Phaidra McDermott, Sanibel & Captiva Island Real Estate

There are plenty of roadblocks to buying/selling a property in today’s market but the biggest seems to be the disconnect between buyers and sellers.

For the most part, sellers have come to grips with the fact that they cannot get as much for their property as they could a few years ago and have become more realistic in pricing their home. Those that have not, are still in shock when they realize how much they must compromise. Combine that with buyers who still believe that all sellers are desperate to unload their homes, in turn making very low offers, and you get a stalemate.

To help bridge this gap, follow these tips to ensure you don’t miss an opportunity of a lifetime:

For Buyers

• Search for a property that is priced fairly and make a reasonable offer. An offer of 10% below the list price is a great place to start and should not offend sellers.

• Sell your own property before biding on your new home. Seller’s are less likely to accept your offer with this major contingency on the back burner. You will have a better negotiating capabilities if you are ready to buy now!

• Don’t let the seller’s know how much you  “LOVE the house”. The buyer that keeps emotions out of the purchase, gets the better deal. Be ready to walk away if the seller will not reason with you. 

For Sellers

• If the offer is lower than what you want, ALWAYS counter offer. With the counter, include recent sales that support your counter and thank them for their interest. Don’t get angry and lose your temper. Most low-ballers are just testing the waters to see how much of a discount they can get. If you do not counter, you are not giving yourself a chance to sell your property.

• Be ready to move out right away. This will help you stand out from short sales and foreclosures in the area that may have better prices but take much longer to close the deal. Some families may have time constraints and many families will pay more for convenience.

• Have a home inspection done before you put your property on the market and make necessary repairs. The law requires sellers to disclose any known defects in the home and if there are multiple repairs that need to be made, buyers will use those as negotiating points.