencies (conditions you set that the seller must meet for the purchase to be finalized). For example, you could make an offer that’s not contingent on the sale of your current home. Just remember, there are certain contingencies you don’t want to forego, like your home inspection. Ultimately, the options you have can vary state-to-state, so it’s best to lean on an expert real estate professional for guidance.

Bottom Line

In today’s hot housing market, you need a partner who can serve as your guide, especially when it comes to making a strong offer. Let’s connect so you have a trusted resource and coach on how to make the strongest offer possible for your specific situation.

Top Sales for April 2022 in Coastal Boca Raton

Our top sale in April was a ground floor oceanfront residence at Luxuria that traded for over $1,400/sqft, while the other oceanfront condo in the top 10 at Aegean went for $1,013/sqft. The top three sales in April sold in 1 day or less, possibly reflecting off-market sales. The instances of immediately sold offerings have increased correlating with the decrease in available homes for sale. Currently, there are only 97 luxury homes on the market in Coastal Boca Raton, with almost half being new construction. Only two homes in Royal Palm Yacht and Country Club made the list this month. We anticipate seeing fewer RPYCC sales as available inventory of homes for sale trend downward in the neighborhood as well.

2500 S Ocean Blvd #103
4  beds   |  6.5  baths   | 6,345 sq. ft.
$9,400,000

290 Sabal Palm Terrace
6 beds   |  6.5 baths   | 6,597 sq. ft.
$8,200,000

480 E Alexander Palm Road
4 beds   | 4.5  baths   | 5,080 sq. ft.
$7,750,000

751 Sanctuary Drive
5 beds   | 9 baths   | 5,975 sq. ft.
$7,025,000

520 Golden Harbour Drive
3 beds   |  3.5  baths   |  2,788 sq. ft.
$4,500,000

200 SE Mizner Blvd #217
3 beds   |  3.5 baths   | 3,490 sq. ft.
$4,200,000

872 NE Mulberry Drive
7 beds   | 8 baths   | 5,475 sq. ft. 
$4,175,000

2150 N Ocean Blvd #3N
3 beds   |  3.5 baths   |  2,961 sq. ft
$3,000,000

200 SE Mizner Blvd #205
2 beds   |  3.5 baths   |  2,709 sq. ft
$2,711,000

200 SE Mizner Blvd #207
2 beds   |  3.5 baths   |  2,718 sq. ft
$2,525,000