A New Trend in Tampa Real Estate?
The GoToni Team broke a personal record on Saturday showing six different buyers in one day. In four of the six cases Buyers were faced with a dreaded dilemma; the multiple offer situation. Our team was successful in finding wonderful homes for our clients as was the case for all of the other Agents out there who have been forced to watch the MLS like REALTOR® Hawks. As we approached these hot properties, we were forced to stand in line and wait our turn along a steady stream of Agents and Clients. Finding the ‘perfect’ home turns out to be the easy part. Being the ‘winning’ offer is the real challenge.
In almost all cases, the homes were priced surprisingly low. Being that, it was obvious the home was worth more than its list price. And, in a market that is drastically low in inventory (the greater Tampa area holds only 3.3-months of inventory, a record breaking low) a nice, well priced home turns out to be the dream home for many a buyer. This situation inevitably creates the Multiple Offer Situation where a buyer is asked to present their ‘Best and Final Offer‘ by a certain deadline.
By pricing the home below market the agent and seller have enticed a multiple offer situation. This scenario forces the competing buyers to present their best offer first, removing the ability to negotiate price, terms, and concessions. For those buyers who have it in their mind they should get a deal or a bargain, this is a losing situation. The good news is, in a growing market a purchase at market value now will likely turn out to be a good investment. The moral to this story, do not be afraid to pay market price to get the home today. Waiting will only result in a bit of ‘bite off your nose to spite your face’.