How to Efficiently Purchase a Property in a Seller’s Market According to Sterling Luxury Group

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February 15th, 2014

Some markets, like San Francisco, are experiencing a stronger than normal seller’s market. Buyers need to be aggressive and be careful with making weak offers that will end up leaving you priced out of your desired market. Before negotiations start, make sure that you have done your research. Here are three very important questions you should be able to answer before you consider making an offer on a piece of property:

1. How much above or below the asking prices do properties typically sell for in your target area?

2. How long do properties typically stay on the market there?

3. How many other offers you are competing with?

Even though many real estate markets including Miami are beginning to show more of a balance between buyers and sellers, it is still extremely competitive and buyers need to understand that even the most aggressive offers are still sometimes outbid. While it is easy to see this as failure, buyers need to keep a level head and remember that it is just part of the process and instead, see it as a chance to regroup and reconsider your priorities and your approach.

It is possible, for example, that you are waiting too long to make your offer. Or perhaps another buyer was more organized and well prepared. You need to be ready to make a move immediately and show that you are serious. One way to do that is by getting pre-approved for a mortgage and providing a letter from your lending institution to sellers and their agents.

Another important consideration is choosing to work with an agent that has insight and knowledge of the area in which you are interested in purchasing property. Sometimes the difference between an offer being accepted or not is as simple as who you know – or in this case, who your agent knows. Seller’s agents will almost always steer their clients towards buyers working with agents that are familiar with local customs, that are well known, and that can get the deal done.

If you feel like you have tried everything and are still having trouble, it may be time to think outside of the box in terms of both your realtor team and your property search methods. Sterling Luxury Group’s experienced realtors are intimately familiar with the locations we specialize in: Miami, New York, San Francisco, Los Angeles and Dubai. With limited inventory and multiple buyers, finding available properties in these hot markets takes a lot more than the typical MLS and other conventional search methods.

Sterling Luxury Group’s team of realtors works with clients to research the location, setting and home-features that will best fit your needs and then examines pocket listings and pre-market “Make Me Move” listings, in addition to expired or withdrawn listings from previous years until we have found your perfect property.

And once a seller does accept your offer on a property, we won’t let anything fall through the cracks. We stay involved during escrow, through the inspection, and ensure that your paperwork is delivered promptly so that your transaction proceeds smoothly and efficiently.

About Sterling Luxury Group

Sterling Luxury Group redefines the meaning of living a luxury lifestyle. From helping you select the perfect home through Sterling Luxury Homes, to refining the finishing touches of your interior decor through Sterling Home Styling, to styling you from head to toe through Sterling Personal Styling, let us redesign and restyle your life from Miami, New York, L.A., San Francisco and Dubai.

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