A Seller’s Market, Expert Skills Close the Home

Anyone buying a home or condominium in Fort Lauderdale, Pompano Beach, Galt Ocean Mile or Lauderdale by the Sea will tell you we’re in a “seller’s market.” Inventory is low, home listing prices are high, and with a thousand new residents moving to Florida each day, bidding wars are not only common. They’re driving sale prices to thousands, even tens of thousands of dollars over asking price. As the movie said, “It’s complicated.”

In a recent Tuesdays with Gary Facebook Live discussion, we discuss the complicated realities of today’s market. Atop from low inventory, rising prices and bidding wars, what else can buyers face to make a purchase challenging.

Waterfront properties can have deteriorated or failing seawalls. Plumbing, water or sewer lines, electrical systems, even the appliance or roof can be in a state of disrepair. Recent articles discussed issues related to securing financing or homeowner’s insurance.

That was all before COVID. Then challenges of safely showing, placing under contract, and closing the deal were escalated. Even in our robust seller’s market, these realities are growing increasingly common, threatening to scuttle or delay closings.

What we’ve seen in these moments is that beyond the money and time involved, there’s potential heartache and disappointment borne from deals delayed or dashed.

Some Realtors wilt under such challenges. Experienced professionals thrive. They have seasoned experts – contractors, appraisers, mortgage brokers and insurance agents – on their side, and years of experience to navigate these issues.

As we’ve learned, the right agent with the right team must be fluid and understand the dynamics of the deal. This understanding helps drive contracts to closing, creating a win-win for buyer and seller alike.

Gary Lanham is team leader for the Gary Lanham Group at Coldwell Banker Real Estate Fort Lauderdale Beach Office. To learn more, visit www.GaryLanhamGroup.com or call 954-695-6518.