How To Navigate a Competitive Real Estate Market

Navigating a competitive real estate market requires strategic planning and quick decision-making. This process is different for sellers and buyers. I'll go over both of the processes in this article.

So, you've decided to sell? That's great news and an exciting time in your life as you prepare to move. But, what about this market? What do you need to do? How should you prepare? Well, don't worry because I have the guide for you!

1. Find a Professional Agent/Broker: I'm not going to lie; this should be me. I have 20 years of selling homes in this market, and you can benefit from that knowledge. I can give you steps to help maximize your home's value with the least expenditure as possible.

2. Declutter and Depersonalize: Start by decluttering your home and getting rid of items you no longer need. Depersonalize the space by removing personal photos and items. This allows potential buyers to envision themselves living there. Plus, we don't want people to be able to identify you outside of your home.

3. Deep Clean: Give your home a thorough cleaning, paying attention to details like carpets, windows, and appliances. A clean home presents well and leaves a positive impression.

4. Minor Repairs and Maintenance: Address any minor repairs or maintenance tasks such as leaky faucets, squeaky doors, or chipped paint. These small fixes can enhance your home's appeal.

5. Curb Appeal: Make a great first impression by enhancing your home's curb appeal. Trim bushes, mow the lawn, add fresh mulch, and consider adding potted plants or flowers to the entrance.

6. Home Staging: Consider staging your home to showcase its best features and create a welcoming ambiance. Professional staging can help potential buyers visualize the space's potential. This is something that I would recommend if your home is vacant, but selling a vacant home also presents some advantages as appearing larger than a home with furniture.

7. Photography and Virtual Tours: High-quality photos and virtual tours are essential in today's digital age. Work with a professional photographer to capture your home's best angles. This is something that I do for you as your broker, and it would not cost you anything. I also produce a short video marketing your home and get drone pictures!

8. Set the Right Price: Research comparable homes in your area and work with a real estate agent (me!) to determine a competitive and realistic listing price. I'll present you with a full market analysis on your home.

9. Complete Necessary Disclosures: Provide any required disclosures about the property's condition, history, and potential issues to potential buyers.

10. Market Your Home: Work with your real estate agent (me!) to create a comprehensive marketing plan that includes online listings, social media promotion, and traditional marketing methods. I've got a lot of online and non-traditional things to help market your property to potential buyers.

11. Showings and Open Houses: Be prepared for showings and open houses. Keep your home clean and organized during this time to make a positive impression on potential buyers. We can even do these virtually to limit your time out of the home.

12. Negotiation Strategy: Discuss your negotiation strategy with your real estate agent. Be prepared to negotiate on price, contingencies, and other terms.

13. Paperwork and Documents: Gather all relevant paperwork, including property documents, mortgage information, and any warranties. This will streamline the closing process.

14. Consider a Pre-Listing Inspection: While not mandatory, a pre-listing inspection can help identify and address potential issues before buyers see them.

15. Be Flexible: Selling a home can be a fluid process. Be prepared to adjust your plans and be flexible with showings and negotiations.

16. Plan Your Move: Once your home sells, you'll need to plan your move. Start decluttering and packing non-essential items well in advance. This should honestly be higher. You will need to have a plan on where you are going or doing next. We will discuss this at the start of the process.

Ok, so now you've got the basic gist for selling a home. But what about buying? Don't worry! I've got you covered there as well!

1. Get Pre-Approved for a Mortgage: Before you start house hunting, get pre-approved for a mortgage. This will give you a clear understanding of your budget and show sellers that you're a serious buyer. This is an absolute must! It is a waste of everybody's time to go look at homes that you may or may not be qualified for.

2. Define Your Priorities: Know exactly what you're looking for in a home. Define your priorities, such as location, size, amenities, and any must-have features.

3. Hire a Local Real Estate Agent: Again, this should be me! I have 20 years of experience navigating this market and can be a huge asset for you!

4. Act Quickly: In a competitive market, desirable properties can go off the market fast. Be prepared to view listings as soon as they're available and make swift decisions. I have everything digital so we can write and sign offers on site.

5. Be Flexible: Consider being flexible with your preferences. You might need to compromise on certain features or neighborhoods to secure a property.

6. Research Market Trends: Stay informed about current market trends, including pricing and inventory levels. This knowledge will help you make competitive offers.

7. Prepare a Strong Offer: Craft a competitive offer that stands out. Consider offering above asking price, including an earnest money deposit, or being flexible with the closing date.

8. Waive Contingencies Carefully: While waiving contingencies can make your offer more attractive, be cautious. If the property is really hot, this might be something to still consider. There are still a lot of properties getting multiple offers now.

9. Stay Emotionally Detached: It's easy to get attached to a property, but be prepared for the possibility of losing out. Stay level-headed and don't rush into a decision you might regret.

10. Monitor New Listings: Keep a close watch on new listings and have your agent set up alerts. Being among the first to know about new properties can give you an advantage.

11. Be Prepared for Multiple Offers: Understand that you might be competing against other buyers. Have a backup plan in case your first choice doesn't work out.

12. Be Patient: Navigating a competitive market can be frustrating, but remain patient. The right opportunity will come along.

13. Lean on Your Agent: I am your best ally in a competitive market. We will work to maintain open communication so that you get the home that you want.